The Second Curve
Recently, I attended an excellent conference from Institute For the Future, where I learnt about the Second Curve framework. It's best described in this video by the author, Ian Morrison.
The approach sounds simple yet is profound. Companies get focused on the first curve and can literally miss or ignore the development of the second curve. There are so many examples one can cite. Why is it that Netflix was able to hop onto the second curve and Blockbuster wasn't? Why is it that Uber and Lyft jumped on the second curve and not an established taxi company? The same could be said about Airbnb.
What should strategists and leaders do in well established, mature companies with well established business models?
Start with understanding what's shaping your customers expectations. Understanding their expectations will unlock how you define your customer experience and subsequently your entire business model. Designing a future state customer experience requires foresight, and more importantly, a willingness to embrace some risk to define the second curve, as per Ian Morrison's book The Second Curve.
If customer expectations and experiences will shape how we operate, the next phase is how do we define customer experience today and how should we define it tomorrow.
Translating this approach into strategy inspired me to develop a workshop on the Future of Customer Experience. Consider joining us about this topic at the Future of Customer Experience workshop. Click here for more details.