A recent study by Accenture shows that customers prefer individual suggestions and experiences over a vast product selection. Quite a few companies need to take this to heart.
The individual customer journey
I recently started using Netflix and Amazon Video. The selection is vast but as a customer it’s a little bit disappointing how few options I have to categorize and put together my own lists for different genres and/or occasions. Because of that, the selection seems overwhelming and my „watch lists“ are chaotic and don’t really help me to decide.
These things are especially disappointing since there are working solutions out there that do accommodate the customer. I am a paying Spotify customer since 2012. The music streaming service allows me to create my own playlists, to follow bands, to subscribe to other users‘ or Spotify playlists. I can even follow playlists that make weekly suggestions based on my listening habits.
It would break my heart to quit Spotify because to be honest, the service knows my taste in music better than any of my friends.
However, Netflix and Amazon would be less painful to lose because I would not lose much. If a new competing service would enter the market, offering individual options to manage my favorite movies and tv shows, I would probably leave in a heartbeat.
Personalization is welcome
So, what do my listening and watching habits have to do with the Accenture study? Well, according to the annual „Pulse Check“ (PDF), which questioned 8000 customers worldwide, my experience is very common.
48% of all participating customers left websites that couldn’t make curated offers
91% prefer brands that recognize them and have individual offers and information
83% would exchange personal data for a personalized offer (as long as companies are transparent with how they use the data)
All in all, this means that customers want more personalization but not necessarily the way that companies envision.
Customers want more creative freedom
Companies often treat the individual customer journey like something that they can anticipate and plan accordingly. But customers would rather take matters in their own hands and design their own journey. This could be made possible by offering personal profiles or give the option to sort favored products into wish lists. These so-called „Living Style Profiles“ are being preferred by more than 74% of all customers in Accenture’s study.
Accenture calls this a „dialog“ that companies and customers have to have. This doesn’t necessarily mean that there’s a constant one-on-one communication but rather that the customer can easily communicate their preferences which in turn generate the information, offers and communication on the company’s side.
Because that’s essentially what the ideal customer journey management strives to be, which is an individual journey that the customer can shape.
https://www.ec4u.com/ec4u-blog/wp-content/uploads/sites/3/2018/06/Zitronen_rawpixel_Pixabay.jpg270710Juliane Waackhttps://www.ec4u.com/ec4u-blog/wp-content/uploads/sites/3/2016/02/Logo-ohne-Schriftzug.pngJuliane Waack2018-07-19 09:30:132020-10-23 12:07:36Customer Journey-Study: Customers want to go their own way