Customer Power

The phrase ‘customer is king’ has been often used.  However the true power of customers hasn’t really been seen until now.

So why have things changed?

The role of technology, leading to an anytime-anyplace-anywhere mantra, ensures transparency and access of information on a scale not seen before, extending to new social influences and networks, and heightening expectations. 

Customers of all types are more used to voicing their opinions and experiences on a worldwide social media stage, particularly when things go wrong.  This results in uncomfortable exposure for companies, and a need for a speedy resolution, to avoid negative brand reputation.  Digital engagement also means customers expect more relevance and personalisation of products and communications.

At the same time barriers to entry have lowered, bringing ‘disruptive’ behaviour from new entrants and greater openness on pricing, causing traditional players to rethink how they retain customers whilst remaining profitable. 

For many, this is happening whilst re-building trust following wider economic issues, with regulatory pressures, and in a world with increasing product commoditisation, impacting all but the innovative few.  An eye on value for money has never been greater.  

Companies either need to differentiate through the customer experience and/or create cost efficiencies to compete at lower prices; otherwise customers will just pick someone else who can better fulfill their needs.  And did we mention… switching has never been easier.

So customers are confident, competent, and empowered like never before, and whether you are their brand of choice, is firmly in their hands.

Harris Customer Power

We’re here to help you keep up-to-date with customer needs and trends and make sense of the changing world.  Our series of consumer tracking surveys focuses on the relationships that consumers have (and want to have) with companies, and who is best placed to retain their business.  We’re specifically monitoring which companies have the healthiest relationships and why, what the switching potential is and the impact of it, and what companies need to do differently to enhance the customer experience and stand out from the crowd. So far, our in-depth information covers retail banking, energy, pay TV and mobile markets.