As well as this, Ipsos has observed that consumers are increasingly savvy, fickle and promiscuous, driving experience expectations. Being good is no longer good enough: brands need to offer an ‘experience’ advantage. Digital connectivity gives us full transparency, in seconds we can publicly ‘rate or slate’ an experience online, which is increasingly shifting the balance of power between brands and customers. We choose brands – and reward them with our loyalty – if we have compatible values. Plus, the modern customer is also prepared to give up some of their data privacy in order to keep this possible and to receive a better experience – 77% now accept that losing privacy is inevitable and acceptable.
This need for relatability is borne out in Ipsos’ ‘Get Fair or Fail’ research, which showed that customers who are ‘emotionally engaged’ demonstrate a lifetime value (money spent) three times as large as those customers who are merely ‘functionally satisfied’.
Savvy brands understand customer experience cannot be delivered in silos and as a result have engaged and empowered their teams (especially frontline staff), creating a clear line of sight between business strategy, message and customer experience delivery. As we have said before, customer experience is everyone’s job, from boardroom to frontline.