Rival Businesses Might Not Be the Com competitors Initially Anticipated.
Changing the Game: Let's Get Inspired from Unexpected Sources to Knock Customer Expectations Out of the Park
In today's fast-paced world, you might think your competitors are fellow players within your industry. However, the real competition might just be those who set the bar for exceptional customer experiences, regardless of the sector.
Listen up: "The last best experience anyone has anywhere becomes the minimum experience they want everywhere" - Briget Van Kranlingen of IBM. Essentially, customers are comparing their experiences across industries, expecting a similar level of excellence wherever they go.
So how do you keep up? In your quest to impress, don't just measure yourself against your industry rivals. Look beyond them, seeking insights and innovative practices from unexpected sources. Remember, a car company isn't competing against more car companies; they are up against hotel chains and luxury brands in the race to deliver a breathtaking customer experience.
Take Toyota as an example. Their game-changer, Lexus, left boring behind in favor of luxury. Upon realizing customers would compare Lexus to other luxury brands, not just rivaling cars, Toyota sent its executives to the Four Seasons hotel for training. By taking inspiration from this iconic hospitality brand, they created a dealership experience that matched the luxurious ambiance customers loved at Four Seasons.
Now, it's your turn to break the mold. Look for strategies that transcend your industry and adapt them to your business. Opt for change and reinvent how you build relationships with your customers.
Many companies miss the mark by not thinking big or broad enough about what's possible in their industry or what customers truly desire. They play it safe, sticking to old industry parameters for success, which ultimately limits innovation.
Instead, aim to surprise and impress with experiences customers will remember and share. Incorporate strategies from outside your immediate industry, earning you a well-deserved spot among those who shake up the game and set new customer experience standards.
Source: "Your Competitors Aren't Always Who You Think They Are" by Bill Taylor, Harvard Business Review, 2022/11
🔗 Related Articles
- 3 Core Principles of Digital Customer Experience
- 8 Best Practices for Creating a Compelling Customer Experience
- How to deliver great customer experience at scale
- To stay ahead in the business world, it's essential to seek innovative practices from outside your industry, just as Toyota did by training their executives at the Four Seasons to elevate their customer experience in the automotive sector.
- Instead of playing it safe by adhering to old industry standards, aim to break the mold by surprising and impressing customers with experiences they'll remember and share, incorporating strategies that transcend your current industry to set new customer experience benchmarks.
