Since many companies started updating their businesses with new tools and new technology, customer expectations have risen. There is no doubt that more intuitive service offerings have made the customer experience better than before. The catch is that companies need to iterate more often to keep this customer loyalty intact. In this article at World Economic Forum, discover ways to manage customer expectations amid digital transformation.
Steps to Manage Customer Expectations
Changing User Behaviors
Several innovations have changed the face of business today. Internet, social media, emerging technologies, etc., are also evolving and addressing user needs. Additionally, more products and services are available, and competition is steep. Since today’s customers were born in the middle of digitalization, they foresee how technology can evolve. So, their expectations are more refined than the previous generations of consumers, where only 1 percent of the population used mobile phones in 1994. By 2025, there will be more than 4 billion smartphone users.
Myths About Digital Customers
Business leaders think that customer expectations are changing only for B2C companies and will not cross industries. In fact, 88 percent of B2B customers would instead choose a supplier that provides a better experience.People think developed markets must manage customer expectations because their behavior is changing. However, the interest is also getting transferred to markets that are coming of age in India and China. Eighty-five percent of customers are choosing online shopping more than brick-and-mortar options.Leaders are investing more in sales and marketing to manage customer expectations in the digital era. Interestingly, a recent survey indicated that 58 percent of the companies that made customer-centric digitalization earned more revenues.
Case Studies That Successfully Managed Customer Expectations
Pager – A New York-based company provides this mobile-based service that can help you get a local doctor within two hours in Manhattan. The users can select the doctor they want an appointment with. The app has garnered $24.4 million in funding.Amazon Business – It started in April 2015 and allows business customers to buy from Amazon and its third parties. They can even contact and ask questions through a Live Expert program. The program has acquired Amazon Supply, increasing the product range from 2.25 million to hundreds of millions.IndusInd Bank – The bank launched the Onthego social banking feature. This enabled users to transfer funds on social media channels like Twitter and Facebook. Users found it convenient because they did not have to install another app.
Tips to Cater to Evolving Consumer Needs
To manage customer expectations, businesses must transform their traditional approach. You should move from “designing one product or service for many to designing many experiences for one.”More pilot projects should be initiated to understand and iterate according to consumer needs.Instead of aiming for a finished product, companies must have prototypes that they can quickly scale up.You must pay more attention to brand atomization by allowing third parties to shape customer experience too.
To view the original article in full, visit the following link: https://reports.weforum.org/digital-transformation/the-race-to-meet-customer-expectations/
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