Generation Cloud is Different: From Customer Segmentation to Fragmentation
The age of Generation Cloud is defined by a major power shift from sellers to buyers. Buyers’ journey is no longer a linear and rational chain of actions but rather liquid and unpredictable, thus making sellers’ lives harder.
Customers want to seek, find, try, buy, rent, consume and dispose of digital content and services quickly and on their own terms, and engage through the medium of their choice, while receiving contextually relevant recommendations. In fact, nine out of ten subscribers want more of a personalised experience from their digital and communications service providers.
Benchmarks are being set by factors beyond direct competition. Apps, social media, the cloud and the sharing economy are all shaping buyer expectations. Generation Cloud customers are impatient, and they want more options. So, business strategies need to provide more options, and those need to be based on granular, dynamic and in-the-moment assessments of buyers’ contextual needs, behaviours and market dynamics. Technological and operational capabilities need to follow suit.
Digital and communications service providers that are able to make fast, in-the-moment assessments of buyer demands, and react accordingly with tailored, relevant offers across multiple channels will thrive in this new market dynamic. Those that can’t, won’t.
Trust and loyalty is also under a major shift. Generation Cloud’s “trusted advisor” is Google, their social circles and their peers – not brands. They will not tolerate businesses violating their time, so digital and communications service providers need to stop interrupting customers with outbound sales and marketing.
Nexterday ́s sellers need to re-consider how Generation Cloud customers truly want to buy from and interact with them. There is a shift toward a “Segment of One,” where they are drifting away from costly and unsuccessful one-size-fits-all promotions and instead honing in on buyers’ individual digital moments.
Digital and communications service providers are learning to use intelligent fast data, create segments and tailored offers and recommendations, implement action automation, and close the loop with perfect service and order fulfilment. Technology is finally sufficient to achieve this long-lasting dream. Comptel ́s digital buying experience framework (refer to Chapter 1 in this book) is designed to work as a blueprint and deliver the answers on how to realise this.