We are currently in a period of unprecedented change. The business landscape is literally being turned upside down. What’s worked in the past is no longer working. Businesses must evolve if they are to survive.
Consider the following from Saul J. Berman the author of “Not For Free”:
“Business model disruption is rampant, not because companies have stopped offering products that people want but because consumers stopped being willing to pay for many products at the same levels in the same ways.”
In other words, the consumer perception of value has shifted.
Berman goes on to describe that these changes are being driven by the following causes:
1. Ubiquitous low cost communication
2. Virtually unlimited low-cost bandwidth
3. Virtually unlimited, low-cost, real-time data processing power
4. Consumer expectations for personalization, control, relevance, and timeliness
5. Rapid technological and competitive innovation
The Internet has enabled many, if not all of these changes, which have driven customer expectations higher. In order to remain relevant businesses must rethink their value proposition and verify alignment to consumer value expectations.
1. Saul J. Berman. Not For Free: