The advent of technology has transformed customers: They purchase using digital devices, pay online and do it all through online platforms (see graphic below). The market, therefore, is forced to follow the lead of its customers: who are increasingly demanding and digitally adept, with access to more information and more difficult to convince. In this context, marketing is one of the keys to the transformation the business world is undergoing: how firms create value, and the tools they do it with, are changing.
How to survive in a market of customers 2.0?
Faced with the uncertainties of the digital era, Professor George S. Day (Wharton Business School) examines how the activities, responsibilities and organization of marketing are evolving. Day highlights three main drivers of this trend: the impact of digital technologies, the changing role of the Chief Marketing Officer and emerging organizational designs. Analyzing consumption, big data and predictive analytics are some of the new tools with which to tackle customer marketing in the 21st century.
Our hyperconnected and high intensity digital world is opening up to innovation in business models, according to Professor Joan E. Ricart (IESE Business School). What does the future hold? “Throughout the business transformation leading to the company of the future, the business model is the driving force,” says Ricart in his article for OpenMind. What will these new business models be like? Cost reduction, “platforms” (a business model that supports two or more markets at the same time) and “global businesses” are some of the models that emerge strongly.
With a new client profile and different business models, firms in this situation are also evolving. Esteban García-Canal (University of Oviedo) and Mauro F. Guillén (Wharton School) analyze the proliferation of new multinationals created in emerging countries. What differentiates them from traditional multinational companies? How are they able to operate in the most prosperous economies? For the authors, globalization, technological change and new patterns of innovation are some of the ingredients for success, along with the maturity of emerging countries.