Focusing on The Customer Experience: Why Customized Experiences Matter
Experience matters. And when it comes to customer experience, it might matter more than the product itself.
Take Starbucks. During their initial expansion in the 90s, the company turned waiting in line into an experience. The smells. The music. They weren’t just selling coffee—they were selling a coffee experience. They weren’t cheaper or faster. But they created an experience that took them from challenger brand to market leader.
Rather than focusing exclusively on product, the company organized their business around the way customers interacted with and experienced their business. And it seems they did pretty well for themselves.
It is certainly easier said than done, but it is possible in nearly every industry—both B2C and B2B. Forbes Magazine agrees. They reported that not many emphasize it, but the companies that are able to create a stronger customer experience see higher revenue growth than their competition.
Is It Time to Shift from Product to Experience?
In order to stay ahead, it is time to make a shift away from focusing on product offerings like many in the financial (as well as other) industries shave done for so long.
They key is to engage based on your customers’ needs rather than how you want to sell a specific product. No two customers are the same, and financial institutions need to be aware of who they are interacting with instead of assuming a one-size-fits all approach will work.
Customized experiences can help the sales cycle move more quickly.
Customers likely interact with your organization through numerous different channels over the course of the sales cycle – phone, in-person, website, social media, etc. All can play a role.
It’s not unlikely for the average B2B customer to use 6 different channels while considering your offerings.
By focusing on individuals with targeted approaches, the buying journey can be shortened. With customer experiences happening in all these different channels, ensure you are creating a consistent omni channel experience. For example, incorporate personalized sales or enrolment materials that focus on the customer, and then follow that up with an email with the same personalization and message.
The customer experience and the sales cycle aren’t separate anymore, rather, they are intertwined with the expectation of creating a cohesive and likeable experience throughout the journey.
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The key to organizing around the customer also depends on the data
Companies who excel at harnessing data are successful because they use it to reveal things like customer trends, preferences, and demographics to see the full picture. Don’t be afraid of new data and technology. Use it to understand your customers and utilize it to learn how best to meet their needs. With out strong data, you won’t be able to “get personal” and organize around your customer.
Data isn’t just for segmentation, it also allows us to leverage print within a data-driven campaign. More specifically, it helps marketers integrate and track print easily and effectively.
What’s more, according to the market research firm IDC, the digital universe is doubling in size every two years. By 2020 everyone, everywhere, in the world will have created and copied –with cell phones, social media, working online, etc. – 44 trillion gigabytes of data unleashing new opportunities for your business that you never thought possible.
Data shouldn’t be intimidating. It could be your new best friend. At Sepire, we organize around our customers and data. Wit expertise in healthcare, insurance, financial services, and more, we’re more than equipped to help you make more from your data to make more meaningful connections. If we can answer any questions for you on the intersection of either, send us an email!