Every business on the planet strives to increase revenue, enhance profitability and make its customers happy.
In the past, organisations mainly focused on achieving customer satisfaction with timely product or service fulfilment. Today, however, most organisations recognise that it’s no longer enough to compete merely on products and services – instead, it’s about managing customer experience and their business outcome as a value add.
We could go as far as to say this is the era of the experience economy. Most organisations make their customers happy by meeting their needs, solving their problems and providing experiences marked by immediacy, vantage and customisation. To my mind, however, what really matters is the outcome of an individual customer’s needs – which will lead to the next wave of evolution and differentiator as the “outcome economy.”
The outcome economy not only addresses customer end needs by selling a promise of outcome, it also senses and creates wish lists that open new sales opportunities for businesses to improve revenues and profitability, delivering a notable return on investment and assets, and achieving a substantial reduction in total cost of ownership (TCO).
“Amazon-like” has become an industry standard for customer experience
Companies such as Amazon are already leveraging their artificial intelligence (AI) tools to enable the development of the outcome economy, and we have all seen their growth over the last few years.