What brands need to know
15 August, 2018
Customer product experience and service objectives are no longer just nice-to-have activities. Data and macro trends show that it's becoming an essential part of a competitive advantage.
By 2020, customer experience will overtake price and product as the key differentiator between brands.
For a long time, it's being commonly understood that if you build a nice product or introduce a price competitive device, the success is more or less ensured. But in a world where product expertise, technological distribution, talent accessibility and production availability is broadly and globally present, it's no longer a strongly convincing argument. In a report from Walker is stated that by 2020, the price tag and the product quality will be overshadowed by customer experience. Moreover, as evident below by Forrester, having the appropriate experience established for your brand and product is vital for product penetration.
90% of customer Experience decision-makers say that a good experience is critical for success.
Based on our customer research that we have initiated earlier this year, and have been conducting throughout the summer, is clear that customer experience funnels and solutions are at the highest of importance for product satisfaction and brand repurchase. In more detail, our data shows that brands, who focus on delivering digital post-purchase product onboarding or instructions, are 5 times more likely to see their customer base repurchasing their products. In addition, we find strong evidence that customers have a preference for digital (video, images and voice instructions) product instruction experiences. In fact, 84% of all participants are seeking experiences that go beyond the static and hardware limited print instructions. Post-sale experiences need to be digital, omnipresent and provide benefits and services which can prolong their product satisfaction.
As the end of the year is near it's worth for brands and marketers to notice that the competitive landscape is changing. The focus on long term customer experience is essential for product longevity. At Layerise we are extremely focused on providing solutions that can mitigate the growing hunger for better customer experience and at the same time provide great ROI for global brands. Our purpose is to establish solutions that can lead the way for effective and efficient customer journeys.