Customer Experience: the new repository of value

Driving brand loyalty is harder than ever before especially amongst millennials and GenZs who want experiences over products.

Several studies have shown that a staggering 86% of consumers are willing to pay more for a better experience especially HENRYs (High earners not rich yet). They want it seamless and personalised, and they want it now. A remarkable customer experience has never been more critical to the sustained growth of any business and a negative one can cost your brand a customer for life.

The experience economy.

As Forbes describes it, and in this experience economy, experience is the repository of value — the property that commoditised products and services to create competitive advantages. Customer journeys are no longer linear; from the Metaverse to phygital experiences journeys are becoming more complex especially as customers switch between devices and platforms.

To take advantage, companies need to wire themselves to think in mono-channel so that they can integrate digital and physical experiences seamlessly. That way the relative strengths of the two realms can augment. To keep up, businesses must develop strategies with data and customers at the heart of everything, they must know their customers intimately and must consider their psychological and behavioural intents in the design process.

Sustainability and purpose.

Research shows that sustainable companies are likely to grows 5.6 X faster than conventional ones – demand for sustainability from consumers is growing exponentially and organisations must rethink their entire value chain to ensure that it is environmentally and ethically sound. Diversity and inclusivity are high on customers’ agenda and organisations must use the opportunity to make D&I a priority for their people and customers. A staggering 67% of job seekers said workplace D&I is hugely important when considering employment opportunities, and more than 50% of current employees want their workplace to do more to increase diversity.

The market is significantly more volatile and leaders have to lead on the front foot. To navigate the uncertainties, organisations must have a solid sustainability strategy to help deliver on their ambitions. In times like these, only the strongest brands will survive.

Transformation is complex and expensive if not done right, transformation is a journey and not a destination.

Organisation readiness.

 So where to start? Like any transformation it starts by setting a clear ambition, solving a problem and understanding what value you will be unlocking.