A business is defined by its customers and the unique selling propositions of its products/services. The difference between a business and the rest of the crowd is determined by what it proposes or offers to the target audience and what its audience thinks about it. These days, it is hard to keep the customers satisfied even if the products and services are commendable. This is where the prime hurdle lies.
The changing times result in a huge gap between the business and consumer behavior. It is hard to determine and measure customer behavior despite the fact that we have good tools to use. The changing trends create a dynamic platform where a business cannot properly track the behavior online aptly.
Even if a business cannot clearly understand what the customers are thinking, developing a customer retention strategy by understanding their pulses can add an extra edge. The businesses will be able to compete in a cutthroat market and will also be able to give its best to the loyal customers in return.
A survey suggests that nearly 75% of the customers will stick to a brand only if the experience is good. Another report tells us 68% of the customers will remain loyal to a business if the brand responses to their pain points, resolve issues, and provide an ideal user interface to find relevant products/services. It has also been found that reducing the attrition level by 5% can also lead to a huge increase of 125% of the business revenue. Forbes conducted a survey and found that 86% of the customers are even ready to pay more for a better experience. This is what we are discussing about. Understanding the pulse of customers has become mandatory for all the business to exist and survive.
To survive, every business needs a strong strategy that will lead to a better experience for the customers. To develop such strategy, one has to feel the pulse of a target audience or an existing customer pool. Here is what the top brands do and survive amidst all these diversities.
- Customer experience is the prime element to focus
The first and most important element that a company has to focus on is customer experience. It is not only about searching products online easily and checking out the ecommerce portal rather the wholesome experience including customer support and understanding their pain points.
An experience develops a new perception within a customer. This perception leads to personification of a brand. They imagine a company as a person and relate its features to him. Hence, the satisfaction level of customers can be bestowed when their pulse can be read. It can be done using proper tracking tools on a web application, website, or mobile application. Experts prefer to develop an innovative platform to measure and understand customer experience across all the channels. Any kind of dissatisfaction should be attended to by the customer support leading to resolution. Even the smallest discomfort can hamper the image of a company. It has been found that a happy customer contributes to your company’s revenue 2.6 times more than the conventional figure. In fact, he contributes 14 times more than a dissatisfied customer. Hence, customer experience and its measurement matter a lot.
2. Leads converted to loyal customers
New leads will land on the online portals following the promotional content and referrals. They will witness the user interface of the website and application of a company and gain a new experience. Based on this experience, a lead will either get converted into a customer or will get deflected from the online presence. Moreover, the experience will further decide that the new customer will become a loyal one in the future or not. Hence, a newly established bond will strengthen, or break based on the experience.
It means that acquiring new customers is quite tough when compared to maintaining the existing ones. It cost almost 7 times the cost of keeping the loyal ones to acquire new ones in this competitive market.
In this aspect, customer support is the prime meeting point where customers reach the company to solve issues. This is a domain where customers expect proper guidance and help from the customer support team. This experience can also prove to be highly valuable for creating more satisfaction and increasing brand value.
Companies often outsource the requisition of customer support to experienced agencies. These agencies research and find out how to attend calls and solve the issues of customers following the industry and company protocols. This is how leads can be converted to customers and then to loyal customers using the customer support.
3. Customer advocacy
It is natural that a loyal customer will be followed by its peers to make a buying decision on an online platform. This is a common mentality to check on the after-effects of a buying decision on a new business platform. This element can be used as a boon for understanding customer pulse and to add more names to your customer base.
A satisfied customer will become a promotion tool automatically for your company. If you serve a customer perfectly, he will be satisfied enough to tell the story to his peers. Word of mouth travels faster than wildfire and it will work as a PR strategy for your company.
You will be astonished to know that more than 84% of the population does not rely on advertisements and promotions. They wait to see how it goes with someone who has tried a product/service for the first time. Based on his reaction, the mass will follow. It will then trigger a chain reaction where the number of leads generated via word of mouth will increase exponentially.
Brands, these days, ask customers to share their stories of using products, comment on social media posts and even interact with them regarding issues. This step adds remarkable exposure as the prospects are watching how a brand resolves a problem or getting applauded for good service/products resulting in generating brand image and reputation.
4. Brand Recognition
The prominence of a brand can be determined when a mass can recognize it from the rest. The features of a brand make it distinguishable within a crowd thus reflecting on how the branding is done. Apart from customer experience, there are many elements that can help you understand your brand’s position in the market.
These elements are spread across your business model, business domain, customer support, social media presence, product design, etc. Consider defining these elements by segregating these domains properly. For instance, the elements related to your online presence are user interface, product quality, quick completion of orders, online payment convenience, etc. All these elements should be designed and checked to understand what a customer will experience.
Any flaw or hindrance should get rectified immediately so that the experience of the customers remains smooth and satisfactory. In this aspect, a simpler user interface and better customer support are the two prime elements to focus on for measuring customer pulse.
5. Personalizing experience to strengthen bonds
Major brands are now incorporating new techniques and creating new trends of personalizing the user experience. For instance, a user will input his name, date of birth, and other necessary personal information. This information can be used to build relationships better by wishing them on their birthdays, anniversaries, or sending gift cards.
There are remarkable techniques that make customers feel a part of the company’s family. Personalized approaches can deliver immense satisfaction as the users/customers will feel special. For instance, if you walk into a retail store nearby and find that you are eligible to use discount coupons for loyalty, you will be elated. Similarly, analyzing customer behavior will lead to personalized offers for particular products. These specific approaches can be designed to understand their pulse. Programs related to loyalty can also be designed for special customers by giving certain benefits to them.
Final words
These five points show how it is important to understand the pulse of customers these days. Losing track of the existing customers is the biggest blunder a brand can make. Companies are striving to find and acquire leads and are leaving no stones unturned to keep them accompanied.
For this, a brand must focus on the user interface of its online presence and customer support. These are the two prime points where customers interact directly or indirectly with a company. Remember, they will visit your online portal for fulfilling a certain need. It can be a product or an issue. You will have to focus on the quality of your product that includes everything ranging from packaging to delivery. If it is an issue, then your customer support team should be resourceful and adept enough to resolve it in no time.
The latest pulse of customers shows that they have become more impatient. They don’t wait for a brand to respond and switch to the other one. Make your company’s presence strong and commendable to offer a trustworthy platform for your target audience to match their expectations.
It is estimated that 80% of a company’s future revenue will come from 20% of its existing customer base.
(1)Read on for reasons and methods that customer communication management strategies can improve consistency and reliability in your business.Upward CommunicationWhether your business is digging, lawn moving, or catering, customers will inevitably have ideas and opinions to share with you.
(2)Innovative above-mentioned communication initiatives can be woven into the business process in the form of feedback forms, surveys, and reports.
This prevents them, sometimes obscure, from spreading the diagnosis online or by word of mouth, areas over which we have little control.Downward communicationOf course, there is no good without evil, light without darkness, and so on.
These are largely professional qualities that distinguish between senior and subordinate employees in a company.This means that senior executives are more likely to see things in business that guarantee action.
It is unfair to keep subordinates in mind and expect improvement without communication.Setting up this formal chain of communication will ultimately lead to improvements and improvements in some areas: One is that, through more communication, the staff will learn how to adapt to change.
The customer’s feedback, opinion, and expectations for your products or services are described in the Voice of the Customer.
It helps you understand the feeling, connectivity, and perception your customers feel.
businesses use VoC to increase customer retention and build a legion of loyal customers.It is required for functions such as customer service, operations, and product analysis.
Organizations use this solution to identify and improve all stages of the customer journey by collaborating to improve their products and services.A positive customer experience can help you increase a customer’s lifetime value and retention rate by nearly 55 percent.Companies that implement a Voice of the Customer solution not only strengthen their relationships with their customers but also improve internal relations between departments.Positive customer sentiment can boost revenue by 4–8 percent and a customer’s lifetime value by 6–14 times.
The Benefit of Employing the Voice of Customer solution for your brandImprove retention of customersAssess new product ideas, concepts, and solutionsChange your products, services, add-ons, and features to satisfy your customers’ needs and requirementsFind potential brand crisis at the earliestBetter service to your clients Methods for Gathering Data for the Voice of the Customer ProgramOnline Customer SurveysConducting online customer surveys is also an excellent way to collect data.
These surveys assist you in better understanding your customers and addressing their concerns.You should ask the right questions using the right platform, you may never receive reliable answers.
Scaling customer support means making things better for your customer support team.
Scale Customer Support is the process of making your support team more efficient by refining existing practices, fixing customer support scaling issues, and empowering them!Scaling your customer support is a must!
And that’s exactly what this read is all about!
Automation is the great opportunity for the future of customer service businesses, so Let's have a quick overview of how automation is changing the face of customer service.
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