Today’s customer is more educated and connected than ever before. With seemingly endless choices, and unfettered access to information from peers and other sources – standing out in the market is harder than ever. And lowering prices is not always a winning strategy. So, how can you attract and retain more customers in this new world of business? By focusing on creating extraordinary customer experiences.
Studies show that customers who experience consistently positive interactions with a company are likely to buy from that company again, and again. For example, a recent McKinsey report states that 70% of buying experiences are based on how the customer feels they are being treated. And, 55% of customers would pay extra to companies to guarantee better service, according to Defaqto Research. Conversely, a customer is 4 times more likely to defect to a competitor if the problem is service-related than it is price or product-related(1).
So, how can you get started building a customer-centric organisation that consistently creates extraordinary customer relationships? While this is no simple task, the following are five solid steps any organisation can take towards aligning their internal operations with the true customer lifecycle.
• Mapping the Customer Journey
• Identifying and Addressing Gaps in the Customer Journey
• Creating a Total Customer View
• Automating Processes to Better Align with the Customer
• Creating a Cycle of Analysis and Adjustment
These five steps can serve as the building blocks of any customer focused business transformation. In the following pages, we will address each step in more detail.