What is the customer experience economy?
As markets become saturated with goods and services that are in many ways the same, it is no longer possible to rely on selling a product alone. Instead, companies are now investing in creating experiences - to differentiate themselves from the crowd. We call this the customer experience economy.
Customers' decisions to use a service or buy from a brand is not only influenced by the product, but the whole experience surrounding it. According to research from PwC, 73% of people cite experience as an important factor in their purchasing decisions, behind the price and product quality. This is why customer experience (CX) is so important - not only does it attract new customers or help to retain existing ones, it also drives long-term loyalty and greater returns on investment.
Today’s consumers, in particular Millennials and Gen Z, expect quick and efficient online interactions around the clock. This means that to create seamless experiences, companies need to create omnichannel communication systems - for the customer’s convenience.
The good news is that cutting-edge technologies give organizations the opportunity to engage on a deeper level. Data monitoring and data collection can, for example, identify areas that can be optimized to best match the needs of customers. To Unifonic this means innovating to provide our clients with the latest customer engagement solutions and in-depth expertise to create the best omnichannel CX possible.
Why is CX important for organizations and how are industry standards being redefined?
An effective CX strategy is personalized to each customer, thereby creating deeper connections and brand loyalty.
Quality CX also allows customers to feel more autonomous and empowered during their interactions with any type of organization, whether it's an e-commerce brand, bank, healthcare provider, or government entity. For example, suitable opt-in components put people in control of the decision-making. Since the relationship is on ‘their terms’, from the start, it results in greater satisfaction and higher retention levels. Likewise, automated alerts and instant WhatsApp communication provide vital information and support in real-time.
As a forerunner in customer engagement in the Middle East, Unifonic is committed to creating better moments between clients and their end customers. Our ability to drive deeper connections stems from our understanding of the modern customer. By allowing clients to communicate whenever and however they want, we create greater opportunities for exceptional customer experiences.
Creating solutions that address the needs of a customer experience economy has allowed us to grow and attract investment. In turn, we are proud to be a part of developing the local entrepreneurial ecosystem and sharing our knowledge. As we continue to innovate in the CX sphere, we want to become a venture builder that other SaaS start-ups can trust to reach their potential.
What are the best strategies when connecting with customers?
For any entrepreneur or business leader, elevating the experience of their stakeholders should be a fundamental priority and a constant effort.
Number one is having an omnichannel solution that unifies the different channels and connects the dots so users can enjoy a seamless experience as they move between platforms.
Needless to say, being there with the right support is also critical. The evolution of customer care automation has made a huge impact on how quickly and efficiently companies respond to their customers with instant feedback. Plus, automating certain aspects of the customer service cycle frees up customer service representatives to focus on areas that still require human involvement.
Optimizing data is the only way a business can truly understand what people want and personalize their communication accordingly. The right digital infrastructure needs to be in place to handle the massive volumes of data gathered from every interaction and generate meaningful insights. Acting on feedback gleaned through data also enables the business to respond promptly to customer concerns and to resolve any pending issues that may hinder a smooth CX.
Customer support and data optimization are key in driving greater customer sentiment. When data is used appropriately to enhance the level of customer sentiment - longer-lasting client relationships can be built more successfully. As a result, companies experience greater retention rates that stem from an efficient CX.
Customer support and data optimization are key in driving greater customer sentiment. When data is used appropriately to enhance the level of customer sentiment - longer-lasting client relationships can be built more successfully.
However, for CX to be efficient, feedback loops need to be implemented. This way customers have access to valuable communication channels where they can receive support and the business can be informed about issues that need addressing - as well as feedback from their clients about what they enjoy in terms of services being provided.
It’s important to remember that there’s no ‘one-size-fits-all’ approach to facilitating a positive customer experience, just as no two customers are the same. But by building a comprehensive strategy that addresses their unique needs, businesses have the power to create lasting satisfaction and excel in a customer experience economy.
