The curve of customer expectations based on digital technologies has reached its ceiling, says Steven van Belleghem so in the years ahead we will see the development of a new curve that will bring yet another set of customer expectations
In the decade between 2010 and 2020 a new type of customer relationship arrived. It developed based on increasing ease of use of digital applications, and companies like Uber, Amazon, Zalando, WeChat and Booking.com used underlying technologies such as 4G, mobile devices and social media to respond to these changing expectations and become some of the largest companies in the world.
Recently, however, the curve of customer expectations based on these technologies has reached its ceiling, so during the years ahead we will see the development of a new curve – one that will bring yet another set of customer expectations, that are already gradually becoming more and more visible.
Today, we are only at the very bottom of the curve, but I believe that by 2025 many of these emerging trends will become the most normal thing in the world, are they will be influenced by three key elements.
General purpose technology
We are already seeing huge developments and growth of technologies such as 5G, artificial intelligence, quantum computing and robotics, but the next decade could see each of these technologies transform whole industries. When combined, however, these four technologies could revolutionise the way we live and work, and will offer new possibilities to take the relationships between customers and companies to a whole new level.
Personal challenges
We all have our own personal dreams, fears, wishes and ambitions in life. Now convenient digital interfaces have become the expected norm for customers, the challenge for companies will be how they can go beyond convenience and connect successfully to the more emotional aspects of their customers’ lives. We already have transactional convenience, the next step is to provide greater ease and convenience for customers’ emotional expectations.
Societal challenges
In recent years, we seen more and more people are asking questions about the future of society. Challenges relating to technology, health and the climate dominate the media and now sit at the top of many people’s agendas. Meanwhile, studies show that many consumers have more faith in brands than governments when it comes to solving society’s biggest issues. So, as a company, there is a growing pressure to use your strengths to create a positive added value for the community.
The offer you can’t refuse
Most companies and business leaders will already have some awareness of these trends today, but the crucial question is how can you respond to them cleverly? How do you use this turning point as an opportunity to develop a stronger relationship with your customers?
We are already seeing exciting examples of companies leading the way in these areas, and this will only accelerate. I believe there are three key strategies companies can invest in that will allow you to react to the new generation of customer expectations and develop what I call, The Offer You Can’t Refuse.
Ultimate convenience
We have spent the last decade making our products and services convenient – to the point that it has become the minimum expected standard. Brands now must use new technology in a smart way to make interfaces increasingly automated, so that the customer needs to make absolutely no effort to do business with your company. This leads to the perfect transactional relationship.
Partner in life
We have all focused on our ‘customer journey’ for many years, but the next level is about the ‘life journey’ of your customer. Ask yourself, which aspects in the lives of your customers create negative or positive emotions? What things are causing them too much effort? If you can provide answers to these questions, you have an opportunity to build and optimise an emotional relationship with your customers.
Save the world
There is a growing demand for companies to take responsibility for doing good for society that simply cannot be ignored. Companies of all sizes across all sectors have strengths that can be utilised to create added value to some part of society. Make it a priority to search for concrete solutions and contributions that will allow your company to make a truly tangible impact, and this purpose will build a stronger connection with customers and employees alike.
Steven van Belleghem is a leading thought-leader, speaker and author on customer engagement. His new book, The Offer You Can’t Refuse is out now. See www.stevenvanbelleghem.com
