Exceptional service? Customers like it, and they want more. In May 2015 polling by Harris Poll for Lithium, 82% of US corporate executives said that customers’ expectations of their company were “somewhat” (47%) or “much” (35%) higher than they were three years ago. And it’s not easy to keep up, as nearly six in 10 said it was “somewhat” (50%) or “very” (9%) difficult for their company to please customers.
Companies were certainly feeling the heat. Nearly two-thirds of corporate execs said rising customer expectations had increased pressure to innovate, and nearly six in 10 said the same about competition with other companies. In addition, companies were spending more to satisfy consumers. Three in 10 struggled with customer turnover or slowed revenue growth, and a similar percentage had increased discounts given.
With customer expectations higher than ever due to technology, the pressure is on for marketers to keep up with tech-savvy, always-on consumers—or risk getting trampled by the competition. Read the rest at eMarketer.