Magazine article CRM Magazine

Uber Exemplifies Forrester's 'TRUE' Brand Qualities: To Compete in the Services Economy, Organizations Must Satisfy Four Requirements

Magazine article CRM Magazine

Uber Exemplifies Forrester's 'TRUE' Brand Qualities: To Compete in the Services Economy, Organizations Must Satisfy Four Requirements

Article excerpt

As products blur and brand names lose their grandeur, it's services that sell. The services economy is ushering in a market opportunity that represents more than 50 percent of the U.S. gross domestic product, and with the proliferation of innovative models raising service expectations among consumers, chief marketing officers are looking for new ways to step up their game.

According to a recent report from Accenture Interactive, marketers expect that during the next five years, they will have to spend more than 75 percent of their budgets on improving digital customer experiences to compete in the services economy. Alarmingly, more than 79 percent of them don't believe their companies will be ready for this emphasis on digital services.

"As high-growth companies demonstrate, digital's potential stretches way beyond a new distribution channel," the report states. "Digital represents a wave of transformational opportunities--and threats--that comprise the ecosystem in which we live, work, and play. In this digital world, technology is changing the game, and consumers are making--and breaking--the rules. That makes every business a digital business, whether it sells widgets or Wi-Fi. Every business requires a digital orientation, meaning a digital focus in all business processes and functions."

There's an art to building a digital platform worthy of competing in the services-oriented environment, Forrester analyst Tracy Stokes says. At the Forrester Customer Experience forum in June, Stokes praised brands that have made an effort to not only monetize on the services economy but also revolutionize it along the way. The one thing these service success stories have in common, Stokes says, is their commitment to being "TRUE"--trustworthy, remarkable, unmistakable, and essential.

A company that excels on all four fronts is car service provider Uber, which Stokes calls one of the most innovative and TRUE forces in the services economy. Stokes says consumers today are constantly connected to the Web through mobile devices and increasingly rely on smartphones and tablet apps to handle urgent needs effortlessly. That means not only providing an on-demand service quickly, but also ensuring that the process through which that service is ordered and delivered is an outstanding experience. …

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