I am not threatening you to take action and hire Oppty. Rather, I am asking you to look around at the world we live in. We are entering what people are calling the Experience Economy, where every product or service becomes about the experience a customer receives with your company.
People want simple, easy, fast, reliable, transparent, and personalized experiences with every product or service they buy. They cannot afford to re-submit information or get on a phone call to ask about the status of what is going on. They are more likely to text or email and their need for immediate gratification puts your business in a tough spot if your internal business processes are chaos.
When looking at growing a business, I have always believed that you cannot grow effectively if your current processes are not defined and automated. Many business owners want to increase the sales funnel and purchase more leads, when they can’t even measure the conversion of these leads. Additionally, they have past customers that end up buying from another company because they stop hearing from yours.
Acquiring customers is the most expensive part of starting a business and many business owners are so focused on acquisition that they don’t realize how much money they are losing by not keeping these customers as clients for life.
Amazon is the real threat. Almost every product available for purchase today can likely be found on Amazon’s website. And it is not necessarily the cheapest, but the experience is so simple that I am willing to pay the difference. As Amazon expands into more and more markets and affects more and more products and services, the question that I ask is ‘What is going to differentiate you from Amazon?’
But this is where the opportunity lies. Because if you can define this, you can leverage the relationships you have built with your customers and work with them to provide more value than Alexa could ever provide. But in order to do that, you need to leverage technology.
People working alongside technology will always be greater than technology itself. In the past, people have been enough and great businesses have been built without great technology. But the experience economy will not allow that. In the future, businesses must have great people AND great technology. So if you don’t have a technology strategy today, you better get one quick. Otherwise, your customers are going to pay for a better experience elsewhere.
We are here to help.
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