This is a visual depiction of the collaborative exchange between a firm and its customers.
Digital transformation has shifted our economy from traditional firm structures to more porous organisations. And consumer behaviour in this digital age has radically shifted from a passive stance to a much more informed and active role in every interaction with a firm.
Truth is, the locus of control in the digital economy rests neither in the hands of the firm nor the customer -- it is negotiated in exchanges. Companies are loosening the reins and letting customers do some of the work when they see a mutual benefit. And customers asked to provide information or participate in a brand’s interface want to know what they are getting in return. Much like a negotiation “dance”, sometimes one partner leads, sometimes the other. But when these exchanges achieve an equilibrium, they produce valuable win-win collaborations.
For our CX framework and principles for deriving maximum value for firms and customers, download the report.