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I recently came across a pretty interesting report that gave something to think about – it states that a 5% increase in customer retention can increase a company’s profitability by 75%. Gartner’s Group stastistics tell us that 80% of a company’s future revenue will come from just 20% of its existing customers. Statistics apart, it goes without saying the that winning companies are those who make their customers win with their value and vision. Customer experience is rather holistic. They key for successful organizations hinges on their ability to translate their vision for the consumer via various experience touch points. This could mean their website, this could be how a company sounds on a customer support call, how they are perceived when they bill a customer, when they first meet them or when their product or service is experienced.
Customer touch points are never typically viewed in isolation. Each touch point is a part of a larger customer journey, as customers engage with brands depending on the stage they are in – say a routine enquiry, understanding features and pricing to after sales service and renewals. Enterprises that skillfully manage the entire experience are able to not only get more new customers on board but importantly retain existing customers.
Amongst other things a very sound understanding of customer behaviour is imperative to ensuring that the enterprise is able to best engage with them on a platform of their choice at the right time. If customers feel good about engaging with a brand, they are three times more likely to advocate the product to their friends and relatives. Technology is enabling a big shift from transactions to enabling a great engagement. There is almost an increasing dependence on social tools that seem more imperative now than ever before to deliver this engagement. Managing this change internally for the enterprise is however crucial to deliver optimal realization from these investments.
Some customer experiences continue to be truly memorable. The value of that customer experience has translated across divisions and franchises. This is not an easy to do. Haven’t you come to expect the same quality and experience which keeps taking many of us to the Subways and Starbucks? It’s not just the subs and the coffee, it is actually also an experience which we have got accustomed to.
How does an enterprise continuously earn customer loyalty? What constitutes a compelling customer experience? This issue is dedicated to thought leaders who are the change agents for positive customer experience at their organizations which the customers have fallen in love with. Think Business. Think Customers.
Please write your comments directly to me. As always, I look forward to hearing from you.
Have a lovely day!
Editor, Illuminar- The Digital Enterprise Digest