Customer expectations are always in flux – and change at a more rapid pace than ever before. Relying on digital technology alone to address these changes is not enough. Business models must also evolve – rapidly – for organizations to survive and thrive.
Brick-and-mortar companies have to figure out how to maximize the opportunities of larger ecosystems like Amazon.com, rather than trying to own the entire value chain themselves. Just a few years ago, this would have been considered fraternizing with the enemy.
For startups and traditional orgs, reaching customers in relevant and meaningful ways without relying on conventional sales and distribution models is the key challenge. It requires a foundational change in creating value propositions, sharing revenue, and building growth models.