This Business News Story Was Uncovered By Us From: http://www.youngupstarts.com/2019/08/13/evolving-customer-needs-not-technology-drives-disruption-and-innovation/
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by Suman Sarkar, author of “Customer-Driven Disruption: Five Strategies to Stay Ahead of the Curve“
The rise of the smartphone, fast fashion, and ride-sharing. The decline of industry stalwarts like GE, IBM, and Coca-Cola. Conventional wisdom says that technology is propelling the disruption that is roiling the markets. But this belief is dead wrong. Disruption is, in fact, driven by changing customer needs – and that only those companies that truly understand their customers can succeed.
If you’re not focused on your customers, they will leave as soon as they find a viable alternative, and their departure is only a matter of time. Too many executives concentrate on short-term performance. This often means mergers and acquisitions, incremental innovation, marketing, and global expansion – which, over the long-term, only widen the gulf between the company and its customers.
These ill-fated approaches are built on an outdated understanding of the market – a time when baby boomers were swayed by advertising, when developing nations wanted whatever was “American,” and when consumerism was the rule of the day. In my book “Customer-Driven Disruption” I discussed the very different ways in which millennials and Generation Z approach the world and the marketplace – influenced by peer reviews, driven by the desire for personalized products and service, and unwilling to delay gratification.
Illustrated with examples from companies such as Amazon, WalMart, Under Armour, Tesla, Sephora, Zara, and Qatar Airways, as well as from my own clients in such industries as wireless, medical devices, banking, and retail, I detailed five strategies that any company can adapt in their own push to connect with, and capitalize on, customer needs.
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