According to a Walker study, Customer Experience is the new competitive battle field for organizations. In fact, the study states that by the year 2020, the customer experience will overtake price and product as the key brand differentiator. 2020!
If this research is accurate, organizations that take little or no action will eventually lose market share and worst-case scenario, go out of business. (This might sound extreme, but it will be interesting to see how this all plays out over the next decade)
Many organizations across a broad spectrum of industries (such as Retail, Technology, Financial Services and Hospitality) have jumped in ‘head first’ making major investments to deliver ground breaking experiences (like Neiman Marcus with their digital smart mirrors and Google with Alexa.) Other organizations are dabbling and testing various strategies (like Sephora with their foundation matching mobile app and Keurig with their online consumer preference quiz and personalized product recommendations).
I always wonder how companies will innovate new customer experience strategies. What are organizations out there doing to leverage technology to compete by designing great customer experiences?
What we see from brands today is nothing compared to what we will see over the next decade. Radical ideas never thought possible will become mainstream. (It’s going to be so cool to see!)
The transformation is going to occur eventually. How soon will The Age of the Customer Experience impact your organization?
Download Marketing in the Age of Alexa by Harvard Business Review, to learn more about emerging technologies and the implications they hold for marketers.
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