Service 2020: The need for speed
Some 82% of businesses believe customers expect a faster service than they did five years ago according to Service 2020, a report from business advisers BDO and the Economist Intelligence Unit.
Living in an instant gratification, online society, customers have a “need for speed”; they are busy people and time is now a luxury good.
Alex Marsden, partner at BDO in the North West, says: “Speed has become a competitive differentiator and companies must maintain service standards whilst dealing with customers as quickly and efficiently as possible. Firms that are able to save their customers time will leverage this to stand out in a fast-paced market.”
The need for speed is seen most prominently in the retail and service industries, with online check-in, 24 hour delivery and drive-thru restaurants playing a part of everyday life. But as consumers are used to getting what they want in their personal lives, they are also coming to expect the same in their working lives.
More than three quarters (77%) of business-to-business respondents agree their customers now expect a faster service, just short of the 83% of business-to-consumer respondents.
The majority of firms (61%) think customer expectations have changed dramatically in the last five years and a similar proportion (63%) agree that customers want more personalisation than they did five years ago.
“Business-to-business firms, in particular those in professional and financial services, have expressed concerns over the ‘need for speed’,” said Marsden.
“There is an inherent conflict between providing a faster service and maintaining quality standards. There is a balance to be had but that needs to be decided at a strategic level. To avoid losing out, and to win and retain clients, firms will have to establish where in their business processes they are able to speed up service delivery without jeopardising quality standards.”
He concluded: “Businesses need to manage client expectations. Over-promising may sometimes get them through the door, but under-delivering will lose you that client, their referrals and your company’s reputation.”
