In a recent blog post titled Converting Loyalty into Economic Advantage, Bain gives us very helpful insights on how to achieve growth through customer centricity.
In particular, Bain shares with us the following finding: 135 companies in more than a dozen sectors and geographical regions found that Net Promoter® leaders in an industry grew more than two times faster than their peers.
The above article highlights steps that Bain prescribes to achieve growth through customer centricity. Let’s take a closer look at what some of the steps are and how you can carry them out:
1. Acquire New Target Customers
There is no denying that customer experience is the ultimate differentiating weapon in today’s hyper-competitive world.
But let’s step back for a second. As a company, do I want to focus my customer experience strategy on my existing customers only, or do I want to expand and apply this discipline to the rest of my market segment, including evaluators and prospective customers? Here is the dilemma: If customer experience is my differentiation, why do I want to demonstrate it only to people who already have purchased my products and services?
The good news is that you can do both! Delivering a great experience to prospective customers is not trivial, but choosing the right customer experience platform that includes proactive communications services can help you deliver a great “prospect experience” across channels – any time, effortlessly.
2. Deliver Superior Customer Experience
As reminded by Bain’s figures, companies that consistently deliver a great customer experience have realized measurable business benefits in improving customer loyalty and profit.
Let’s sum up the key challenges companies usually face in their path to great CX:
- Inconsistent CX across the customer journey
- Context is lost across channels and customer Interactions
- Underutilized enterprise resources and misaligned processes
Again, here is good news: by choosing a comprehensive customer experience solution you can not only ensure consistency, preserve customer context and achieve high productivity, but you can also keep on improving over time. By leveraging the flexibility of your solution you can constantly adapt to rapidly changing customer preferences.
3. Earn Emotional Loyalty
This one may sound hard to harness but no one would disagree that you need to be well equipped to earn emotional loyalty. It starts with talking less and listening more!
When it comes to building an emotional bond between customers and your brand, the first thing to understand is their current perception in order to act and react – not only on what you want to tell them but also on what they want to hear from you.
But, analyzing customer interactions to understand customer perception at all times can be an expensive and time-consuming task. Your ability to take action around agent training and quality is typically delayed due to time-consuming processes and even initial delays in getting the data.
To overcome this and take emotional loyalty one step further, you will need solutions that can identify when customers have expressed an emotional response and then connect those responses to a particular sentiment. And by the way, how about doing this across channels along the full customer journey? You will then be able to continuously adapt your responses to customer sentiment, build sustainable trust and create an emotional bond.
To be emotionally loyal, the customer needs to feel understood along their journeys. To learn more about analyzing customer interactions, check out the latest on speech and text analytics.
Thanks for reading!