The biggest challenge SMEs and startups are facing today is they are able to keep pace with their competitors but unable to meet their customer’s expectations. Today almost every company is stressed hard to successfully deliver the digital customer experiences.
In the survey, 52% of entrepreneurs said that they’re ahead of their competitors at providing digital customer experiences, while only 7% said their company exceeds the business expectations of their real customers. And all that’s because consumer expectations are changing at a lightning pace. It’s changing faster than ever and as per the trend, now it’s your customers who are setting the bar, not your competitors. Businesses and brands are often taking customer experience initiatives without even consulting with them directly. Even companies are becoming closer to their customer’s needs and preferences.
According to reports, 81% of the users believe that it’s imperative to engage customers in customer experience efforts, while only 57% of them take this perspective. As per the reports, the study has once again confirmed that digital technology is helping companies and brands to increase brand relevance, customer loyalty, cost savings, market differentiation, customer satisfaction, return on investment and revenues.
Successful brands and enterprises in terms of meeting their customer expectations are those who could firmly build their strategic partnerships, not just vendor relationships, in order to help them with the skills and resources they lack. There is a need for brands and companies to meet customer expectations and treat digital customer experience transformation as an ongoing initiative rather than having a project. Very soon the next wave of customer experience ‘disruption’ will come in form of smart digital services that will leverage the emerging technologies like Internet of Things (IoT), AR/VR and AI to engage consumers and respond to them in real-time according to the individual’s needs and environments. As we all know the next wave of digital services will completely transform the customer experience. Every brand and business will have to be in the shoes of their customers to understand their business needs and become more digitally savvy to leverage it.
For well-established brands and firms, to keep the pace with customer expectations could be a bit challenging task. However, the hallmark of today’s customer experience includes flawless usability, instant access, and steady performance. Interfaces must be feature-packed and functionality rich, yet highly intuitive and user-friendly. Information must be relevant and more personalized, and it must leverage behavior analytics platforms in order to target specific customer results, whether it is college savings, retirement, a home purchase or other portfolio suggestions or recommendations. In recent years, technology is changing at a fast pace and it’s changing in a way consumers interact with the businesses across every verticals and industry. Be it paying taxes, buying groceries or booking hotels, everything could be done by mobile devices today. Mobile has given companies and brands the opportunity to connect with their customers, whenever and wherever they are. Although, this opportunity could go both the ways and customers are now expecting with the brands they interact with, to be easily and flawlessly accessible at their fingertips.
The time a new positive experience will be received; customer expectations will reach newer heights. Today if a customer can instantly message a service agent on their favorite social networking and food delivery app that means they are looking for the very same experience from the government services, bank and car dealer. Now you are no longer competing with the brands of your own industry.