The two parties are on roughly equal footing if anyone has an advantage, it’s the consumer.Īs technology continues to reshape all industries, the relationship between companies and their customers will get closer to that ideal microeconomic model. In a perfect capitalist scenario, on a microeconomic level, consumers pay exactly what they think a product’s worth to its producer. Look for partnerships that complement your services and fill a real need in the lives of consumers, like saving them money, time or stress. In some cases, we have programs that lower premiums when those products are in place. At Kin, for example, we proactively recommend devices that might lower a customer’s risk of property damage. When costs are inevitably pushed down by technology, customer experience will become a much more powerful differentiator. Companies that make customer experience a priority will breed loyalty. We hate the feeling that we’re powerless against a giant, faceless corporation that doesn’t care. No one likes automated phone answering services. Companies that build systems that leverage technology to save consumers time and money will thrive.

Now publicly available data, the data processing power of computers and the capabilities of software programmers make that process much faster and more accurate. For example, in insurance, calculating the risk of property damage associated with an individual property used to be a time-intensive process. Entrepreneurs may turn to the insurance model for pointers here.

Entreprenuer scenario capitalism ii