Insights
Focusing on Customer Experience to Edge Your Competition
Posted April 21, 2017 in Articles
Whether your company’s customers are individuals or large corporations, their experience matters. Today more than ever, all types of customers are expecting more from their providers, whether that means a streamlined personal banking experience or technology solutions that are custom-tailored to a corporate client’s unique processes, procedures and regulatory requirements. As buyers demand a more personalized and real-time customer experience (“CX”), the companies that position themselves to meet these demands are the ones that will be best positioned for long-term success.
Customer Experience as a Primary Business Strategy
In the business world of yesteryear, customer experience was largely an afterthought. Build a product or service that fills a need, and then go from there. This strategy worked, and it was usually enough to build a loyal customer base. Any efforts in the arena of customer experience – a personalized presentation or a follow-up phone call – were just icing on the cake, and they were not viewed as necessities by parties on either side of the transaction.
Of course, that has all changed. In our world of constant connectivity and enhanced competition, customer experience is often the primary differentiator between companies in the same market sector. Having an app used to be a big deal. Now, your app needs to be better than everyone else’s. Buyers and procurement officers expect to be courted, and both retail customers and primary contacts expect to get what they want when, where and how they want it.
All of this means that, for many companies, enhancing and constantly evolving the customer experience needs to be a primary business strategy. If you are focusing on what your customers want, today’s customers want the best experience possible. Of course, to give customers what they want you need to know what they want, and this requires research with the right focus in mind.
Ways to Enhance Customer Experience
What are companies doing to enhance their customers’ experiences? As you might expect, there is no single “right” answer, as factors ranging from industry to price point all factor into the equation. That said, certain benefits – like 24/7 access and mobile capabilities – have been perennial contenders for most-desired improvements in recent years. Depending upon your company’s current strategy, focusing on CX to gain a competitive edge could require only minor tweaks or it could be time to consider a substantial capital investment. Some of the ways that companies across the spectrum have recently enhanced their commitment to customer experience include:
- Building “customer experience centers” on-site at their headquarters and field locations
- Offering customizable technology solutions that integrate with customers’ existing IT systems
- Using gamification and other employee engagement methods to enhance products and services
- Using customer survey responses to enhance products and services
- Increasing customer site visits and offering more personalized account management
Mithras Investments | Consulting for a Greater Advantage
With offices in Miami, FL, Mithras Investments is a global consulting firm that works with businesses ranging from startups to Fortune 500 companies. If your customers are expecting more, we can help you get there. To get started with an initial consultation, call (305) 517-7911 or inquire online today.
