What is the expectation economy?
When we agree to pay money for something, we have certain expectations. It could be related to the quality of the product or more importantly today, the service related to the transaction.
According to TrendWatching, “The expectation economy is an economy inhabited by experienced, well-informed consumers from Canada to South Korea who have a long list of high expectations that they apply to each and every good, service and experience on offer.”
Delia Wieser, lead innovation architect for TrendWatching, spoke at the recent Public Relations Global Network (PRGN) conference in Bucharest, Romania.
She said that once a high-level of service is established in an industry, we – as consumers – expect that service level in all industries. Amazon is a great example. Because of them, we all expect every retailer or service provider to be able to deliver our purchases almost immediately.
Wieser supported that with some statistics that point toward consumers’ expectations:
- 73 percent of consumers say that no retailer or service provider has ever communicated with them in a way that felt too personalized.
- 54 percent of consumers expect to receive personalized discounts within 24 hours of making themselves known to a brand.
- 71 percent express frustration at impersonal shopping experiences.
- 97 percent of consumers expect brands to use technology ethically. 94 percent say if not, then governments should step in.
- 64 percent believe brands should align with issues they believe in.
- 86 percent believe companies should take a stand on social issues, thus becoming “Legislative Brands.”
It’s fair to say, “Gone are the days of ‘you get what you pay for.’”