Can fantastic customer experience drive fabulous profits?
Your customers’ experience, the sum of all interactions with your brand and business, starts from the moment they first meet you or first visit your website and how you build the relationship thereafter. That looks different for every business and will change depending on if you’re a service business, sell products and everything in between. What can’t be underestimated is how customer experience can drive loyalty and profitability.
Loving the game of business and loving your customers is not better explained than in ‘Delivering Happiness’ by Zappos CEO Tony Hsieh. Profits and passion can’t be separated, your brand and culture are the platform for growth.
We couldn’t agree more and here are some ideas to show your customers some love through great experience that will ultimately help you drive profits.
Whether it’s making it as easy as possible for customers to get in touch with you or making your transaction seamless, be there for your customers. Anticipating your customers’ needs and being there for them, fully present in those conversations or emails creates a memorable experience for that customer. Get that interaction just right and they’ll be loyal but also tell their friends, family and colleagues about your brand.
Life time value of a client, repeat business and frequency of purchase as well as margins are KPIs that you and your finance director should be looking at. Often the answer to increasing cash or boosting profits isn’t in increasing sales but in improving customer satisfaction.
Customer service needs to be a priority for your whole company and your whole team, no matter how big or small your business. And remember, it’s ok to let go of customers who aren’t profitable – often 80% of your profit comes from 20% of your customer base. Not numbers to mess with.
Just like the markets, technology and the world changes so do your customers. Change isn’t something to be feared and if you can anticipate the changing needs of your customers and how to embrace that, the competitive edge along with long term profitability and success are on the horizon.
You’ve head the concept of the power of 1% right? What if you and every team member were committed to improving your customers’ experience by 1% each month, or each week or even every day? The power of compounding effects says that would be pretty significant. That’s a key point to remember as change doesn’t need to be revolutionary.
What can you improve by 1% over the next month – could you improve how quickly you respond to customers, make delivery of your goods or services that little bit more efficient? There’s a multitude of ways you can make improvements and it starts with a little bit of understanding the journey from your customers’ point of view and awareness of their experience.
Empower your team
Having fun, being a little creative and unconventional can go a long way even for the most conventional of businesses. Don’t suppress those qualities in people, your culture can make your brand a success. By empowering your team to treat their customers like the would their friends and family, you might be astounded at the creative ways your people start to solve problems and live and breathe customer service.
We know the great businesses of our day make it simple and easy for you to buy, book or experience something (think of Airbnb, Netflix, Uber Eats which reminds me I must delete – it’s too easy to order takeout!) And the great brands of our day are the ones who excel at exceeding our expectations… which brands have done that for you? What magic can you bring into your business?