There has been a major shift in the way your consumers are making their spending decisions and you, as a business, need to keep up. Price isn’t the only motivator for many buyers today—consumers are increasingly basing purchasing decisions on the values they believe in.
Businesses that practice corporate social responsibility (CSR), such as green initiatives, the hiring of veterans, or donating a portion of revenues to a humanitarian cause, are seeing long-term benefits from this transformation. A 2017 study, by a leading CSR research firm, revealed that 87 percent of consumers would purchase a product because the company advocated for issues they believed in and more than 75 percent would boycott a product if the company supported an issue contrary to their values.
Adapting your business practices to align with the values of your customers is not an easy feat, especially when the bottom line is the top priority. In order to provide a positive user experience for your conscientious consumers, you need to consider a value transformation—that is, tailor your business practices to match the values of your target audience. This is a rather complex transformation, as it affects nearly every part of your value chain—from raw materials and suppliers chosen, to R&D and marketing, to where and how products and services are sold.
For example, outdoor goods retailer Patagonia looks at environmental and social factors when deciding where to put factories, including the availability of local raw material providers and how much of a carbon footprint impact the facility will have on the surrounding area. The business also never engages in child or forced labor practices, and donates one percent of all sales to environmental conservation, amounting to nearly $90 million today. At the same time, Patagonia’s revenues have quadrupled over the past 10 years.
The people who are closest to your customers can provide the best experiences to them based on their knowledge of customer’s values. Believe it or not, this shift has consequences for the IT architecture of your digital business, regardless of your industry. You will need to consider addressing a more complex integration strategy, consisting of a more flexible approach to integration. It needs to be as simple as possible, so that anyone in your business can integrate the applications they use quickly themselves, so that they don’t always have to rely on your IT department.
To learn more about the future of integration strategy, and how to tackle the organizational challenges that come with your business’s value transformation, check out this webinar. Principal Analyst from Forrester, Henry Peyret, and author of The Forrester Wave™: Strategic iPaaS And Hybrid Integration Platforms, Q1 2019, discusses what the evolving landscape of integration looks like, its key drivers, and what enterprises should consider in order to be successful.
The Forrester Wave: Strategic iPaaS And Hybrid Integration Platforms report analyzes past research, user need assessments, and vendor and expert interviews to develop the initial evaluation criteria. To read Forrester’s full evaluation of TIBCO, download The Forrester Wave: Strategic iPaaS And Hybrid Integration Platforms, Q1 2019 report here.