Question

The key is to set realistic customer expectations, and then not to just meet them, but to exceed them — preferably in unexpected and helpful ways. – Richard Branson

Is this statement accurate? Do you think it sums up setting realistic customer expectations?

Answer 1

Many times, the customers are themselves not aware of the potential that the product or a service can actually offer them. They may be rather concerned more with the features of the Core product and what the actual product has the potential to offer to them. However, the augmented product is something that could be looked and pondered upon more from the Firm’s side itself. They make the desirable changes in such a product that can enhance its worth in the market and thereby delighting the customers all the more. In such cases, the chances of accepting the product is more and so does the consumer’s preference to opt for it, thereby in turn raising its market share. Hence the statement is accurate that the key is to set realistic customer expectations and to rather go beyond them so that the customers help to reach out to the other consumers in the market, by recommending the same. It is only when one can delight the customers that the customers feel like spreading the word around. Simply meeting the expectations is rather what the product is meant to and hence may not otherwise add more value to its existence. So it does sums up setting realistic customer expectation standards so that realizing the same on the behalf of the Firm, is actually feasible.