Good business today is all about the customer experience. The modern marketplace is global, making it more competitive than ever before. If customers don’t value what they’re being offered, they’ll quickly take their business elsewhere. However, the companies that prize customer experience and put it at the forefront of their strategies are driving and sustaining growth.
Below we outline how you can improve your customer experience and grow your revenue in the process.
Is the Customer Always Right?
In short, the answer is no, the customer isn’t always right. But in many respects, they should always feel that they are.
The rise of the digital marketplace means decisions aren’t made on a whim after seeing a product in a shop window. Instead, customers take the time to browse online, read reviews, watch product demonstration videos and discuss purchasing decisions within their networks. Then they buy.
But customers don’t just have to buy from the closest shop anymore, as they can receive goods from virtually any seller in the world. And this means fierce competition. You may not be able to compete against every business on price, but you can certainly offer the best service, and this is what’s going to keep customers coming back.
Why is Customer Experience Important for Business Strategies?
Businesses that put the customer at the centre of their strategies experience 4-8% higher revenue than their competitors. And they also produce loyal customers. This matters because loyal customers are worth 10 times as much as their first purchase. These customers then become advocates; promoting your business through their networks.
So businesses receive significant benefits if they treat the customer how they want to be treated. But how many companies actually do this? According to research from Bain and Company, despite 80% of companies believing they have a superior customer experience, only 8% truly deliver. For you, this means there’s a massive opportunity to take advantage over your competition by differentiating through superior customer experiences.
How to Incorporate the Customer Experience into Your Business Strategy
Don’t talk about your superior service, deliver it. Customers are savvy; they won’t be fooled for long, so make the effort now and it’ll pay off.
Here are three key tips to assist you shifting your strategy:
- Use the right value propositions – Make sure you’re actually solving the problems of your customers. Research your target market thoroughly and survey your customers regularly. This will ensure that you know your market better than your competition, and be sure that your products or services are tailored towards their needs.
- Deliver value to the customer – Execution matters. You might have the best designed products out there, but if it arrives late or your customer service is poor, you won’t get any customers coming back. Remember that customers want to be treated with respect because the sale is only part of a very long process. So focus on their needs and solving their This will deliver value directly to them and ensure they’re delighted throughout the whole buying process.
- Develop the capabilities to do it again and again – No one’s going to give you an industry award for serving one customer well. You need to ensure every customer is getting the same level of service every time, as this will build you a reputation. One method for this is to establish a customer advisory board. Not only will you understand your customers better, you’ll also grow customer loyalty and revenue in the process.