More than ever, business today revolves around consumers rather than companies, and it is the consumers who dictate business outcomes.
According to a recent Walker study, by 2020 customer experience (CX) will overtake price as the key brand differentiator, with customer interactions occurring at every stage of the buying journey.
This heavy customer focus is driving companies to adopt new, competitive business models in order to keep up with consumers’ needs: personalized products, services, and delivery experiences. These will add extreme variability and operational complexity to business operations.
In addition, businesses must consider their global customers, meaning they must be able to cater to a variety of needs and preferences that stem from different cultures, languages, and laws. Keeping up with these necessities in modern business can be tough, especially when the rapid advances in technologies such as artificial intelligence, machine learning, the Internet of Things, and blockchain promise significant changes and disruption to many industries.
Through patent management, you can contribute and innovate by developing innovative platforms, programs, software, and solutions that allow you to break free from traditional constraints and move forward with agility and intelligence.
It is absolutely critical in today’s environment to stay on top of processes. Consumers are no longer content with outdated business models or businesses that don’t rise to meet their changing needs.
Simply because something has always been done a certain way does not mean it will continue that way, even if the old model has been successful. Take a look at Netflix’s evolution, for example. For years, it was a successful video rental service that mailed DVDs to a customer’s home. However, as technology improved to support streaming content, customers became less interested in waiting for their mail carrier to bring that week’s movies. Netflix adapted before it was too late, making its past successes look minimal compared to today’s numbers.
On the other end of the spectrum is Blockbuster, which declined an early partnership offer with Netflix because it believed its business was doing just fine on its own. The decision to stick with the old, to avoid innovation, did not end well for them.
In today’s climate, to stay on top of consumer needs, constant development is key.
Patent management allows you to stay ahead of the curve and keep your business rolling with changes as they occur. By staying on top of innovation by focusing on patent management, your business can reach its peak potential and your customers will thank you for it.
Learn ways to individualize customer offerings in “Direct-to-Consumer: The Power Of Personalized Content.”