Most marketing theory was established in the context of stable employment relationships. From front-line staff to marketing strategists and brand managers, employees generally enjoyed job security with classic benefits such as superannuation plans, stable income streams, employment rights, training, sabbaticals and long-service leave.
Such stable environments were associated with a high level of employee loyalty to the firm. Staff saw themselves as family members and ‘felt’ attached to the brand. Employees demonstrated a sense of belonging by providing services beyond the call of duty to create a pleasant experience for customers that satisfied them and kept them loyal to the firm.
We are in the age of the customer.
It’s now widely acknowledged that companies that prioritise the experience for their customers, can deliver better benefits for everyone. So why isn’t every company hyper-focused on delivering great customer experience? And if businesses have a dedicated program in place, how can they ensure it’s having the right impact? Given the issues currently facing the banking and finance sector in Australia, it’s timely to assess customer experience through this industry’s lens, to see what’s being done well, and what could be optimised for greater effect.
Growing volumes of data generated through emerging technologies such as artificial intelligence, voice interaction and mixed reality could see consumers outsourcing their own identity management as the very nature of value-driven exchange between brand and consumer transforms.
The impact of emerging technologies on customer experience was a key topic discussed during Adobe’s latest Think Tank debate series, held as part of this year’s Adobe Summit and broadcast on Facebook Live. The physical and virtual event featured a panel of industry luminaries from vendor, consulting and client-side organisations such as Hootsuite, Chobani, Accenture Interactive, T-Mobile, Equinox Fitness, Microsoft, Stripe and Adobe, and was hosted by Constellation Research principal analyst, Ray Wang.
The race to own customer experience is on! Companies are recognizing the importance of delivering an experience that makes them stand out from their competition. Some are learning the hard way. Last year United Airlines had a brand crisis, in which $1.4 billion in value was wiped out overnight when a passenger’s experience went viral on social media. And, you may not have heard about Juicero, but it fell victim to brand crisis when it was discovered the proprietary juice packets needed for its $699 juicer weren’t so proprietary, resulting in the company dropping the price of the juicer to $200, and then ultimately going out of business.