Are We Seeing the Rise of the Values Economy?

 It’s no secret, consumers now expect a frictionless experience. VMLY&R Head of Experience Kirsty Robinson explains how the values economy is changing customer expectations.

The phrase “Experience Economy” was first coined in an article written back in 1998.

In the two decades since, customer experience has grown from just a capability within an organisation, to a fundamental capability of the organisation itself, often used to drive its business strategy.

There’s plenty of data to show that the experience a customer has while transacting with a brand not only builds loyalty but also has the ability to drive that customer (and their friends) away. The 2019 SAI Global Consumer Trust Index revealed two key reasons why customers leave brands:

  • first-hand poor customer experience (85 per cent); and
  • poor word of mouth reports from family or friends (81 per cent).

These statistics are not surprising; we all know this, and as a result designing frictionless and memorable experiences and interactions has become a key focus of brands around the world.

 

Read the rest of the article on B&T here.

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