Zuora CEO Tien Tzuo delivered a closing keynote at Dell EMC World, 2016 in Austin last week where he explained how the social side and the technology side of innovation come together in practice.
Tzuo considers there’s never been a better time to innovate. In the last 15 years, 52% of Fortune 500 companies no longer exist. Traditional companies like General Electric used to innovate by focusing on product innovation. Now, GE wants to become a digital company to provide services for their customers.
Innovation is not about products. It’s about the customer and how businesses create relationships with their customers. As users, we don’t care about the product anymore we expect outcomes, we expect experiences that deliver on the things that we need. This means we are moving away from the product economy to a subscription economy model.
The implication is that the whole way of thinking about our business changes and we need to think about customers as subscribers.
Watch the entire keynote below:
And download Zuora’s 9 Keys to Building a Successful Subscription Business!