The Value of Experience

Harvard Business Review
Verfasst von Third Party

Customer Needs Top the Innovation Agenda

A Harvard Business Review Report

 

People and businesses worldwide face serious change and uncertainty in many aspects of their life, due to Covid-19. Focusing on customer needs and thereby delivering excellent customer experiences became a major factor. Harvard Business Review partnered with Mastercard to jointly create a snapshot of the current state of innovation in different parts of the world and industries.

In a Nutshell

  • More than 1800 businesses and over 10000 consumers have been surveyed

  • The number of executives that believe they have sufficient market data on hand to identify innovation potential rose 10% compared to last year (60% now vs. 50% last year).

  • 30% of consumers say that data security and privacy play a vital role in customer experience.

  • 70% of customers buy from companies that deliver unique buying experiences and show empathy

  • Innovation leaders inhabit five traits that serve them as advantages in uncertain times and also very likely in the future: embracing digital agility, establishing data and analytics, securing customer data, making innovation investments and being closely around the customer

Implications

Customer experience has been a top priority for companies, especially in the past year and it is likely here to stay and get even better.

Companies will focus even more on customer's needs and deliver even better tailored and more flexible products and offers as well as more frictionless processes to their customers. Innovation leaders will thereby extend their lead and other companies need to focus even more on creating unique experiences.

The thing to do now is to focus on what has been achieved and expand on that.

 
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