How To Keep Up With (And Get Ahead Of) Skyrocketing Customer Expectations
In this opinion piece, Brian Donn (pictured below), vice president and head of CX cloud applications for the Asia-Pacific region at Oracle, identifies a new way for brands and marketers to anticipate and satisfy the rapidly-evolving needs of customers in the digital age.
“The key is to set realistic customer expectations, and then not to just meet them, but to exceed them – preferably in unexpected and helpful ways.” (Sir Richard Branson, 2012).
Back then, managing expectations was the key to customer success, but in today’s hyper-connected world, things have changed. The customer is now firmly in control, digitally empowered, spoilt for choice and more fickle than ever before.
‘Surprise and delight’ remains the desired outcome, but brands need a smarter approach to remain relevant amongst consumers in the Asia Pacific. Retail sales for 11 Asian economies rose from US$1 trillion in 2001 to US$6.6 trillion in 2016, greatly eclipsing the United States’ retail spend of US$3.9 trillion. Asian Millennials will have more spending power than any previous generation – estimated to be US$6 trillion in disposable income by 2020.
It’s no longer a secret that businesses collect vast amounts of customer data. Customers know that their personal information and online habits are being tracked, bought and sold, and in exchange, they expect every enterprise to translate this personal data into a better experience. In fact, according to Gartner, customers still expect companies to know them well, but now have additional expectations that businesses proactively predict and offer what each individual customer needs.
Particularly in the APAC region – a market defined by digital – customers have come to expect seamless, personalised experiences from every brand interaction. E-commerce sales in APAC are expected to rise 300 percent to US$2.6 trillion by 2020; and with APAC already accounting for 64 per cent of the world’s growth in mobile social media users, mobile and social commerce won’t be far behind.
With a world of options at their fingertips and growing funds in their wallets, APAC customers will look elsewhere if a business can’t swiftly understand and cater to their needs.
Under this evolving pressure, enterprises need a new way to anticipate and satisfy customers. They need the Smarter Customer Experience (CX) approach.
Smarter CX responds to rising customer demands in the digital age; capitalising on data and transforming a company’s culture to put the customer at the centre of the business.
Enterprises taking the Smarter CX approach provide seamless brand interactions offline to online across a customer’s favourite channels; hyper-personalised, AI-driven recommendations based on a customer’s past purchases, where they are and even how they feel; effortless browsing and buying, even if the business and the customer are on opposite ends of the globe; and a proactive service approach reacting to people, processes and connected things to precisely deliver in the moment of need.
If Smarter CX sounds like it requires a mammoth change within most businesses, it does – but it’s crucial to business survival. Brands that have embraced Smarter CX are both rare leaders and are pulling ahead of their competitors. According to McKinsey, customer experience leaders achieve revenue gains of 5 to 10 per cent, and reduce costs by 15 to 25 per cent within two or three years. We expect that within five years, APAC enterprises not centred around the customer will begin to lose out to those taking a Smarter CX approach.
The role of data in Smarter CX cannot be overstated. It is the fuel that powers businesses on their Smarter CX journey; enabling everyone in the enterprise to understand and respond to the specific demands, desires and pain points of each individual customer. Indeed, with unprecedented access to a veritable gold rush of data, plus cutting-edge analytic tools built for businesses large and small, there is no longer any excuse for not knowing what customers want and how to optimise their experience.
But simply having data isn’t enough. To enable Smarter CX, enterprises must make an important shift – from having data, to being data-driven. Being data-driven means recognising data as a form of capital and investing in the people and technology necessary to turn today’s gold rush of information into actionable insights. If data is like gold, then every business must act as a goldsmith – collecting as much data as possible, and bringing in the right manpower and machines to process the raw material to unlock its full value. Only then can the business truly anticipate customer needs and enrich every customer interaction.
While 60 per cent of brands use data from multiple sources to inform sales and marketing, data can also help companies build entirely new business models based on customer insight. Around the globe, internet-born businesses like Netflix are already demonstrating the value of incorporating customer insight into product development, and the next wave of opportunity lies with all types of businesses, in all parts of the world, that can do the same. In consumer electronics, for example, Denon & Marantz has outpaced competitors by leveraging IoT data from their connected speakers to really understand what customers want and even develop new product lines.
A Smarter CX approach can’t be built in a day, but businesses can get a head start by exploring the new generation of innovative cloud solutions. Today’s data analytic technology can help enterprises uncover a deep understanding of consumer wants and needs, while automation offers quicker data collection from more sources. Chatbots provide real-time, conversational interactions and artificial intelligence is feeding machine learning to help businesses get more value from data.
Along with best-in-class cloud solutions, the Smarter CX approach also requires a collaborative cultural mindset. Every part of the organisation must live and breathe the customer experience, which can only occur if there is a mandate from the top. When the c-suite leads a cultural shift that puts the customer and data first, the enterprise can truly transform to focus on the customer. Internal collaboration can also be strengthened by engaging outside experts to provide guidance around Smarter CX and implement new solutions.
When businesses do successfully enact Smarter CX, the competitive advantages are uniquely rewarding; and as new innovations come online, Smarter CX represents a once-in-a-generation opportunity to gain a transformative edge in customer experience. By capitalising on data and the new generation of cloud solutions now, businesses are able to put customer experience at the heart of everything they do – winning new customers, driving loyalty and return business, and positioning the brand to remain relevant for years to come.
Please login with linkedin to comment
Brian Donn Customer Experience CX Oracle Smarter Customer Experience Smarter CXLatest News
Sydney Comedy Festival: Taking The City & Social Media By Storm
Sydney Comedy Festival 2024 is live and ready to rumble, showing the best of international and homegrown talent at a host of venues around town. As usual, it’s hot on the heels of its big sister, the giant that is the Melbourne International Comedy Festival, picking up some acts as they continue on their own […]
Global Marketers Descend For AANA’s RESET For Growth
The Australian Association of National Advertisers (AANA) has announced the final epic lineup of local and global marketing powerhouses for RESET for Growth 2024. Lead image: Josh Faulks, chief executive officer, AANA Back in 2000, a woman with no business experience opened her first juice bar in Adelaide. The idea was brilliantly simple: make healthy […]
Is Meta’s New AI Chatbot Too Left-Wing?
Meta's chatbot accused of being left-wing after being caught wearing a Che Guevara T-shirt & listening to Billy Bragg.
TV Ratings (23/04/2024): Why Did No One Tell Angela That Farmer Wants A Wife Is Set On A Farm?
As wonderful as this headline is, let's face it, we all know an 'Angela', don't we?
PubMatic Unveils New AI Partnership To Turn Social Posts Into Ads For Any Digital Channel
Here's some nifty tech for turning social posts into ads. Assuming said posts aren't one-star character assassinations.
Intuit Mailchimp Makes A Splash With Its First Australian Brand Campaign
Ever laugh along at a gag you didn't get so as not to appear dumb? Get ready for more feigning with this new work.
GumGum’s Rob Hall: Advertisers Can No Longer “Rely On Binary Descriptions” Of Consumers
If anyone's got their finger on adtech's pulse, it's Rob Hall. He also avoids using the good paper in the office printer
Mastercard Nabs Florencia Aimo From Marriott International
Marriott International's Florencia Aimo jumps from the hotel business to the exploitative credit card one.
Bastion Agency Appoints Cheuk Chiang As New ANZ CEO
Cheuk Chiang takes the reins over at Bastion Agency. But not the rains down in Africa.
Spotlight On Sponsors: Major Sponsorship Wins After A Disappointing Week In Sport
B&T continuing our deep dive into local sport sponsorships & that's despite not a single offer of a free ticket as yet.
Macca’s Marketing Director, Samantha McLeod On Big Mac Chant: “What Was Once Old Is Now Cool Again”
Macca's using the power of nostalgia in latest Big Mac campaign. Well, only for those who've ever eaten one sober.
World Premiere Of Midnight Oil: The Hardest Line To Open Sydney Film Festival 2024
Oil's biopic to open Sydney Film Festival. Here's hoping Molly Meldrum will take his pants down at the premiere.
Entries Are Now Open For The 2024 Brandies, IntelligenceBank’s Annual Brand Marketing Awards
The Brandies are, of course, a prestigious marketing gong and not the mystery tipple favoured by nannas everywhere.
The Fred Hollows Foundation Appoints Ardent For PR
Yes, we all like to have a joke at PR's expense. But sometimes it does important work, like this.
AI, eCommerce & Marketing Specialists Are In Increased Demand By Businesses, New Data From Fiverr Shows
Has your philosophy & anthropology degree left you with nothing but a huge HECS debt? Here's what you should've studied.
Perth’s First 3D Anamorphic Billboard Arrives Courtesy Of oOh!media
Do you love a buzzword? Now you can add anamorphic to the list as it relates to billboards, not a colleague's ears.
MasterChef Australia & Crown Resorts Launch Unique Dining Experience With ALUMNI
A pop-up restaurant staffed by MasterChef contestants! That's fine dining prices for first-year apprentice chef cuisine!
Amanda Laing Announces Resignation From Foxtel Group
Foxtel's chief commercial & content officer heads for the exits. Read nice things the bosses said about her right here.
The Lost Letters From Our Diggers: News Corp Unveils ANZAC Day Special
It's nice when brands respectfully acknowledge ANZAC Day.
Howatson+Company Acquires Akkomplice
Large indie acquires a slightly smaller indie. Much like a shark eating a tuna, just with less thrashing and blood.
Google Delays Third-Party Cookie Deprecation Again
In good news for the sale of picture library biscuit photos, Google continues to tease over the end of cookies.
Education A Low Priority For Aussies More Concerned With Cost Of Living Forethought Study Reveals
Study finds Aussies cutting back on education due to cost of living. Booze & Uber Eats sales remain largely unaffected.
“I’m Still The Same Person That I Was”: Rikki Stern Says “Fucc It” To Cancer Stereotypes
B&T always happy to promote the anti-cancer cause. Even brands that massively overdo it with the hot pink.
The Unapproved Climate Certification Allegedly Causing Mass Greenwashing
Are you left flummoxed in the canned tuna & free range eggs aisle? Just wait till this green certification gets up.
TV Ratings (22/04/2024): Fans Mock “Over The Top” Reaction To New MasterChef Judges
MasterChef returns for its 2024 season. B&T stands by putting peppercorns in Gravox & no one will be any the wiser.
Dentsu Restructure: Muddle, Harvey & Johnston Take Leadership Baton As Bass & Yurisich Exit
A large broom has swept through Dentsu's local ops this morning, taking with it some big names & the air con's cobwebs.
Industry Shares Trends Shaping The Industry This International Creators Day
B&T's asking adland creators to reveal their top trends. And it's not good news for your Jenny Kee cardigan collection.
Mable Extends HOYTS Sensory Screenings Partnership
Mable has extended its HOYTS sensory screening partnership. Vigorously defends its two-star Oppenheimer review.
Orphan Launches ‘They Need Our Help. We Need Yours’ For Children’s Cancer Institute
Anything to do with childhood cancers has B&T's 110% support. That said, we do ignore the red meat & alcohol warnings.
Smile Team Orthodontics & Keep Left Collaborate On Smile-Inducing Campaign
As parents would attest, given the cost of orthodontics you'd expect this campaign to be a lavish production indeed.
Opinion: How Video Calls Neglect Learning Diversity
Need an excuse to duck out of a video call this arvo? Show this to your boss.
DoubleVerify Achieves First-Of-Its-Kind Responsible AI Certification From TrustArc
DoubleVerify receives responsible AI certification. However, not its robotic vacuum that's been seen menacing the cat.
Smile For A Good Cause: The Social Media Campaign Giving Back To The Community
Are you known as the office Austin Powers? More for you teeth than shagability? Get snappy new fangs with this news.
Elon Musk Mocks Albo After ESafety Wins Court Injunction Against X
Albo's 2024 from hell continues - Rabbitohs in crisis, down in the polls and now feuding with world's richest man.
Real Estate Developer In Hot Water Over “Sexually Exploitative” OOH Campaign
Real estate agents again tops in the 'least trusted profession' polls, nudging used car salesmen & ad creatives.
Epsilon’s Shane Hanby: Post-Cookie Era Relies On “Teamwork” Between Brands, Marketers & Tech
This pro predicts more "teamwork" in a post-cookie era. Which spells bad news for the uncooperative or plain stubborn.