How well do you know your consumer experience?

There is a lot of talk these days (including us) about the consumer experience and what that means for business. A stat that we love is that by 2020, it is estimated that the consumer experience will become the number one driver for a purchase decision, surpassing price and product efficacy. It’s a trend that started as far back as 1999 when the book Experience Economy was released - only exploding now with the addition of technology. 

86% of buyers will pay more for a better brand experience, but only 1% feel that vendors consistently meet expectations.
— Oracle

As we’re embarking into this new digitally-enabled experience economy, we wanted to bring some clarity to what is meant by the consumer experience in today’s marketplace. Also, to define what that means for the growth of a business. Hint: it’s not just a design system any more. 

Make it easier to do business with you

Technology is ushering in an efficiency like never before. This is the typical consumer experience practice we’re used to - the process of finding the pain points in your consumer journey and digital platforms, then removing them. It’s really as simple as that. Do your customers hate going into a retail location because of the pushy salesperson? Find a way around it. Are there too many clicks to get to a transaction for your product? Reduce the number of clicks. A driving force behind the consumer behavior wanting a better experience is to save time in their day. 

Build a new way to do business with you

Many traditional and incumbent organizations have an established customer experience based on years if not decades of building their products, services and organizations. These legacy experiences are what is being disrupted in many industries. Startups are finding massive inefficiencies and pain points for consumers, then crafting entire businesses around that one value proposition. Casper didn’t invent a new mattress, it created a new buying and delivery experience. Uber didn’t create a new livery network, they enabled it by giving the power of hailing a car to the consumer through a tap of an app. These new consumer experiences startups are building are simply finding a problem, building a value proposition for the consumer and enabling a simple consumer experience. 

Connect the dots to build the relationship

A key trend in consumer behavior is the need for consistency and progression of their interactions with the companies they do business with. More and more, consumers are expecting companies to remember who they are, their preferences and their personal needs, all across various channels and touch points. In fact, 79% of US customers only consider brands that show they understand and care about “me.” Connecting these dots and tying the relationship together have been proven to become a driver in purchase, repurchase and brand loyalty. 

Live your brand

In a sea of companies and brands, consumers want to feel special when they decide to make a purchase. They want a brand that aligns with their values, exceeds their expectations and knows them. This puts a lot of pressure on a brand these days - but is a huge opportunity. The evolution of the consumer experience gives the brand the power to not only promise what they stand for, but the ability to fulfill that promise for their customers. A brand’s consumer experience is the best way to do that. How would your brand transact with its consumers? How would it deliver customers service? What would the logistics need to be? Living your brand promise is a very important way to reiterate to your consumer what you stand for and what you care about. 

Customers who had the best past experiences spend 140% more compared to those who had the poorest past experience.
— Harvard Business Review

I hope you have a better understanding of what the consumer experience means in today’s marketplace. As you can see, there is a lot of value and opportunity (both top and bottom line) for businesses that do this right.

Ready to evolve your consumer experience? Let’s chat.