Shopping for a New Experience

More and more companies continue to focus their efforts on bettering their customer experiences, thanks to the realization that today’s consumers are more likely to buy a product or service because of the experience rather than the price or features. This CX focus originates from studies similar to the one PCW did last year where they found that customers are willing to pay 16% more for a better experience. Depending on the industry, your customers may even be willing to spend more. Regardless, the premium customers are willing to spend on good experiences will continue to rise. If companies are going to start focusing on bettering their experiences the same way they better their products, then they need to start comparing themselves against every other company trying to make the best experience. Customers don’t compare competing products, they compare experiences. How does your digital experience compare to that of Amazon or Home Depot? How does the service you receive from your financial institution compare to your doctor or personal trainer? Customers have started comparing all these services against one another because they expect them all to be the best. Customers began expecting these experiences when technology enabled them to communicate with one another with ease. Seeing how other customers are treated through reviews, social media, blogs, forums, and the press, helped them prioritize who they want to do business with and what to expect. Customers can now expect the same amazing experience that others have received. As a company, it is your job to not only know what those amazing experiences are, but what about them drives loyalty. With customers communicating through so many channels it is imperative that you have a solution like Topbox that analyzes every type of interaction and provides a holistic, aggregated view. Without a complete view of all your customers and prospective customers voices, you run the risk of offering a disjointed and inconsistent experience. There are so many wonderful and unique experiences businesses have created for customers today, yet at the root of every great experience there are three basic things:

  1. Convenience – The ease of finding products and services as well as the speed it takes to buy and receive items are significant drivers of convenience. Having the ability to navigate your brand with speed gives a convenient experience. Remember, the experience your company offers is being compared with every other company out there.
  2. Recognition – Whether you are a first time or lifetime customer, how customers are treated and recognized based on the information a company has about them is crucial. Customers know how much or little they have engaged with your company and they expect you to know as well. Often times they even expect you to know more than what they have provided. Not recognizing your customers at the most basic business level is a missed opportunity. Make sure you always give a good first impression while awarding loyal customers. Sometimes awarding loyal customers can be the first impression for new customers!
  3. Enjoyment – This can be a byproduct of 1 and 2 but going a little above and beyond the basics of a good customer experience to ensure your customers are having fun can go a long way. Surprising customers with appreciation or offering them unique gifts is always a fun way to ensure a good experience.

Customers are forcing companies to compete on experiences and as a business, you need to prioritize CX accordingly. The product is the destination, what customers want today is to be impressed by the journey. In the words of Carl Lewis, “It’s all about the journey, not the outcome”. The best companies know to focus on the journey