Deliver excellent customer service and experiences, watch your stock value rise!
Finance has historically been a bit removed from the overall focus on Customer Experience Management, improving customer service, and the customer retention rates. The bottom
line and stock performance have been exact measurable benchmarks that they can report to the shareholders and management.
Lately, the financial world has taken a keen interest in those companies that are working hard to improve the customer service they deliver at all customer contact points – from beginning to end.
“There is a movement to watch companies that are doing it right,” Chris Cottle, vice president of marketing for Allegiance, told CRM Buyer. “Stock analysts and traders are tracking companies with good CEM and finding that their stock performs better than others do.” This is quoted from a recent article in CRM News.
This holds true in that the customer experience is more important now than ever before. Saving money has become the new emphasis and brand loyalty has become a thing of the past. Consumers are loyal to far fewer brands and will focus on doing business with those that provide them the best experience, while maintaining reasonable costs.
The message to retailers? Focus on each and every aspect of the customer experience.
The customer experience involves things considered frivolous before – parking preferences, coffee specifications, loading time of websites, amenities for pets, convenience items, loyalty programs. All of these things factor into the customer experience and can win customers.
Again, the best way to impact the customer experience is through delivering excellent customer service.
Pay attention to your customers. Focus on them. Find out what they do and don’t like. How do they do business with your company? Make that process enjoyable and you will win their loyalty.
The level of engagement that you have with your customers will directly impact the financial success of your company.
“…CEM takes a broader view of what kind of engagement you want with people. It touches all five senses and certainly isn’t only an online phenomenon,” Aaron Keller, managing partner of Capsule pointed out. “Any brand can leverage it. All brands have a customer experience, but few actually thought about it until recently.”
CEM is about more than managing the customer’s experience in the now; it is also about managing the experience over each customer’s lifecycle.
The items that we thought were extras before are now almost considered essentials. Customers feeling catered to will make higher purchase points over the store that treats them as merely a commodity. Customers appreciate the care that is taken at every customer contact point. From the initial entry point into your business, consider having a greeter who gets to know frequent customers by name. A valet service for parking cars. A specialty coffee station for customers.
Even larger corporations can cash in on the experience. New security concerns require the wearing of name badges in many large companies. Some now, when their security systems permit, have custom made badges for frequent visitors or vendors. Sure, it was done primarily for security reasons, but the feeling that results is that they are part of the company, or a vested partner.
This all brings it back to the point that consumers today have different goals than they used to. The focus now is on saving money. That being said, customers today also have the same need as before – the fact that they make their buying decision based on emotion and back it up with logic. When you can tap into the emotional state of the customer through the experience that you deliver, the sustainability of that relationship is not only more profitable, but the life-time value of that relationship increases, as does your bottom line and stock values.