The result of the rapid decrease in the value of professional expertise is the commoditization of professional knowledge. Professional expertise was then considered a rare and valuable skill. For decades, professionals were able to charge premium fees.
In this day and age, how can professionals and businesses keep up?
Professional Expertise vs Technology
Now, we live in a world with access to the internet. Technology is fast-changing. The value of professional expertise has been dramatically reduced.
In the past, customers would have called an expert in different fields. It could be private banking, consulting, engineering, or medicine.
Today, customers can get answers almost instantly. They can find anything online in just a few minutes.
All you need is your phone and the internet. Websites can even save your last browsing and shopping activity. They store data to create recommendations for you.
This raises the question: How can professionals differentiate themselves in their area of expertise? The marketplace is flooded with companies offering the same products. It is nearly impossible to tell any of them apart.
As a business and a professional, you would not want to drown in the competition.
Technology VS Empathy
I believe that today, there is only one way a company can differentiate itself. It is through building relationships with its employees, customers, and the community.
Technology is not the answer. Even the most highly-developed machines cannot show genuine compassion.
They are not able to express empathy. They cannot recognize customer pain points on a personal level. AI cannot engage humans emotionally.
Hence, the most important asset is the ability to empathize. Empathy is needed to truly connect with customers. AI solutions are incapable of placing themselves in another person’s shoes.
Customer Experience as a Potential Turning Point
It is time to make the human part of the customer experience our top priority. Our technologies are racing ahead, but our skills and organizations are lagging behind.
In their book Race Against the Machine, Erik Brynjolfsson and Andrew McAfee say, “The root of our problems is not that we’re in a Great Recession or a Great Stagnation, but rather that we are in the early throes of a Great Restructuring. Our technologies are racing ahead, but our skills and organizations are lagging behind.”
Businesses face this challenge for many reasons. They did not focus on the customer experience, and they did not make it a priority.
Companies did not train customer-facing employees on how to truly connect with customers. This is a crisis, but it’s also a potential turning point.
There are two choices for organizations and professionals. They can either choose to complain or they can adapt to what the future holds.
How Are You Going to Compete?
Customer expectations are higher, and the competition is getting tougher. Technology growth is even faster. As a business, how are you going to compete?
Focus on Professional Development of Your Team
To dominate in the Relationship Economy, organizations should train their employees. This will boost their motivation, engagement, and overall performance.
Focusing on professional development will help avoid the traps of a low service aptitude. Organizations should embrace the customer’s perspective.
Assess your team and each department’s aptitude. This will allow you to see areas of strength and weaknesses.
It does not matter where you are on the corporate ladder. As leaders, you should prioritize professional development.
Know Your Customers and Build Relationships
A business cannot exist without customers. Having said that, it is important for any business to understand who its customers are. That way, they can take the first step in creating a real connection.
Take it to a personal level to understand their emotions and pain points.
Focus on Customer Experience
Customer Experience is about a customer’s level of satisfaction in every touchpoint with your business. Once you prioritize this, it will create an impact across all areas of your business.
Maybe you have the same product or service as other companies, but providing world-class experience can help set you apart. It does not matter what industry you are in. Again, customer experience is a potential turning point.
Statistics show that 86% of customers are willing to pay more for better customer experience.
Doing this requires real commitment on the part of a company. Set appropriate goals, metrics and action steps.
Make sure that strategy is followed up by action. This is the only way to make sure that you will get desired results.
MY BIGGEST PET PEEVE!
Watch this short video and see what my biggest pet peeve. Leave me a comment on if you agree or disagree.
GET YOUR MASTERS IN CUSTOMER EXPERIENCE
Having worked with the top Customer Service organizations in the world, The DiJulius Group’s Customer Xperience Executive Academy (CXEA) gives you both theoretical and practical Xperience on how to elevate the levels of service at your company.
With the need for rapid growth of the Customer Xperience Executive in businesses today, the Customer Xperience Executive Academy uses the X Commandments Methodology. This covers all facets and responsibilities that fall under Customer Xperience.
Unlike any other institution, the CXEA’s focus is strictly on the Customer Xperience. This prepares leaders to champion change at any company, regardless of industry.