A few small, smart, precisely targeted enhancements to your customer experience could help you dominate your market. Fabian Wong, Chief Creative Officer and Head of Experience & Design at Capita, argues the power of the 3% rule.
Globally, retail is moving at a pace that is, in my view, astonishing. We are in a marketplace where changes come very rapidly and are highly disruptive.
When I observe the UK high street, and the e-commerce and m-commerce around it, you can see how retailers are striving to improve their digital and customer experiences.
Many players in the market try to achieve that by doing something radical in order to be totally different from their competitors.
However, I’ve developed my own theory and see the market through the lens of a simple 3% rule. As long as you’re better than your competitors’ customer experience by 3% at any key touch point, that should be enough to give you a more dominant market share.
If you think about using Amazon, or other such services in the market, do you really see that service as being massively different or is it actually a cumulation of lots of plus-3%s across the whole customer journey?
My gut feeling is that the top players are in fact spending no more than 3% of their effort to create in areas that really matter within the entire user journey or within their orchestration effort.
They look at where that 3% is going to make a serious difference and then they rely on a ripple effect to spread that transformation. If you throw enough 3%s into the pond, eventually the ripples combine and reinforce the effect, becoming highly impactful. When those ripples rebound off industry edges and fold back on themselves, that creates market turbulence which redefines and amplifies where the new normal lies.
In a very agile market place, which is constantly changing, I think that’s enough to keep you in the top spots.