What is changing?
COVID has highlighted the divide between the companies are who are aligned with their customer needs and provide an excellent service (e.g. efficient refunds, 24/7 support and flexible arrangements) versus those who are lagging behind in terms of customer experience and support.
Customers are increasingly cognizant of the customer experience provided, which is made up of their perception of a company’s services, support and reputation as well as products. The quality of the product is only one factor in a customer’s purchasing decision alongside value for money and access to ongoing support services. Recent research by the Temkin Group shows that 86% of customers are willing to pay more for a great customer experience, highlighting the increasing importance a customer’s experience of products and service play compared to price.
This shift has been accelerated by COVID as mentioned in our previous article on Digitalisation, with the need for flexible and tailored digital services being more important than ever which form key parts of a customer’s experience.
How will this impact you?
What is it that you sell and how do you make money from it? Is it a product or are you selling an outcome and an experience?
Are you selling for volume or value? Has your customer offering been reviewed or changed recently to respond to new COVID related opportunities and pain points?
How has COVID shifted your target customer preferences and how you serve them?
These are fundamental questions that sit at the very heart of redefining the role your products and services play in your customer’s lives. To answer these questions requires a clear strategic vision of where you see your company playing in the future. During this turbulent environment, it is an ideal opportunity to reflect, plan and act to improve your product and service offering to better meet customer expectations.
