How Customer Experience Strategy Helps Scale Revenue Growth
Marketers believe that the “Customer is King!”
A business functions to provide products/services to its customers. In doing so it earns revenue for itself. Since the source of revenue is dependent on the consumption of its products/services, the consumer/buyer becomes the most important factor or “King” for its success. Hence, providing a great customer experience is the most effective route for the growth of a business. The ultimate goal of any enterprise is to boost revenues and growth. This is only possible if the business develops its strategy focused on customer experience.
Customer experience is essentially the experience of the customer during various interactions with a brand through different stages of the customer journey. This experience is the key factor that ascertains if the customer is happy and converts into a loyal customer.
In today’s scenario, customers have become more demanding than ever before because of access to information and the availability of multiple options. Customers expect a personalised experience. Providing a great customer experience not only helps attract new buyers but also enables the business to retain its existing customers. Businesses that focus on understanding the needs of their customers, and develop strategies accordingly have a competitive edge in the market.
Here are some statistics about customer experience:
Research by American Express reveals that 86% of customers are willing to pay more for a better experience.
Also, 1 in 3 customers will leave a brand after just one bad experience!
How to Provide an Experience that Delights Customers?
Step 1: Define your Marketing Objectives
The first step for creating a marketing strategy is establishing marketing goals and defining the metrics to measure the efficacy of the strategy.
Step 2: Create a Buyer Persona
Create a buyer persona to develop a customised marketing strategy. A buyer persona is a fictitious buyer who is likely to consume the products offered. The marketer can define the age, gender, etc., of the potential buyer. This helps the marketer understand potential buyers and create a strategy that has maximum chances of aligning well with actual buyers’ expectations. A marketing strategy built according to a buyer persona will result in enhanced customer experience.
Step 3: Understand the Needs of your Buyer
Once you have defined what the attributes of your potential buyer are, find out the specific needs of the buyer. These are details like their likes/dislikes, pain points, social media platforms they use, what influences their buying decisions, etc. A potential buyer is likely to spend more time on the website that addresses his queries. Also, insights about the social media channels used, the timing of usage of channels, etc., enable marketers to connect with the buyers at the right place at the right time. Data such as this help develop marketing strategies that lead to conversions.
Step 4: Build an Emotional Connection with Buyers
Emotions shape attitudes and influence buying decisions. Customer loyalty depends to a large extent on their emotional attachment to a brand based on their interactions with the brand. Creating a buyer persona and understanding the needs of the potential buyers provide deep insights into the traits of the buyer and build strategies that resonate with the emotions of the buyer.
Step 5: Monitor Customer Feedback
It is interesting to observe the gap in the perception of customer experience by marketers and customers. Data reveals that while 80% of marketers believe that they are providing superior customer experience only 8% of buyers believe that they are getting a great experience. Therefore it is vital that you find out the experience of your customers to know what they feel about your marketing strategy. This can be done through feedback surveys and data about customer behaviour during various interactions.
Step 6: Track Metrics
Assess the effectiveness of your strategy by measuring it against the established metrics.
These steps help build a client-centric marketing strategy. The challenge that most marketing teams face while developing marketing strategies is the changing demands of the buyers.
Besides, businesses also need to consider other factors like changes in the market and how their competitors are performing to develop a robust strategy.
In the fast-paced world of today, the organisation needs to be agile* so that it can respond quickly to any change in the external or internal elements of the business. Technologies such as Artificial Intelligence (AI), ML (Machine Learning), etc., can prove to be game changers in developing business strategies. The predictive and analytical abilities of AI provide valuable insights to marketers and enable them to make better decisions.
A business exists only because of its customers. Hence, it is vital that businesses focus on strategies to attract new customers and retain existing customers. The kind of customer experience a brand provides is the key factor for building a client base. Studies by Temkin Group show that companies that invested in customer experience can expect a 70% increase in revenue in just 3 years. These figures indicate the power of providing a positive customer in enhancing the revenues of the business.
*For organizations on the digital transformation journey, agility is key in responding to a rapidly changing technology and business landscape. Now more than ever, it is crucial to deliver and exceed on organizational expectations with a robust digital mindset backed by innovation. Enabling businesses to sense, learn, respond, and evolve like a living organism, will be imperative for business excellence going forward. A comprehensive, yet modular suite of services is doing exactly that. Equipping organizations with intuitive decision-making automatically at scale, actionable insights based on real-time solutions, anytime/anywhere experience, and in-depth data visibility across functions leading to hyper-productivity, Live Enterprise is building connected organizations that are innovating collaboratively for the future.