Improving Customer Experience To Unlock Commercial Value

Improving Customer Experience To Unlock Commercial Value

Customers are in control of their own shopping experiences like never before – they have high expectations and are ready to walk away from brands and businesses that fall short of these.

To stay on the shopping list, businesses need to keep up. That means working to enrich customer experiences through conversations, offers and other engagement tactics that:

  • Are appropriate for the moment
  • Add tangible value
  • Reflect the individuals needs and preferences

A way to simplify things is to shift focus from brand and channels to the experiences that customers can have with your business along key moments in their lifecycle journey from consideration to advocacy.

Customer Lifecycle

It’s helpful to plot in what you currently do and highlight known commercial insights and obstacles to identify the current weaknesses and opportunities.

From here consider where you could use tailored communications to potentially tackle these gaps and break down the obstacles. An example which is relevant to businesses that provide a continuous product like a magazine subscription, wine pack or insurance often find that they have high attrition around the customers’ first and second anniversaries. Once they successfully get customers over these initial hurdles they tend to become much more loyal. Based on this insight, a strategic approach could be to better understand why customers are leaving and create some tailored communications to try and address these negative perceptions head-on. A simple act of recognition and reiterating the value or benefits they can enjoy might be all they need at this point or they might positively respond to a ‘thank you’ gift – it’s a useful time to test a number of approaches to gain insights that will enable you to optimise these customer moments faster.

Approaching your customer communications from a customer experience angle doesn’t have to be complicated. It could be a combination of applying some relevant segmentation across your customer lifecycle journey and tailoring the content for each group. As relevant you could even utilise the same engagement resources and offers but have different messages and landing pages to ensure that the experience is tailored to individual customers’ needs based on where they are at in their relationship with you.

It’s also beneficial to have some good tracking systems in place that enable marketers to explore and extract valuable insights around the engagement and behaviour  of different segments with the overall objective of growing customer relationships and driving measurable commercial value.