write 4 expectations of demand
Answers
Expectation is defined as believing that something is going to happen or believing that something should be a certain way. An example of expectation is a belief that you will be getting promoted. An example of expectation is a belief that you should behave as a proper lady or gentleman.
4 expectations of demand
What are customer expectations?
Generally, customer expectations are a set of ideas about a product, service or a brand that a customer holds in their mind.
For example, customers that buy an Apple iPhone over another phone brand have a set of expectations about that product. For example, they expect to see that the Apple phone has a sliding lock function, a ‘slate-style’ that has few to no physical buttons, with ‘Face ID’ facial recognition as standard.
Customers want these expectations met in order for them to feel satisfied with the customer service and with their purchase. They’ll also have expectations that aren’t so easy to see.
Let’s explore how companies can deliver against these tangible and intangible expectations.
Why customers’ expectations are vital to business
Knowing your customer’s expectations is important to all businesses - whether you’re a small business or a large enterprise organization.
This year, 60% of large organizations plan to increase the effort they put into improving their customer experience compared with the previous year. One survey found 65% of SMB respondents said that customer-centric agility has increased in importance as a result of COVID-19.
Customer expectations matter, because - if you can meet them - customers are likely to spend 140% more after a positive experience. To do well now and in the future, companies need to close the gap between customer expectations, and the actual customer experience.
Find out how you can measure your customers’ satisfaction level: Customer satisfaction (CSAT) surveys: examples, definition & template
How have customer expectations changed over time?
Customer expectations have been changing over time for a number of reasons:
Demand for exceptional customer service is growing, especially among the millennial generation
Microsoft found that 54% of customers have higher expectations for customer service today compared to one year ago.
The demand for better customer experience is particularly strong with the new millennial generation of consumers, who are expecting even higher levels of customer service experiences. In the same study, a larger proportion, 66% for consumers were aged from 18 to 34 years old.
The power of the consumer is greater
With more competitors in each industry, the emphasis for companies must be on how to keep your customers happy - because there are plenty of alternatives out there.
Because of this increased power of the consumer and an expanding market, it’s reported that 48% of consumers expect specialized treatment for being a good customer, according to research by Accenture.
The digital experience is made possible with cheaper and more available technology
Nowadays, all consumers have a smartphone or access to online services. The marketplace is online and companies are moving to omnichannel routes to sell products and services.
If a company invests in digital technology solutions, they have a competitive advantage over their rivals, as Companies that have embraced digital transformation are 26% more profitable.
Changing events and circumstances impact the way customers behave
If the last year with Covid-19 has taught us anything, it’s that our social, political and economic activities can change rapidly in response to emerging events.
We’ve seen customer behavior change as a result, which has its own knock-on effects: US Census retail sales declined 8.7% from February to March 2020 - the largest month-to-month decrease since records began.
Customer expectations will change and it’s up to brands to get a feel for their customers’ needs and expectations during these uncertain times.
Find out more: What is the relationship between CX quality and loyalty behavior?
☘︎Demand for exceptional customer service is growing, especially among the millennial generation.
☘︎The demand for better customer experience is particularly strong with the new millennial generation of consumers, who are expecting even higher levels of customer service experiences. In the same study, a larger proportion, 66% for consumers were aged from 18 to 34 years old.
☘︎With more competitors in each industry, the emphasis for companies must be on how to keep your customers happy - because there are plenty of alternatives out there.
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