Customer experience leaders grow their revenue at a much faster rate than customer experience laggards. In retail, online-only retailers far outpace traditional retailers when it comes to customer experience. When Amazon is compared with the largest traditional retailer, Wal-Mart, Amazon's four-year US-revenue growth rate was 16 times that of Wal-Mart's (31% to 2%).
A key component of driving revenue by providing great experiences is understanding which drivers and emotions most prominently affect your brand.
What are the things you should be doing to ensure you get the maximum impact from your customer experience efforts - three simple tips:
Focus on ‘intelligent differentiation’
Customer service is one of the most important drivers of positive retail customer experience. This is particularly the case in banking where, in a recent survey of over 100,000 customers, 70% said that multi-channel banks do a good job at customer service. So, when it comes to customer service, it is becoming more and more difficult to differentiate your organization from the next. To do so, you must focus on your brand, who you are, what your organization stands for, what territory you occupy in customers minds and why you do what you do. Carefully define how these attributes manifest themselves in your staff behaviour and are sure to explain them to each and every member of your organization in the language they understand… avoid jargon.
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Focus on making your customers feel respected
Compared to customer service, fewer customers think banks do a good job of respecting them. More attention needs to be given to making customers feel valued and secure. The is no simple solution to this challenge. As with so many customer experience challenges, listening and responding appropriately is a skill that is essential. Getting the right people will help you, building services and packaging products in a way that your customers understand and that will help them, will help too. Convenience will help, communicating consistently in a language that everyman understand will help…
Feeling valued increases loyalty
Contrary to conventional wisdom, making customers happy is not the most effective tactic to make them loyal. In banking, what increases loyalty is making customers feel appreciated, respected and valued. There are a multitude of tools available to companies to ensure help here - both cultural, physical and in digital. Focus again, on your people. Ensure they understand and are aligned with your message, your purpose and your mission. Go the extra mile to ensure your customer has what he or she needs and this is delivered in a way that is simple and convenient. Benchmark your service against your competitors… if it is more complex, start again and make it simpler. Invest in your customers (not necessarily financially), by providing them with stimulating lifestyle advisory services, tips and information that ensures they are engaged with you… but be careful, in today's world, there is a fine line between offering personalized information and your customer feeling like you have invaded their personal space. Never be afraid to say ‘sorry’, if things don’t work out the way you had planned - customers will love you for it… and remember it costs a lot more to win a customer that it does to keep one.
About the Author
Nicholas Griffin is Managing Director at Principle Global (www.principleglobal.com) Information on how to contact Nick is in the footer of this web site.