Are you an EDB?
We are in 2021 folks. If you don’t know this already, we are in an era where we expect highly contextual and personalized experiences. Particularly in the goods and services we use every single day. This is the same in our personal and business consumption. Amazon, Netflix, Chick-Fil-A, and the trendy & exploding business in your backyard are perfect examples of this. Cancel culture doesn’t just happen in politics or in mainstream media. If we go through a less than ideal experience pre or post sale (personal or business), the chances of us going back are incredibly low. In fact, we’ve cancelled them (yes, that’s bit harsh but it’s true). A lack of customer appreciation within a business = lack of trust and confidence within a consumer. Today, consumers will immediately write that experience off and go somewhere else to find what they are looking for. Why? Because someone else down the road or online has a similar product /service and might just deliver a better and more highly contextual and personalized experience. In fact, consumers would rather risk going somewhere else down the physical or online street, than to go through that type of experience again. Consumers do this because we can. There is a cornucopia of options out there, so why settle… The result of the cancel culture, instant gratification, and experience driven consumers will continue to make or break your organization. Businesses that are not obsessed with CX (customer experience) will continue to lose customers to their EDB (Experience Drive Business) competitor until there are none left to give.
What is your customer retention ratio? What is your competitors? Where do you stand in the marketplace and how do your customers perceive you as a business? What keeps them coming back? What customer service problems do you always need to resolve? How is your technology aligning with your revenue goals? How are you enabling your employees to better serve clients? Do you measure your team and department satisfaction? The questions can go on, but the idea is simple, superior experiences drive business growth. This can only come from a true obsession focused on the customer experience. A recent study found that customer obsessed companies have “the highest median three-year growth in sales, the highest levels of customer satisfaction, and the highest levels of employee satisfaction”. An EDB (Experience Driven Business) will grow revenue 1.4x faster and have 1.6x the customer retention than a none EDB. Where do you want to be? How do you get there? Customer experience begins within the channels that you communicate and collaborate with clients (phone, text, chat, email, social media, etc..) and the back end applications, integrations, and data you use to enhance their time with you.
A few items to think about: How are you using data to better analyze your clients, to enhance their experience? How are you delivering customer service? Do you have a CRM? Do you have a contact center? Why not? How are the CRM, the Contact Center, home grown business solutions, and other mission critical apps connected? Are They? Are you leveraging “data dips” to streamline and enhance the customer journey? Are you tracking the customer journey? Are you bringing in your social channels (Facebook, Twitter, Instagram, LinkedIn) to your contact center? Who manages your social networks? How are you collecting data to better understand your client base? Who are they? What makes them tick? Why do they buy from you?
The Customer Experience is absolutely everything today. If you are not obsessed with it, your competition is. We are your conduit to become an EDB. We focus on your people (customer & employee), your processes, and your technology. Our strategy, IP, consultative approach, and execution will undoubtedly bring you to where you need to be; delivering a highly contextual and personal experiences to your customer.