Exceedance

"Have you ever stopped to consider the rapidly changing landscape of customer expectations? As a business leader, I find myself constantly pondering this evolution. The bar isn't just being raised, it's being catapulted into new heights.

Are we, as businesses, keeping pace or are we lagging behind in this race? And remember, this isn't just a race against the competitors, but against every company the customers interact with.

Jerry Gregoire, the founder of Redbird Flight Simulations, once said,

"The customer experience is the next competitive battleground."

Do you feel the heat of this battleground in your business? Are we prepared for this ongoing revolution in customer expectations?"

Rising Expectations

A study by Salesforce revealed a startling fact: across industries, from healthcare to hotels, from restaurants to retail, every sector showed a double-digit disparity between the experience customers expect and what they actually receive. This gap is not just a problem; it's an opportunity for businesses to differentiate themselves by delivering an exceptional customer experience.

In Southeast Asia, where I am based, the rise of digital commerce and social commerce has further raised customer expectations. A recent Sprinklr study found that social commerce contributed approximately USD 42 billion to Southeast Asia in 2022. In Singapore, the digital hub of Southeast Asia, 45 percent of internet users were found to be shopping on messaging apps according to the Sprinklr study.

The Delusion

But here's the twist. A staggering number of companies are basking in the illusion of their own customer experience quality. Can you believe that about 80% of business leaders are convinced that their organization is delivering a superior customer experience? This self-congratulatory mindset breeds complacency, and the consequence? The customer experience expectation-delivery gap doesn't just remain wide open, it keeps expanding. Are we, as leaders, falling into this trap of self-deception?

Amplify Experiences

One of the key insights I've gained is the importance of turning “service” moments into shareable moments. Successful brands are developing programs to empower customers to share positive experiences. The best customer experience teams incentivise this activity and create greater retargeting opportunities. This not only enhances the customer experience but also amplifies the brand's reach and influence.

Last but not the least:

The competitive bar is rising, and the urgency to act is now. We must strive to understand our customers better, close the perception gap, and differentiate ourselves through exceptional customer experiences. Those who fail to do so risk fading into irrelevance, while those who succeed will secure their place in the future of business. As Bill Gates, the co-founder of Microsoft, once said,

"Your most unhappy customers are your greatest source of learning."

Evolve

As a business leader, Its key to learn the importance of shedding any delusions of superiority, recognizing the rising expectations and the widening delivery gap. We need to innovate to meet and exceed customers expectations, and differentiate our business through exceptional customer experiences. The future of your business depends on it.

As Dharmesh Shah, the founder of HubSpot, put it,

"The more advocates you have, the fewer ads you have to buy."

The future of customer experience is here, and it's digital, personalised, and constantly evolving. Raising the competitive bar, and create exceptional experiences for the customers will differentiate leaders those who make the mark versus those who don't.

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The opinions expressed in this article are those of mine. They do not purport to reflect the opinions or views of any organization.

Mukul Jain

I have been working in B2B sales and business leadership roles in the IT industry for more than twenty years, and I enjoy writing based on my experiences. I am proud to be an INSEAD alumnus, as it has further contributed to my expertise. over the years, I have consistently delivered business growth, strategically driven sales, and effectively managed teams across various markets. Apart from my professional accomplishments, I have a strong interest in reading, traveling, and programming in Python. I enjoy to connect and share experiences and insights with others.