As they navigate the best strategies, firms are tackling how best to meet customer expectations, according to an exclusive survey conducted by HSBC and Forbes Insights. The following key findings show how executives are approaching efficiency, technology and talent.
Across surveyed industries, companies are focusing on efficiency rather than revenue growth alone. That approach indicates relative caution given executives’ optimism about the economy. The focus on increasing efficiency is stronger in the consumer-facing B2C sectors versus B2B . One prominent example is the retail industry, which has undergone a transformation thanks to customer expectations for faster delivery and an omnichannel shopping experience.
However, it can be difficult for companies to know which technologies to select and implement, how best to integrate them with existing technologies or how to calculate the returns on technology investments. In the end, technology is useful only so far as it meets customer expectations. Thus, using technology for creating and supporting customer experience is the top challenge with meeting customer expectations.
While survey respondents described their customers as loyal and fast-changing, the caveat is that customers will remain loyal only so long as companies can keep up with them. While executives recognize the importance of meeting customer expectations and make it one of the top pillars of growth, they largely aim to meet customer expectations by reacting to the market rather than trying to anticipate customers’ needs or delight them with original ideas.
HSBC Are you sure it’s for “consumers”?🤑aka citizens before they were constantly media branded as a commodity to the point even politicians started calling citizens “consumers”. The cows might be realizing farmers aren’t providing grass & feed benevolently.