abstract

Experience management is critical for the long-term success of consumer products. Effective strategies can improve customer satisfaction and enhance brand reputation, by building excitement and leveraging the psychology of waiting. This includes leaving customers with a positive and unfinished experience, creating scarcity or exclusivity, and setting realistic expectations. By combining and aligning these strategies, businesses can increase a product's perceived value, improve customer satisfaction and enhance their brand reputation.

 

 

discussion

Experience management can help long term success of a physical or digital consumer product. Effective strategies can help build excitement, improve customer satisfaction, and enhance brand reputation. It is widely acknowledged that waiting and patience can lead to increased gratification, and enhance the perceived value of a product. However it is critical that a product delivers on the expectation. A brand not only has to offer a gratifying purchase experience but has to manage consumers’ post-purchase expectations as well.

 

Although difficult and multifaceted, correct implementation of experience management strategies can help build customer loyalty and foster positive associations with the brand. One study feeding into this area is the “Zeigarnik Effect” that demonstrates people are more likely to remember incomplete tasks compared to completed tasks. By leaving customers with a positive and unfinished experience, such as showcasing the features that will be available in future updates of a digital product, businesses can keep their audiences engaged and interested.

 

Creating a sense of scarcity or exclusivity is also a tried and tested approach. It is possible to see many high-end brands maintaining their position, as well as mass-market brands trying to improve their products market position by introducing limited edition products, waiting lists or long queues. In a similar fashion, companies can use sneak peeks, teasers, and countdown timers to create anticipation and build excitement. At this stage it is crucial to set realistic expectations to minimise the risk of disappointment. This can be done by providing customers with accurate and detailed information about the product and its features as well as expected delivery time.

 

Leveraging the psychology of waiting can increase a product’s perceived value, thereby making it possible for businesses to claim higher price tags or maintain a desirable standing. Combination and alignment of several strategies to manage customers expectations across the purchase process can help build excitement, improve satisfaction and enhance reputation: overall a better customer experience.