Customer Experience is crucial for you.
Customer is crucial for you. Yes, it is for sure. It is the key to be future proof. “The purpose of business is to create and keep a customer” as P. Drucker nicely and shortly quoted. This is the start of any business. It should be seen as a cycle, whereby at each re-ordering the supplier gets to know better and better his customer, building a relationship so that he knows or even anticipates how he can serve him better.As a consequence “the aim of marketing is to know and understand the customer so well the product or service fits him and sells itself.”
These two quotes highlight the importance of truly understanding and serving the needs of your customers. It included yesterday customer experience or “CX” informally already. Drucker recognised very early what we still see too often: companies create so much bureaucracy and are some so much occupied with themselves that they sometimes tend to loose site with the (end)customer or in other words with what’s really important.
Enhancing the customer experience delivers ROI. Satisfied customers spend more and stay more loyal over time. Moreover customer experience impacts total return to shareholders (TRS) dramatically. According to the American Customer Satisfaction Index and the Medallia Institute CX-leaders achieve four times the growth in value of the laggards over a ten-year period.
How do these companies realise such wins? First, they find out what really matters to customers. Then, they excel at translating, measuring and industrialising this into their operations. As a result they take out cost and create new experiences, additional value and the profit that goes along with it.
Before investing in your customer experience, check where your product is in the life cycle and in the market. Is it still answering correctly market needs? If yes, it will be worthwhile to undertake customer experience journeys.The start of customer journeys often has a result that the churn figures improve. Customer are staying and business is saved. The second phase is where deeper and closer communication with key accounts allows to delight them and generate ambassadors that will do the marketing or word of mouth at no cost. The third phase is where the customers will help you discover new needs and innovate on products and services.
Author : Yves Ovelacq ©