‘Trick-or-Treat’ — Which Represents Your Customers’ Experience?
What’s the worse thing you ever got while trick-or-treating?
Floss… Fruit… COUPONS?
Better yet, was it the best-decorated house on the street that gifted you that gaping hole of disappointment?
Despite the breadth of data, tools and insights now available, this gap between customer expectations and realities is a problem that many companies in the U.S. today have not addressed. Failure to satisfy customers has resulted in a “switching economy”. In fact, according to new research released by Accenture, there is now a potential $1.3 trillion of revenue at play in the US market, represented by the “switching economy”.
What’s the lesson here?
Expectation: When trick-or-treating kids put on a costume and come to your door expecting candy or more accurately, good candy. Likewise, when customers visit your store or buy your product or service they expect a certain experience, which you need to meet.
Reality: Floss does not equal candy in a child’s mind, and they will be disappointed. Similarly, if your company fails to create an experience reflective of your customers’ expectations, they will be disappointed. Disappointment certainly does not lead to brand loyalty.
The Gap: Low levels of customer satisfaction are fueling a “switching economy”. To win at market and gain market share, companies must go beyond simply implementing the latest in technology and create the engaging and meaningful experiences that their customers seek to shrink the gap between customer expectations and realities. That said, time for less tricking more treating!