Digitalization is an enormous unstoppable change. It was enormous even before the Coronavirus crisis, and is even more accelerated now. Here are some examples of changes:
– Manufacturers that employ hundreds of people in automated factories are less relevant than apps selling their products,
– Olympic gold medalists are less relevant than a Twitch gamers,
– Books and films are less relevant than social media posts,
– Museums and galleries are less relevant than an websites,
– Education and career are less relevant than social media following.
Trend is that new companies are taking over markets by inserting a digital layer in the customer experience. And defending brands are not being open enough to embrace and invest in digitalization. Digitalization is a clear winner, it is unstoppable, and companies which are closed and do not listen to their younger, future, and digital customers, will stop growing and start shrinking.
Openness of a company is a key to hearing, understanding, and satisfying digital needs of their customers. Closed companies tend to listen only to narrow product related feedback. They hear what they want to hear. Open companies adopt a market view beyond the product feedback and listen to nuanced requests.