4 ways to grow your business in the experience economy

Presented by Talsom
4 ways to grow your business in the experience economy

What tech trends and innovations are just over the horizon, and which of them will most affect your business? If you’re a business leader, you’re likely to want to know what lies on the road ahead, and this is where digital transformation experts Talsom come in.

Each year, Talsom produces Tech Radar, a comprehensive business review that helps decision-makers stay up to date on what’s next. Read on to find out what Tech Radar 2019 says you should be looking out for this year.

 

Welcome to the experience economy

Whether we’re talking about the consumer, the client or the employee, in today’s world individual experiences are at the core of an organization’s success.

In this context, the key question becomes: How can tech help improve the experiences of my consumers and employees? Here are four things that you can do…

 

1. Be seamless

 

By combining your “front office” (e-commerce platforms, marketing, after-sales support) and “back office” (supply management, production or distribution), you can measure the right indicators, process information in real-time and make the right decisions for your customers.

Artificial intelligence (AI) can make sense of the information, creating a seamless process that keeps users satisfied and coming back.

The Internet of Things (IoT) helps limit the necessity for interaction between the consumer and the company by collecting data on the products and services used without the need for the consumer to communicate directly with the company.

 

2. Be instantaneous

 

When consumers have a question, they expect an immediate response. Many companies have adopted AI chatbots or virtual assistants, providing users with a feeling of continuous support while improving their experience. This interaction is incredibly important and deeply connected to customer retention.

 

3. Be personalized and predictive

 

In the music-streaming industry, easy-to-use platforms and huge catalogues provide users with instant gratification and a seamless navigation experience. However, tailored music recommendations may be the most important feature.

Personalized suggestions improve a user’s experience and ensures greater brand loyalty. And AI-backed predictive analytics help you treat consumers on an individual basis, providing them with the feeling of being unique and understood, which will keep them coming back.

 

4. Be flexible

 

Today workers want options. They may want to work from home, have customized learning plans or work in reconfigurable office spaces. Companies that provide these experiences will inspire greater employee engagement, leading to more value, more initiative and more profit. Consider the following tools:

  • Telecommuting is made possible by Cloud Computing Software as a Service. Online document sharing is also a great tool for effective collaboration.
  • Learning experience platforms (LXPs) are AI-backed platforms that, like Netflix, can suggest up-to-date content customized to the employee’s needs and responsibilities.
  • Adopting 5G renders processes more efficient, allowing data to be transmitted without delays or interruption, and supporting VR solutions can narrow the divide between remote communication and face-to-face interaction.

 

Did you know?

  • A 5% increase in customer retention leads to a 30% increase in profit (Bain & Company)
  • An increase in 5% of employee engagement leads to an increase of 3% in revenue (Aon Hewitt)

 

Transform your business at C2

In a world where technology is evolving rapidly, digital transformation is necessary, so it always helps to be able to take a step back and look at your organization with fresh eyes. Join thousands of business leaders, innovators and entrepreneurs at C2 Montréal, May 22-24. Get your passes here.

 

Questions or comments? Drop us a line at editorial@c2.biz