Time‐value economics: competing for customer time and attention

Time‐value economics: competing for customer time and attention Purpose – This paper aims to explore the impact of time on customer behavior and decision making. Even though people factor time into decisions on a daily basis, businesses tend to focus resources and efforts on other aspects of consumer behavior such as pricing and demographics, resulting in many executives overlooking this key element of the customer decision process. Design/methodology/approach – This paper provides a framework for understanding how customers value offerings in relation to time and attention priorities. It also demonstrates the evolution of today's time scarcity in relation to commerce and why it is more salient today using time‐use data. Findings – Companies that understand how customers value time in relation to their offerings were more successful in today's economy and often achieved competitive advantage. Practical implications – The framework guides executives in determining actions and market opportunities for products or services based on a time and attention‐centric mindset. Originality/value – Time‐value economics provides a new lens for organizations to understand how time shapes customer behavior and decisions. The associated framework provides a useful market segmentation model. It enables businesses to identify new innovation opportunities and actions to foster growth. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Strategy & Leadership Emerald Publishing

Time‐value economics: competing for customer time and attention

Strategy & Leadership, Volume 39 (1): 8 – Jan 4, 2011

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Publisher
Emerald Publishing
Copyright
Copyright © 2011 Emerald Group Publishing Limited. All rights reserved.
ISSN
1087-8572
D.O.I.
10.1108/10878571111095394
Publisher site
See Article on Publisher Site

Abstract

Purpose – This paper aims to explore the impact of time on customer behavior and decision making. Even though people factor time into decisions on a daily basis, businesses tend to focus resources and efforts on other aspects of consumer behavior such as pricing and demographics, resulting in many executives overlooking this key element of the customer decision process. Design/methodology/approach – This paper provides a framework for understanding how customers value offerings in relation to time and attention priorities. It also demonstrates the evolution of today's time scarcity in relation to commerce and why it is more salient today using time‐use data. Findings – Companies that understand how customers value time in relation to their offerings were more successful in today's economy and often achieved competitive advantage. Practical implications – The framework guides executives in determining actions and market opportunities for products or services based on a time and attention‐centric mindset. Originality/value – Time‐value economics provides a new lens for organizations to understand how time shapes customer behavior and decisions. The associated framework provides a useful market segmentation model. It enables businesses to identify new innovation opportunities and actions to foster growth.

Journal

Strategy & LeadershipEmerald Publishing

Published: Jan 4, 2011

Keywords: Innovation; Consumer behaviour; Corporate strategy; Market segmentation; Business development

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