The Power of Creating a Magical Customer Experience
CX is the new profit center. It's time to put some effort into your customer happiness.
No customer wants to feel like they are just another number or dollar sign. A truly magical customer experience is one that makes them feel special, valued, and appreciated for their business.
I have to admit, we don't always do the best job of this at KnowCap, but we aim to. In fact, one of our core values is that all decisions tie into improving customer outcomes. We don't just want to say it however, we want to mean it and throw all of our strategies through the process of engaging.
Customer experience does not just have to be about the service that they are getting. Customer loyalty is often tied to how we send them off, or what happens when things don't go as planned. You need to have a way to get them on track because great customer experiences have a way of getting legs of their own...but also, so do negative customer experiences.
A customer's perception of us is more important than ever in this day and age where our services are up against not just your competitors, but customer apathy as well. When you are in financial services, your design isn't just competing with others in your region - it's competing with everyone in the country. On top of that, you are dealing with customer expectations from using other applications like Mint, Wealthfront, or Robinhood.
You have to match your CX (customer experience) to other experiences they may be getting used to. Restaurants had to shift to curbside delivery quickly during the pandemic, and when they didn't, they were left behind.
That's how we get to where we are now. Competing across industries and the globe to create amazing experiences that drive word-of-mouth marketing and repeat sales. No longer can you get away with just delivering your product or service, there has to be a wrinkle waiting for the customer that they may not be entirely expecting.
This doesn't need to be rocket science. It can be transparent pricing if you're a law firm. It can be a generous return policy if you're creating physical goods. It doesn't matter. We've seen what happens when an eCommerce store doesn't offer free shipping - "90% of consumers view free shipping as the top incentive that would encourage them to shop online more often" - that is a crazy stat.
My advice is to make sure you're always one step ahead of the customer. Give them a reason to come back for more. Repeat sales and increasing net negative churn is the holy grail of growth - it all starts with using CX as a retention method. Which then adds to your bottom line.