In customer experience, nothing has changed. And everything has changed.

While the fundamental principles of customer experience are timeless, consumer expectations and behaviours are not. Friendly and efficient customer service no longer cuts it; consumers now expect personalised service.

Speaking at a recent Mirvac Property Group event, our co-founder Chris Severn touched on why customer experience has changed, and how companies are responding.

Why have things changed?

Power to the customer
 Prices are decreasing as barriers disappear. Customers are now faced with a plethora of choices to meet their preferences. Why would you pay to go to the movies when you can subscribe to Netflix for a fraction of the price? As a result, customers are constantly measuring a company’s value against its competitors.

Disruptive innovation
 Assets are now becoming a liability. Asset heavy organisations (think taxis and Uber, hotels and AirBNB) are the most prone to disruption. There is a threat posed to incumbents as disruptors leverage the concept of a “sharing economy” and hence are able to run with lower operating costs and less staff.

Influence of design thinking
 In an era of digital transformation, organisations are constantly being presented with new challenges and new ways to overcome them. Applying design principles when approaching these challenges allows organisations to create engaging and innovative customer experiences.

The rise of emotion
 There are three measures to how successfully a company delivers customer experiences that create and sustain loyalty; effectiveness, ease and emotion. The most important of these measures to customer satisfaction is emotion, which is comprised of stimulation and identification.

Stay tuned for our next blog giving insights on how companies are responding to changes in customer experience…

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