Welcome to the Age of Value Creation. If your organization is not creating value for customers, you are done. If you are focused on wealth creation, if your objective is to profit off fomenting fear or instilling insecurities, or if your business model depends on spoon-feeding solutions, you are done.
In the value creation economy, the customer has the power. The technological transformation we are witnessing provides both consumers and business buyers with vast amounts of knowledge about markets, products, features, capabilities, and reputation; myriad products and companies to choose from; and the power to more easily switch from one company to another. Knowledge at our fingertips comes from the Internet and computers in our pockets; it is easier than ever for customers to curate, analyze, and share opinions and information. Product and company choice comes from globalization, the rise of entrepreneurs and freelancers, and market-expanding enterprises.
All this change has created new rules in the economy: The customer has the power, so you must be focused on creating value for and maximizing the experience of the customer.
Further, we are arguably at the beginning of these trends. The breakthrough technologies of artificial intelligence, robotics, digital fabrication, and open-source hardware will continue to push power to the customer. Customers will ...