PUBLISHED August 29 2019
Introduction: Why product thinking is business-critical
As technology becomes core to more organizations and how we live our lives, customer and user experiences are increasingly defined in the digital realm. Whether in banking, travel, retail or government, it’s apps or websites, rather than brick-and-mortar locations, that serve as the primary point of contact between organizations and those they service.
That means for the modern enterprise, creating a quality digital experience can’t be an afterthought - it’s crucial to successfully delivering products and services, maintaining client relationships and, ultimately, securing revenue streams and competitive advantage.
“Digital has become such an important touchpoint for customers in the way that they interact with businesses, get products and services and maintain their relationships,” says Natalie Hollier, Global Head of Product Innovation at ThoughtWorks. “Succeeding is no longer just about who’s able to build the technology, or who’s first to market. It’s about who’s got the best experience.”
Awareness of the influence and impact of customer experience is on the rise. One recent study by Gartner found over 80% of marketing leaders expect their organizations will soon be competing mostly or entirely on customer experience. Other research shows positive experience translates directly into revenue. PwC, for example, found around three-quarters of consumers globally cite it as an important factor in buying decisions, and that it supports up to a 16% price premium on products and services.