Home Blog 2019 Customer Experience – It’s About the Platinum Rule
Jun 3, 2019

Customer Experience – It’s About the Platinum Rule

Subscribe to our blog

Remember the golden rule of treating people the way you want to be treated? Well, in a more connected and transparent world, that rule is rapidly ceding to the platinum rule, or the idea of treating others the way they want to be treated. This rule change has consequences if not adhered to, whether in a corporate environment, retail store, restaurant, hotel, and beyond. We’ve all seen tweets, articles, and presentations about the importance of enhancing or upgrading the customer experience as part of digital transformation. And, for the record, we’ve always been transforming with technology to improve productivity and enhancing customer service levels, haven’t we? While this isn’t a new concept, it is an area that folks in the retail and hospitality markets are increasingly focused on. 

One of key growth areas in the IT channel and a pillar of enhancing the customer experience in retail and hospitality is the Pro A/V segment. In fact, according to NPD’s U.S. B2B Distributor and Reseller Tracking Service, the large format commercial display (LFCD) market, a segment of Pro A/V, has grown at a 22 percent compound annual growth rate (CAGR) based on unit sales from 2016 to 2018. Within the LFCD market, commercial displays (digital signage) grew at 17 percent CAGR while hospitality screens saw 30 percent growth during the same time period based on unit sales.

In the case of retail, it’s no surprise that the main threat is thwarting the rise of online shopping. Key countermeasures brick-and-mortar companies have leveraged on the technology side include, adopting mobile and self-checkout, using analytics for better micro-segmentation, and borrowing tactics from amusement parks or the hospitality industry to create more theatrical experiences in an effort to appeal to all of our senses during the shopping experience. This can be achieved through enhancing acoustics, utilizing scent marketing, and deploying digital signage for interactive merchandising coupled with visually stimulating experiences to draw consumers in.

Another market that is working to enhance its customer experience is the quick-service restaurant (QSR) industry. This industry is evolving to meet the increasing demands of busy consumers. Lunch breaks for many of us are getting shorter, providing less time to get to and from your destination. Given that, QSR’s are trying to drive down wait times by adding employees with tablets and headsets to take orders, as well as digital signage upgrades with easier-to-read menus, making digital signage a key technology for this segment.

This shift from the golden to the platinum rule will continue to drive firms to upgrade their customer experiences or risk losing customers. When channel partners ask what technologies are doing well now and are expected to continue to do well in the future, I always recommend investing in technologies that are tied to the industries experiencing the greatest disruption. This is because technology will typically be the linchpin for fixed and variable cost improvements coupled with customer centricity to combat the threat.

Stay current in your industry

Related Content

Tagged: B2B Technology

U.S. B2B Technology Sales Finished 2020 Strong with Four Consecutive Months of Growth
U.S. B2B Technology Sales Finished 2020 Strong with Four Consecutive Months of Growth

The U.S. B2B technology channel generated $93.9 billion in 2020, a 2% sales decline compared to 2019. Read more about 2020 performance and areas that saw growth in a challenging year.

Distribution: The Engine that Keeps the Channel Running
Distribution: The Engine that Keeps the Channel Running

Read about 2020 technology distribution highlights and a 2021 outlook from NPD’s B2B Tech analyst, Mike Crosby.

2021: A Look Ahead For The Channel
2021: A Look Ahead For The Channel

See thoughts on what lies ahead for the B2B tech channel in 2021 from Mike Crosby, NPD’s B2B Tech industry analyst.

B2B Tech in Focus: Categories and Countries
B2B Tech in Focus: Categories and Countries

The shift to work and learn from home has benefited the North American distributor channel in Canada, Mexico, and the U.S., but growth isn’t evenly distributed across categories. Top growth categories are driving the overall numbers, with notable trends in each country demonstrating key regional differences.


Subscribe and get key market trends and insights relevant to your industry each month.

We will not sell your information. View privacy notice. | Cookie Settings