Customers are no longer willing to accept trade-offs between speed of service and product quality, and now expect both as an integral part of every transaction, according to new research from Strativity Group.
The study, entitled 'Doing Business Right Now - Your Customers Won't Wait', was based on a survey of 385 marketing, sales and customer service managers, and found that 85% believe that consumer demand for speed in customer interactions is "high" or "extremely high". At the same time, in terms of highly customised solutions for customers, 50% reported that consumer demand is "extremely high" and 38% said demand is "high".
One-quarter (26%) said they expect their organisation to redesign processes to handle increasing customer demand for speedy service and quality products, while 24% expect their organisation to simply upgrade existing technology. Only 4% felt that they could realistically expect product improvements.
Nearly two-thirds (65%) identified their customers as the primary source driving demand for speed and quality, while 15% cited their competition, and only 5% cited their superiors.
Time's role in satisfaction
According to Lior Arussy, president for Strativity Group, "Time is playing an increasingly critical role in the overall customer experience. Companies must recognise that customers are no longer willing to accept trade-offs between product quality and timeliness of service."
The report explores the role of time in the overall customer experience, and examines the rising trend of customer demand for customised experiences and their timely delivery, then assesses the impact of those demands on both corporate infrastructure and readiness. The report also explores how product quality and timeliness of service can act as drivers for competitive differentiation, revenue growth, and customer loyalty.