Zero-X is original research about trust (3/3)
As I mentioned in previous posts, we periodically conduct original research on consumer interactions of the future. Our latest effort is called Zero-X and focuses on the need for trust. We found that customer expectations of their relationships and interactions with businesses and shifting dramatically. For example, friction is penalized to a far greater degree than in the past, and trust is evolving and cannot be taken for granted by businesses any more. In our final instalment, we talk about how companies need to embrace users and to develop EQ. The full report is now available at http://lumenlab.sg/zero-x/
Zero Red-tape as illustrated by Intuit
The customer of the future will expect companies to develop a high enterprise EQ that resonates with their own EQ. This means brands must be able adapt and become resilient to learn and change continuously. Scott Cook, founder of Intuit, for example, explains that “Our culture opens us to allowing lots of failures while harvesting the learning. It’s what separates an innovation culture from a normal corporate culture.” In practice, this means that Intuit runs over 1,000 experiments with real customers every year to stay in touch and understand where their pulse is. Intuit thereby aims to tie the best of customer empathy and data together.
Agility and resilience will only grow more important in the future. 70% of CEOs believe their organization lack skills to adapt. Meanwhile, the half-life of a learned skill is 5 years, while the income per employee multiple for training is 2.1x. Companies that don’t strive for a culture that is resilient, learning-centred, adaptive, and creative will lose their connection with customers, and subsequently their trust and their business.
Those that do – like Amazon, who took only 111 days for Prime Now to go from concept to launch – will outpace the rest. Resilience is not just an important character trait for kids to learn – it applies to companies too.
Zero Detractors as illustrated by Twitch
A significant proportion of workers are now their own independent brand, service provider, and influencer. They work towards expanding the empire of their own personal economy. For a company to meet the expectations of this new type of customer, it needs to transform brand relationships to engage those “Me, Inc” customers. Marketplaces and platforms are particularly strong at empowering people to form personal economies.
Twitch, for example, is a platform for eSports and online gaming enthusiasts to build a following and brand to commercialize. Ninja, a popular streamer on Twitch, has amassed 12 million followers, and earned approximately $10 million in 2018 by playing video games for others to watch. Twitch enables its customers to build those commercial opportunities for themselves and therefore has a much deeper relationship with its customers than most other brands.
Remember to stay tuned for the full report, to be launched on our website soon.