Shifting Focus to Customer Experiences Can Ensure Long Term Business Success

Business executives are constantly devising new strategies to put their business ahead of the competition. Whether it’s investing in new infrastructure, advertising, or deep data analysis, it always seems that the absolute last area of focus is where profits literally come from:the customer.  For some unknown reason, customer service has been on the backburner for many companies in the modern business world. It often seems like providing positive experiences to loyal customers is at the bottom of the barrel for company development, as if to imply customers are guaranteed to show up regardless of their treatment.

Companies that truly believe customer experiences don’t matter will likely pay a heavy price in the long term. New research has shown that companies that have a customer retention increase of  5% can equate to a 25% increase in profit.If leaders focus customer experience initiatives even slightly more than they currently are, the chances of increased financial success is likely. If customer experiences are prioritized, business can benefit not only financially, but can inspire brand loyalty, a positive company image, and increase chances of referrals.

While the market is currently flooded with a number of sophisticated CX platforms to increase customer focus, business leaders should remember a few notable points that don’t require any sort of technology to implement:

• Keeping existing customers is much less costly than finding new ones, so understanding the needs and concerns of an existing customer base is an excellent way to promote company loyalty.
• Word of mouth is still important in the digital age:treating customers like individuals and ensuring positive experiences can create natural advertisements or endorsements.
• Listen and act on serious criticisms regarding negative experiences. It’s standard in modern business practice to offer customers an option for experience feedback, but ignoring it can make customers feel like their opinions, and therefore their business, means nothing. If appropriate, take action with customer feedback, and work to create a customer experience that’s better than the last.
• Don’t be afraid to be human. Customers that navigate in digital marketplaces are often forced to interact with chatbots and self service programs. If customers are given the chance to talk with human employees, let those employees allow their personality to shine. Customers appreciate the opportunity to talk with real people for certain tasks, so let employees go off script for more organic interactions.

It doesn’t take a great deal to make a customer feel special. Even with just a slight increase in attention toward creating better customer experiences, businesses can retain a valuable clientele that can ignite long term success.

Edited by Maurice Nagle

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