21st century – The New Era of Consumer-Focused Enterprises

The best advertising is done by satisfied customer

Hey guys, I just read a very interesting article about consumer-focused enterprises in the digital age. 

Here are the most important facts you should know:

As Gregory Carpenter writes in his article, companies that place the consumer at the centre of their activities can gain a competitive advantage. But why does the market continue to develop to a consumer-oriented business? (Carpenter, 2013) This is due to the following reasons:

-     Digital revolution → consumers have access to information no matter where they are and what time it is 

-  Technology enables companies to reach global consumers and build up new opportunities 

-      Empowerment → approx. 2.5 billion people had access to the internet by 2011 and social media has made a significant contribution to sharing ideas, managing natural disasters and building momentum for revolution 

Emerging challenges due to a consumer-focused age

Unpredictable markets present challenges for companies that hardly adapt to this powerful consumer-focused age. As a response, companies must compete with their strongest competitors and continuously innovate and reorganize to meet customer needs. To make this work, processes, structures and organizational behaviours must be constantly reconsidered.

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Companies have to address the unique demands of local markets

As I said in my last blog, everything is about data that has to be analysed to gain insights about consumers. Because: „Consumers (...) are simply too powerful to be ignored” (Carpenter, 2013). That’s why companies have to address the unique demands of local markets to be successful. It’s all about long-term relationships with customers - companies that fail to innovate will fight to survive.

If you want to know more about the evolution of the global economy and get insights into company examples, please feel free to read the whole article here.

What about you guys? Has your consumer behaviour changed in recent years? Why?

Stay tuned.

xoxo

Jay

References:

Carpenter, G. (2013) 'Power shift: The rise of the consumer- focused enterprise in the digital age’ Elearning. Available at: https://elearning.dbs.ie/pluginfile.php/991672/mod_resource/content/1/Customer%20Focused%20Enterprise.pdf (Accessed 21th October 2019).

Images:

No author, no date 'Our Customer Focus' Newly Weds. Available at: https://newlywedsfoods.co.uk/company/our-customer-focus/ (Accessed 24th October 2019).

No author, no date 'Challenges of Transporting Goods through Sub-Saharan Africa' Concargo. Available at: https://www.concargo.com/2013/06/08/challenges-of-transporting-goods-through-sub-saharan-africa/ (Accessed 24th October 2019).

No author, no date '3d People - men, person connecting a cable. Electric plug' 123RF. Available at: https://www.123rf.com/photo_14869134_3d-people-men-person-connecting-a-cable-electric-plug.html (Accessed 24th October 2019).