Bridging the future: Customer centricity creates the basis for developing new business models

The McKinsey Global Survey on New-Business Building found that business leaders expect half of their revenues five years from now to come from products, services, or businesses that do not yet exist. One of the key drivers of this development is data-driven decision making. Data-driven decision making allows huge quantities of data to be extracted and processed quickly. It helps identify the best parts of the customer experience as well as monetize and scale these parts.

The need for customer centricity

The future of business is customer centric. By focusing on understanding your customers’ needs, wants, and desires as well as how those change over time, you can develop strategies that provide something new for them or solve an old problem in a unique way, which leads to an increase in their quality-of-life.

The customer now is the focus of every decision an organization makes. Data-driven decision making, which is at the heart of digital transformation, requires organizations to rethink traditional business models and develop new ones based on customer needs. The McKinsey Global Survey on New-Business Building found that companies with “digital DNA” were five times more likely to succeed in building new businesses than those without it.

Data-Driven decision making in the age of the customer

Data-driven decision making means taking specific actions with the input of data rather than relying solely on intuition or experience. For example, if a company wants to understand how its customers are responding to a product feature, it can use data analytics to segment customers by their response and then use that information for decision making.

Companies that adopt this approach will base their decisions on data rather than assumptions about what customers want or need. With this knowledge in hand, companies can get the best out of their products and services as well as improve their communication.

Unlock insights with full consent user data

In order to compete in the new digital era, companies need a 360-degree view of the customer: Companies that unlock insights about their customers in a transparent, official and fair way will create the basis for developing new business models with a focus on products, services or businesses that do not yet exist.

At seneq.io, we help companies to improve their customers’ quality-of-life by giving them better insights into the needs of their customers. With a data-driven approach, we allow companies to make smarter decisions, improve their churn management and lead their businesses in a more efficient direction. Get in touch with us to learn how we can support your business today or request our pitch deck to get involved in our latest venture, where we are building a quality-of-life based data trading platform to unlock full consent user data: info@seneq.io