What’s needed for your business to build the right ecosystem to provide better customer experiences and a better bottom line? And what would be your starting point?
Change in the business environment today is not just constant it is also continuous. Technology transformation lifecycles have shortened. Businesses are experiencing a new operating paradigm. Businesses can no longer rely on the two generic strategies in response to changes in fundamental demand dynamics and increasing augmentation; technology and intelligence.
To stay ahead of the competition, businesses must think differently. Let’s look at the case of a product-based business model. Cost leadership is one of the key differentiators that has worked consistently for product-based businesses. However, it is difficult to differentiate when you’re competing with products that are essentially the same.
While quality, innovation, supply chain responsiveness and loyalty are undeniably important, increasingly, these gaps are being filled irrespective of the brand. Our goal, however, is to build a low-cost advantage while we continue to compete on product cost.
Considering this, how can product companies engineer a “competitive advantage” in their offer? The answer lies in building an ecosystem. In Silicon Valley parlance, an ecosystem is a complex network or an interconnected system. The idea is to pick the right components in the ecosystem to find a balance between cost leadership, differentiation and customer experience. For example, in a product context building, a service layer would be the answer. And in an ecosystem ideology, the service layer would be delivered by a partner within the ecosystem while creating a seamless customer experience.
The business world is catching up to this concept, Gartner Research shows that 89% CEOs believe that their businesses are competing mostly on customer experience. We need to view ecosystems as a critical component of business strategy and align with what that means in terms of delivering it at market speed.
Are you ready to build a competitive advantage to your product-based business model? Go all the way! From assessments to deployments, the professional services team can partner with your customer to add a service layer to product recommendations. Write to email@example.com for reseller benefits and prices.