The coronavirus crisis hit fast and hard, and as a result, many of us have resorted to survival mode, doing whatever we can to preserve income in our business, while invariably looking after children at home. While this strategy is both understandable and necessary, with no end to the crisis in sight, we’re all starting to realise that more might be required. And that ‘more’ will include going back to basics in our business and looking after our most critical stakeholder - our customers.
In our latest webinar, we explore all things customer experience, with special guest Jamie Scott, Senior Account Executive, Qualtrics. Jamie presents some fascinating insights into a term we all need to become familiar with right now, called the ‘experience economy.’ He talks about why customer experience is so critical right now (more so than ever) and also discusses how you can capture both customer and employee insights using Qualtrics (hint: there’s also free tools you can use right now!).
We all know that our customers are important. But how important is the experience they have with us? It’s critical, says James. The way brands interact with their customers have evolved rapidly, he says, with more changing in the last five years than in the last 50. This has caused a lot of more ‘traditional’ companies to falter:
‘In the last decade or so, numerous Fortune 500 companies have simply disappeared, as up to 80% of customers are switching brands due to a poor customer experience. We now have what is called the “experience economy” - and some of those brands have not invested enough in it.’
But what is the experience economy, and what does it mean for our businesses? The experience economy, according to Jamie, is all the touch points where we interact with a customer, and have the opportunity to delight them. Nailing this experience has been critical to the growth of some of the world’s most successful companies:
‘Companies such as Airbnb, Ikea, they have thought through every element of their customer experience and right now, they’re getting disproportionately rewarded for that.’
‘Brands used to compete on products or services, but that’s no longer feasible. Now, everyone competes on the strength of their customer experience.’
Jamie talks more about what that customer experience should look like in the webinar. Access it here.
Jamie says that there are many ways you can track and measure your customer experience (including with Qualtrics, which are currently offering numerous free tools to help small businesses). When you’re measuring customer experience, Jamie asserts, there are a number of things you should measure:
‘You need to understand things like what product features resonate most, as well as your overall brand awareness and perception.’
‘You need to understand the whole journey, from awareness through to purchase.’
Understanding the experience is only part of what you need to do though, Jamie says. What is critical is what you do with the information you collect:
‘Experience data needs to inform operational insights. Based on these, you then need to take action to change what you’re doing to make it more customer-centric.’
Jamie provides information on how to do this in the webinar. Access it here.
Listen to the webinar now to ensure you know what relief you’re eligible for and what your options are.
Mums & Co have created a special taskforce to support our 345,000 + members to best manage throughout the coronavirus crisis. The taskforce includes 15 experts, who will be answering your questions via daily webinars and making themselves available for individual consultations, if you need. We’re also developing a chat-bot to support you, 24.7.
We’re here to support you and we’re stronger together. Join us here.
All advice provided is general advice only. Please consult an accountant or financial advisor for specific advice on your personal situation.