In 1983, Theodore Levitt, economist and professor at Harvard, encouraged companies to “Think Global, Act Local,” as part of their globalisation strategy. Today that message is reinforced as we are told to stay small and nimble, and keep our ears to the ground by staying in touch with our customers and the wider marketplace (social spaces and listening to the conversation).
Technology allows us to do this, and yet a Forrester report highlighted that 95% of data within organisations remains untapped – we need to understand how to put this data to good use, and create market segments of one! One customer, unique needs.
I worked on a skills project with a global consulting firm who said that for the first time in history, customers are joined arm-in-arm with CEOs in setting strategy for their companies. The goalposts have moved. In a 2015 study that promoted 5 key digital marketing trends, Gartner stated that the purchasing funnel has been fundamentally broken – customers have moved from a discreet linear purchasing path to moving at their pace, when and wherever they want to. They also talk about the experience economy, and that we have to think less in terms of discreet steps in a standard campaign and instead think of every interaction over time as the experience.
We have to put technology to use, to facilitate and analyse this for us or we stand still, and today that means going backwards.