world class customer experience

Building a World-class Customer Experience: 3 Strategies to stay ahead of your Competitors

Given the cut-throat competition in the market space, delivering a world-class customer experience that guarantees customer satisfaction is more important than ever.

The impact of the pandemic has impacted customer behavior. The majority of the industries have cut-down their expenditure and the purchases have shifted from in-person to digital channels. Public safety has become the topmost priority for both the customers as well as the companies.

According to a Gartner report from the 2019 Customer Experience Management Survey, organizations nowadays are more committed to customer experience (CX).

A study by American Express stated that around 60% of people are willing to pay more if an enhanced customer experience is guaranteed.

Today, the leaders are realizing how vital the customer experience is and have gained rapid insights to build customer loyalty. The data obtained with the help of advanced analytics can help to achieve revenue gains of 5 to 10 percent and can reduce costs by 15% to 25%.

Post the COVID 19, companies all across the globe are preparing for the long haul. However, the path is rather vague due to uncertain customer behaviors and trends.

To win in the next ‘normal set-up’, companies need to identify the trending patterns and customer behavior to build the strategies in the near term.

Here are the 3 key strategies that will help companies to build a world-class customer experience:

Observe the Current Customer Behavior

Customer behavior is constantly evolving. Thus, observing the current trend and pattern is important. A customer journey consists of various touch-points that together add up to the experience they get upon interacting with a brand or a company.

Seeing the world as a pool of potential customers can help the companies and small businesses to organize better and mobilize their employees around the customer requirements.

Seamless Omni-channel Experiences

Due to the personal and financial losses inflicted upon people all across the world due to the pandemic, the financial flexibility of the customers is limited. But many customers now face a surplus of time. This has stimulated a record-high engagement on digital platforms.

Consumers these days have a low tolerance for bad experiences. A good or bad experience in any single channel can result in winning or losing a life-long customer. So, businesses these days can`t afford to risk ignoring a customer`s touch-points.

Make meaningful Connections with Customers

To build meaningful relationships with customers, companies need to interact with them across multiple channels (website, live chat, social media, and more). While the customers appreciate the candid interaction across multiple channels, they want it to be consistent.

For instance, India has 53 IKEA stores, and if you visit any store across not just India, but across the world, you will get the same experience. IKEA focuses on customer experience and invests heavily into it. And how did it help them? Not only IKEA is one of the most beloved companies in the world, but its revenues have risen to $40 billion worldwide.

No one wants to do business with a company that no treats you well. Hence, providing an exceptional customer experience is vital in today`s time. By using the above-mentioned techniques, you can build strategies to give your consumer a world-class experience.

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5 Strategies to build world-class customer experience

Is your customer-facing a bad experience?

Customer experience is the best opportunity to multiply your revenue because focusing on your It will reduce the churn and multiple the revenue which will lead you to higher profits.

Customer experience is an interaction and experiences your customers are having with your company. Customer who has a positive experience with a business is more likely to become a repeat and loyal customer and if you want them to be loyal then you have to invest in their experience.

What is a great customer experience?

Great experience come from providing amazing experience at every stage.

Why it matters to have a good customer experience?

According to a survey, 74% senior executive says that Customer experience impacts customer enthusiasm for being a brand advocate.
A study by American Express says that 60% of people are willing to pay more for better customer experience.
A study says that 49% of customers have made impulse purchases after receiving a more personalized and satisfying customer experience.

Let’s discuss the 5 most important strategies to build world-class customer experiences:-

1. Build a clear Customer experience vision

Start with a strategy to have a clear customer-focused vision that you communicate with your organization.
The easiest way to explain the vision is to create a set of guidelines and principles that help in building great experience.
The customer service department must be trained to solve the problems with these guidelines and principles because they are the face of your brand.
Analyze what kind of technology, tool, people and process you want to fulfill the objectives.
Check the gaps that exist between the customer’s expectation and experience?

2. Pay attention to the customers need and feedback loop

Thinking back to the Bain & Company research from earlier, 80% of companies believe they are providing great customer service, but only 8% of customers agree with them.

Post interaction with the customer start with the real-time feedback survey to know their need.
Do regular follow-up over the call for more details of the customer.
Start paying attention to what is being said by the customer on your social media. This is the only place where the customers are the most honest.
Keep your ear to the ground to hear what exactly your customer is saying.

3. Build a quick and effective resolution system

Keep a live chat system on your website. You can also add video-based assistance.
A quick response system can promote the purchase and also improve the customer’s perception of your brand.
Create a fun based feedback form to make them more engaged. A traditional feedback form can still serve the purpose.
Do not force your support on your customers but show them that the support is there and how to access it.

4. Keep an eye on customer experience metrics

Failing to measure the experience leads to missing out the valuable information that can boost the strategy of your customer experience. Always remember that if it can be measure, it can be improved.
Schedule regular feedback.
Use NPS (Net Promoter Score) to measure the recommendation percentage of your customer. This will show whether the customer would or would not want to recommend your company to their family or friends.
Use CSAT (Customer Satisfaction Score) to know the metric on how satisfied your customer is with the last purchase. Interact with the customer over a call, it is very flexible.

5. Use technology and tools to build a great customer experience

In 2008, only 12% of businesses had cloud-based Customer Service Management Tools. Now it’s 87%!

Always remember that technology and tools can reduce the workload of a company with 67%.
These technologies can increase the efficiency and reliability of your organization.
Engage your customers with an automated tailored message.
Engage them with multiple channels in one place.
Reduce churn with analytics.

Customer experience can lead you to failure or success so considers it very seriously and provides your customers with the world’s best experience. It will not only keep you in the game for longer, but it will also differentiate you from your competitors and help grow your business.