For any business, the customer is the most important pillar. Customers collectively build the foundation of a successful business. Time has been changing rapidly. More and more businesses are choosing the online path to reach their customers faster. Now, with the insane outbreak of coronavirus, things have taken a shift of 360 degrees. With the changing times and increased competition, it has become significant to give the best experience to the customer. It is now one of the best techniques to get enhanced customer retention. Apart from the various strategies and principles taught in the Business classes, there is one thing that has been added now; serving the customer with the best information online. In such an environment where nowadays the movement of people is restricted, the online business has been seen as a rising trend. Online business is working as the most successful medium to fulfill all the requirements of a customer. When we talk about profitable business growth, we need to look upon the customer’s journey.
A customer’s journey is called experience which the customer has with an organization. It has been growing as the companies use different channels to boost sales and growth. Multiple channels had been working as a channel link. Customer journey and customer satisfaction are not considered the same thing. Yes, it is true which is because a customer journey is what a business does to reach the stage of the customer lifecycle. Customer experience is something that the customer gets after the total consumption of the product or service. The journey of a customer should be mapped and can be done in three stages –
1. Draw A Customer Journey Lifestyle – One can look at what is important for a customer to know about the change in lifestyle. For example, if a business is running an FMCG product business the customer experience will act as feedback which will help an organization to know whether the product is of a quality that can bring a change in the demand.
2. Identify Company And Customer Touchpoints – One should identify the company and its aims and objectives which one can adhere to. It is seen that the company and business owners should identify the points where there are people who need the product and allocate the customer needs and preferences. It should be seen that the customers should be satisfied and their needs to be fulfilled to generate an average revenue model that can be sustained for the profitability of the business.
3. Analyze The Gap Between Strategy And Expectations – The business should sit and mark the customer experience which will help and benefit the business to know what is important for the customers. It will help them to have an effective strategy then it will help in developing a strong profit-oriented business.
4. Customer feedback - Customer feedback acts a written, non-written or direct approach by which customers can provide customer experience which can be used as a negative or a positive suggestion. This will help you to improve business sales and turnover.
Knowing customer experience is important for business as it adds an advantage in bringing light on changing patterns, new ideas, and innovation, customer's taste preferences. Many ways can guide you and provide insight into the market. You can get a better view of what to produce and what not to produce. According to the successful business owners, mapping customer experience, studying them, and strategizing accordingly are important ways. They have been able to focus on marketing tools and get more profits in business. Marketing is the only way by which the business can get visibility and recognition.
Phases of customer journey
Several methods can be used to know your customer. “Before Purchase” method wherein the business should know about the details of what are the customers' demands when he will demand the product or service. The stage second “During purchase” helps the brand to understand that they need to fill in a form by the customers to know that the amount of feedback can help in maintaining a degree of trust and goodwill in the industry. The third is called as an “After a purchase” route wherein the company should experience your journey marketing wherein the customers can get some additional bonus and discounts offered which are going on in the area.
There are 7 phases in a customer journey which would help you to understand why knowing the customer is important.
1) Out of market Phase - The out of market phase means a phase wherein it is seen that when the goods go out in the market, they take their product and service to be more productive and efficient.
2) Trigger Phase – The trigger phase is the phase where the business unit looks for the sales growth prospective in the industry. It is been seen that the amount of energy it took to understand how the sales will boost and the profit will be been seen in the second third stage.
3) Initial Brand Consideration Phase – When there is seen a long list of rules which one needs to see and work accordingly. It is been observed that the brand should consider a set of rules and protocols to make its space in the market.
4) Active Evaluation –An active evaluation process is considered as a task where the customer is analyzed; about the daily customer, vendor relationship which is been taken into account. It helps to know about the customer in a better way.
5) Purchase Decision Phase – the purchase phase decision is been looked upon in a serious sense where a rollout team is formed and the work is done with a proper structure.
6) Experience Phase –Customer’s desire to get the solution and sharing their experience with the company can help in building a smooth and quick experience in the structure.
7) Loyalty Phase - The last ends with the loyalty phase where the customer is satisfied by the work of the company in the area of work ethics. The degree of work has been satisfied and the customers' suggestions make a difference.
Now coming to the customer's strength, a business needs to have a powerful customer base.
How to measure customer experience success?
Customer experience can be experienced by when we have proper brand growth in the market. Customer success is not a one-day task. It has to be something that has acquired certain years to reach success. There are 10 statically data which will prove the value of customer experience -
The revenue of companies with customer experience gets 4 to 8 percent higher revenue of profit as compared to normal companies.
The company which has competitors in the market can increase revenue by 36 percent if we see the status of the company like Cadbury and Nestle.
The companies which work on increasing customer satisfaction can grow and do well in the later stages of the increasing goodwill and brand growth.
The company which has above-average customer experience can provide a turnover growth of financially better than the competitors.
The brand which has good customer reviews can provide 5.7 times more revenue.
Customer-driven companies provide customer growth turnover up to 60 percent when we compare with the ones who don't focus on the customers at all.
The loyal customer can increase customer growth and leverage the business on its own which will not provide any kind of decrease in the sales turnover.
When we talk of American customers it is seen that they are more service-oriented when we see from the point of reputation. They are the ones which will pay more to the business owners as a sense of gratitude
Companies in online platforms can get access to customers' feedbacks and can get work at a faster speed.
It is been observed that the degree of competition level can bring customer loyalty and support.
Above are the few ways by which we can check how customer experience can help us in increasing the business, generating income, and maintains support throughout the journey. When we see the business and compare them with the competitors, we need to study the aspects which will help us in giving back trust, loyalty, and customer support. It is seen that no business in this world can work without a brand and trust loyalty. The area of interest of any business should be highlighted in the majority area where the customers are ready to buy the product and service. A company can reach to the profit-making stage only after creating or generating a customer base which is created should be strong and robust.
Steps to improve customer experience and drive scale
Customer experience is been something that we can measure by the amount of satisfaction a customer can achieve from one company. For a business knowing about the customer acts as an asset in today's competitive environment. Successful planning helps in the growth of the business which can only be possible with strategic growth and implications. It was the area that can add to the increased profitability in the business. A market's focus should be marketing and sales to increase sales turnover. These reasons act as a tool by which business can evaluate the pulse of every customer -
Customer Satisfaction - For every business, the trust and loyalty of the customers on the business should be always maintained. The customer is considered as the king if a business can satisfy the demands of the customers, it can sustain itself. A company should focus on branding the goodwill, creating a positive and long-lasting response.
New start-ups are providing better service – There is seen that the new business units are focusing more on acquiring a new customer but one needs a lot of time and effort to procure the existing ones. If sometimes a customer is not happy one should take in negative response and work on that.
Customer advocates act as a powerful tool - Customer word of mouth is a spread which can enhance and improve the goodwill and helps to generate a name in the industry. Whenever a person makes an online purchase or shops online, they look for reviews and prior experienced people's views. Trust is more about a person who has already bought the product. It acts as building support and generate trust for them to buy and purchase the product.
Creating a new identity – Nowadays, due to fierce competition, a business needs to make a unique identity to become successful. With the help of identity, one can easily create a buzz by writing reviews, proving their worth by sharing good efforts. There is an open welcome in the online market when it comes to start-ups as every business has its level of targeted customers.
Trust and loyalty should be maintained – The trust and loyalty are the main things which should be seen and considered in this market as one bad word of mouth can ruin the whole prestige and name of the business. One should be true and polite to the customers. Even if it's not your mistake you should try to apologize for any bad experience one has taken from your service or product as sometimes being polite can act as a human relation which helps in bringing the trust back.
The bottom line
Profitable business growth is generated by a lot of efforts; brand growth can only be created by online marketing, giving free products/services, doing campaigns, and market research. It is been seen that targeting customers has become a difficult task as there is competition in each industry. The amount of consistency and positive brand building one can make they can enhance the output of profit and growth. If the article has helped you to understand the best ways to drive profitable business growth and improve the customer experience, kindly share your experience with us. How you did it, how your customer behavior and the experience changed. Learning from someone’s real-time experience is priceless.
Marketing Mercury is an India-based digital marketing agency