Time: another frontier of value innovation

Abstract

PurposeThis interview aims to explore Adrian Ott's observations and research on the impact of time on customer behavior and decision‐making. Even though people factor time into decisions on a daily basis, many executives are overlooking this key element of the customer decision process as a source of innovation opportunity.Design/methodology/approachThis 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.FindingsCompanies that understand how customers value time in relation to their offerings were more successful in today's economy and often achieved competitive advantage.Practical implicationsThe framework guides executives in determining actions and market opportunities for products or services based on a time and attention‐centric mindset.Originality/valueTime‐value economics provides a new lens for organizations to understand how time shapes customer behavior and decisions. The associated Timeographics 2×2 provides a useful market segmentation model. It enables businesses to identify new innovation opportunities and actions to foster growth.