The Expectation Economy

According to Trendwatching.com we are in the midst of a trend called the Expectation Economy.

"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.

Their expectations are based on years of self-training in hyperconsumption, and on the biblical flood of new-style, readily available information sources, curators and BS filters. Which all help them track down and expect not just basic standards of quality, but the 'best of the best'."

Word of mouth now travels the world in a flash, making product launches instantly global, turning every new brand—big or small—into a potential 'player', and most importantly, rewarding exceptional performance with immediate interest and approval from consumers.

As we push library services toward a 2.0 model, we must be aware that the customer expectations have already been set by the likes of Facebook and Myspace. I wonder if that explains why our venture into Myspace did not get much public attention.

But on the other hand, I have received lots of feedback on MyLibraryDV. Our initiatives to offer downloadable movies from MyLibraryDV to our patrons, is an example where we want the library to be the place where customers first learn to watch and download movies (and set their expectations) before the marketplace of Netflix, iTunes, and other online movie rental places overtake us.

The report goes on to say that consumers in economies of abundance are increasingly spending their “play money” on goods and services that net them the experience, the indulgence, the excitement, the satisfaction they’re looking for at a specific moment. So for public libraries, how do we align our services and products to “net them the experience they are looking for at that moment?’ or better yet, how do we create that moment?”