2023/10/14 14:01
What is Experience-Led Growth?
What is Experience-Led Growth?
Experience-Led Growth, or ELG, is a concept introduced by Adobe at the Adobe Summit 2023 on March 22nd. This approach aims to link people, processes, and technology to deliver large-scale superior customer experiences, driving measurable business outcomes.
While Product-Led Growth focuses on refining products and promoting long-term use and business expansion through their value, Experience-Led Growth prioritizes enhancing and iterating on customer experiences to foster long-term, positive relationships and business growth.
Significance of Customer Experience
According to a report by McKinsey & Company dated March 23rd, 2023, companies that improved customer experience between 2016 and 2021 saw double the growth rate compared to those that didn't. Emphasizing the existing customer's experience is crucial since it takes acquiring three new customers to compensate for the loss of one. Also, 80% of the profits generated by the fastest-growing companies come from their existing customers.
Source：Experience-led growth: A new way to create value by McKinsey & Company
Importance of Content
Adobe's release highlighted the substantial increase in content volume, with fragmentation in the content supply chain posing challenges for content providers.
For most organizations, the content supply chain – the process of producing and delivering the content that fuels effective customer experiences – is a web of disconnected workflows, teams and systems that often break down. At the same time, content demands are multiplying. In a recent Adobe study, 88% of marketing and CX leaders said content demand has at least doubled over the last two years, and nearly two-thirds expect demand to grow by five times over the next two years.
Adobe Unveils World’s First Content Supply Chain Solution To Fuel Experience-Led Growth
The industry needs to construct an appropriate content supply chain to address the burgeoning content demands and elevate one-on-one customer experiences.
Reference Information:
Bill Gates, in his January 1996 essay "Content is King" published on Microsoft's website, emphasized that profits on the internet would come from content, which includes computer software. He believed the internet allows anyone to publish content at low costs and anticipated the future potential for monetization through advertisements and minimal fees.
In addition to concepts like Product-Led Growth (PLG) and Sales-Led Growth (SLG), the idea of Content-Led Growth (CLG) has also been proposed in recent years.
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