Customers are more educated and informed than ever and not only demand more, but paradoxically are less loyal. This upheaval has come so fast that many organizations are struggling to adapt their business models to keep up with the evolving demands of customers and the escalating potential of technology.
At the July CEOtoCEO Breakfast Kyle Hutchins, West Monroe Partners, shared on how having a symbiotic relationship between consumers and business is the key to keep pace with shifting customer needs to build stronger customer loyalty.
Four Models of Symbiosis that Kyle presented for attending CEOs to consider include:
1. Co-Creation – Symbiosis from Customer and Company (Facebook, Mutuals)
2. Shared Value – Symbiosis between Business and Society (Fair trade, China)
3. Platform – Symbiosis from a standard in the Ecosystem (Windows, HTML5, iTunes)
4. Coalition – Symbiosis from Several Companies working Together (Nectar)
How can you balance the latest in technology – high tech – with personal interaction – high touch to created a meaningful experience for your customers?