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The Customer is at the centre of your Universe. Here’s why!
CloudCherry | Featured | September 29, 2016
“You are the master of your fate, the captain of your soul” – William Earnest Henley
When Mr. Henley wrote these lines, little did he know that he’d be influencing thousands of lives, the world over, for generations! This quote has inspired several individualists to pursue a life of their choice. However, in the customer-centric business world that we now live in, it is to be altered slightly:
Your customers are the masters of your (business’) fate, they are the captains of your (brand’s) soul.
And we aren’t just stating this out of our experience. Several studies conducted around the world prove that today, your competitive advantage lies in delivering the best customer experience.
It is well known by now that brands spend way lesser on customer retention than they do on customer acquisition. But this is something that businesses are rapidly waking up to. The very fact that every other business in town is tracking their Net Promoter Score®, in an attempt to understand their customers better, vouches for this stat.
The reason why customer retention is more profitable than customer acquisition can simply be attributed to all the “word of mouth” marketing that your loyalists will take care of!
Here are three other astounding stats that will tell you why exactly investing in Customer Experience is:
1. 62% of global consumers have stopped doing business with a brand or organization due to a poor customer service experience. (2015 Global State of Multichannel Customer Service Report)
What does this mean: In this hyper connected world, customers have woken up to the fact that shoddy service is not worth their time or money and are more than willing to take their business elsewhere unless you know how to keep them delighted! Humanizing interactions with your customers across all touchpoints in their journey with your brand is one sure shot way to convey to them that they mater to you.
If you haven’t already started listening to your customers, your time is now!
2.60% of consumers have higher expectations for customer service now than they did just one year ago. (2015 Global State of Multichannel Customer Service Report)
What does this mean: Basically, your clock is ticking. And in this game of customer delight, every second counts just as much as every customer counts. If customer churn is an evil that’s haunting your business, then it’s high time to get to the whiteboards and plan out your Customer Experience strategy.
The average customer today is way more informed and is aware of the options that he has. So if he does not find the experience that he is looking for at your brand, he will move to your competitor. And why not! When he can get delight elsewhere, why would any customer settle for anything less?
3. 55% of consumers would pay more for a better customer experience. (Defaqto Research)
What does this mean: This means that businesses no longer sell products or services. They sell experiences. And here’s the best part! This also means that customers no longer look for the best deals you offer or who gives the same product at the most competitive price! They are willing to spend more to keep coming back to you if you can hook them with an irresistible brand experience! Is anyone else thinking of Apple at this point?
Yes! Cult brands have managed to have very high customer retention rates irrespective of how high their price may be when compared to the market, because customers are made to feel like they are part of something bigger, something that is deeper than the transaction itself. This is what dictates the course of your brand’s image!
Accepting the fact that the customer dictates the fate of your business makes it easier to know what’s necessary to compete. And when you start thinking from the customer’s perspective that is when customer centricity breeds through your organization.
So, what are you waiting for? Start delighting your customers right away!