Fast moving disruptions are creating new economies and transforming experiences on a never before scale. And these disruptions are coming in the form of digital waves that upheave and destroy traditional barriers that hinder business and customer growth in value.
You need to ride these waves to glide over the competition.
Types of waves:
Close observation of oncoming tides will tell you that there are six main types of waves.
1. The 'Pristine Whiteboard' type
The philosophy of this type is the same as the namesake. Starting a new business, product or service on a clean digital slate. It is implemented when an existing business model has too much friction or bottlenecks that stunts or hinders growth. Going completely new brings in refreshed thinking that lead to breakthroughs.
Examples of new brands that is riding this wave type includes Uber, Ola Cabs, Space X, Deliveroo etc.
2. The 'Experience is the Real Value' type
This wave type produces a extreme focus on improving customer experience by creating a intuitive design that is high on usability, navigation and end to end user control. This experience is usually delivered by digital service tools like CRM solutions. Brands that heavily focus on experience show (not so) resilience to economic upheaval.
Examples are Amazon, Apple, Payment Banks etc.
3. The 'Optimizing Supply' type
Using 'unutilized' inventory to increase supply and thus lower the price in relation to consistent and high demand is the principle behind this wave type. Supply that when not utilized, simply leads to wastage. With the help of enough social publicity, it gains enough traction and more visibility. Industry sectors like Banking, Financial Services, Insurance (BFSI) are riding this wave by giving out loans instantly using CRM for financial services. There is an increasing reach of insurance protection through online KYC and claims by CRM in insurance. Other examples include examples are Air BnB, Oyo Rooms, Bajaj Auto Finance etc.
4. The 'Upending Pyramid' Type
Due to high cost of certain materials, some products are priced high and are generally not affordable. Companies riding this type of wave exploit technology to drastically reduce the price of supplies, thus lowering final price, driving up demand and opening a new large market.
Examples are Square, 3D Printing firms etc.
5. The 'Network Power' type
Grand networks relies on referrals to power up connections. The principle of societal cohesiveness is inbuilt in this wave type. The content inside the medium is created by the network members and this encourages the existing members to keep logging in to the network. This translates to high growth with low costs to the network owner.
Examples include Facebook, LinkedIn, Instagram etc.
6. The 'Hungry for Data' type
The underlying currents of the digital waves are big data. Based on the tremendous amounts of data generated per second, there is huge (putting it mildly) business opportunity in exchanging these analytics to companies that are interested in harnessing it to sell to target segments with particular characteristics.
But the real challenge will be in how to turn the dump data dumb into enticing customers for smart next actions. Harnessing the power of analytics via smart modelers in CRM software will help you. The best example of company riding this wave is Google.
Firms riding on these six digital waves can and will break whatever barriers a competition can throw. Chose which wave or waves you are going to be on and partner with a scalable CRM solution to achieve your business goals.