17 Jan What’s ahead in 2023?
Brands should always prioritize customer satisfaction with their products and/or services. The perceived value is what customers can expect and benefit from a brand versus what they pay for the brand’s favor. For a customer, the satisfaction they feel when being provided with what they need is essential. It is a service and customer exchange process, and a company’s job is to fulfill it.
Three things are of utmost importance in customers’ value within the products/services offered. In essence, these are:
1) Physical: The presentation of the product/service. Important presentation factors like size, color, font, package materials, etc.
2) Logical: A customer’s personal value of the product or service. The need for value is logical. In this case, the way marketers design brand promises are crucial.
3) Emotional: The product/service must provide clear benefits to the customer. The emotional aspect deals with the customer’s ability to see the benefits clearly and directly. Again, the brand promises and claims are crucial here.
Customers will prioritize a brand where they can feel satisfied and content with the price they pay. In marketing, the key lies in analyzing consumer insights, brand assets, and the competitive environment to convince shoppers with the right message that their shop will get their money’s worth. It sounds easy, but it is the philosopher’s stone in advertising. Keeping the perceived brand value in mind is not just a way to ensure happy customers but the key to success. Nowadays, brands are in a race to increasingly understand the meaning and value of customer experience to build meaningful and lasting connections with consumers. According to research by Metrigy, CX is the number one priority for companies increasing their technology spending during 2023 (65% of companies planning to do so in 2023 vs. 24% in 2021).
There’s a good reason brands rank customer experience highly in their priorities for times ahead. According to PWC, 73% of consumers listed this as an essential factor in their purchasing decisions, and only “price” and “quality” are above. Additionally, respondents said that speed, convenience, ease of use, and friendly service are the most important elements of customer experience. The most significant trends in customer experience for 2023, according to Forbes, are:
1. More immersive experiences: businesses are already putting the basic concepts of Metaverse to work to connect with customers in new, more immersive ways.
2. Personalization: everyone loves something that is unique to them to feel special. What’s new today is a technology that enables businesses to carry out mass personalization at scale.
3. Conscious customer experience: conscious consumerism has grown in popularity across all sectors in the last few years. More of us choose to be driven by ecological, environmental, or political considerations when making buying decisions.
4. Authenticity: “Keeping It Real” is a kind of motto for young generations.