Today’s market is dominated by businesses that offer a consistent and better (than its competitors) customer experience. Recent market studies show that customer experience will become a key differentiator between goods and service providers by 2020, overtaking price factor by a significant margin.Companies that will be able to shift to customer-centric service, making good use of their employees and clientele’s time, will be able to survive over various physical and digital retail channels.
More important than ever
Polls conducted between some of the top businesses show that they prioritize customer experience (CX) over other conventionally important aspects. CX came on top with 22% votes on a scale of importance, whereas price and personalization won only 15% and 11% consequently. Thinktank groups across the world have published studies that show that companies that earn around $1 billion in revenues can earn an additional $700 million annually within three years of investing in improved CX. That 70% hike in revenue earned within 36 months easily overtakes any other type of reorganization of business strategies in existence.
The shift in the wind
By far, better customer experience was never a new concept. Since the evolution of trading, mankind has flocked towards businesses that promised to give a little bit extra or offered their ‘services with a smile’. The recent shift to mobile-based digital channel marketing has made this trend even more apparent. As queries from mobile devices increase by nearly 52%, businesses have shifted their practice to make pages that load faster (instead of flashy, animation-rich formats), consume less data (instead of rich HTML constructions), and precise (showing only the necessary information with each session). Companies also try some soft, strategic approaches to improve their customer experience. Let’s take a look at some of the time-proven and the most effective strategies.