Since the last couple of years, customer service and experience have been increasing priorities for companies across a lot of industries. At several industries, the single time a customer hears or sees the Chief Executive Officer might be the statement that is issued to press, any column in a quarterly newsletter or a worse scenario, the public scandal and the business leadership remains accountable.
From a customer’s perspective at least, CEOs, otherwise, are mythical beings that function behind closed doors and make those big decisions that directly impact their customers. It is a lot simpler to attain new customers than to sustain existing ones. However in case, you can make your clients stick around, the options of establishing the thriving company are high.
This guide helps you in exploring the C, E & O of every CEO which are-
- Customer Churn
- Customer Experience
- Customer Obsession
Also, we guide you through the steps needed to redesign a company in a more customer-centric manner as well as to organize the same for maximum business outcomes.
1. Customer Churn
– The rate of customer churn showcases the loss of clients by your company.
Number of customers lost/Total Number of customers = Churn Rate
In case the customer churn of your company is higher as compared to the new customer acquisition rate, there is a lot of struggle that your company has to face. This is the major reason why professionals put so much stress on reducing customer churn as well as increasing customer retention.
- Analyze as well as determine why the churn is taking place – Whenever you see an unexpected churn in the business, it is recommended to interact with the customers over a phone call. This is the best way of showing that you care. Make a quick call as well as ask them the reason for leaving. There is a high probability of you getting a helpful answer, or at least you will get a hint which the company can work upon. Also, you can utilize surveys, however, it would be in your best interest of not asking many questions.
- Use co-browsing for offering a customized customer service – It is co-browsing that brings your customer agent and customer together, offering the visual connection as well as helping to instantly establish trust. This is one of the greatest ways for adding the personal touch to customer service. Good customer service is useful in reducing customer churn rate, thereby saving the effort in persuading customers for staying when they wish to cancel.
- Use the proactive approach – Through proactive service, customers get instant solutions, decreasing Customer Churn rate, as well as creating a better customer experience.
- Don’t let your customers ignore you – Think of the method of integrating something into the offering that is crucial to your customers. You will make it tough for them in terms of cancelling their accounts and switching to the competitors. Look for social engagement and traffic to improve retention.
- Lean on the support team for the product decisions – It is important to take the help of your customer service for helping you make development and product decisions. Your support staff knows what the customers want than anybody else in the company. The support staff holds keys for valuable insights about customer experience. Ensure the fact that you utilize them as a resource for informing the product decisions.
- Offer additional services – Think about how your online business can offer services that make them capable of increasing revenue and scaling their business. You can host the free webinars which are packed with useful information, provide educational and interesting tutorial videos, and create PDF reports. This establishes trust as well as demonstrates how the products work, also offering your customers an opportunity of interacting with you.
Remember that, new customer acquisition should be there but churn must be reduced first.
2. Customer Experience
– According to more than 50% of retail senior executives who are surveyed through Timetrade said that the most perfect way for combating showrooming (visiting the store for viewing an item, however buying it later on the Internet) is through modifying in-store customer experience. Equipped with improved analytics, client-experience leaders get instant insights to establish customer loyalty, make employees satisfied.
- Recognize and understand a customer’s journey – This refers to being attention toward the end-to-end, complete experience customers have with the company as per their opinion.
- Comprehend interaction through customer’s eyes – Chief to connecting properly with clients is keeping in place various building blocks of an exclusive modification in the customer experience.
- Define the clear customer-experience aspiration as well as common purpose – Customer journeys indicate a framework that permits a business to manage itself and mobilize the employees for delivering value to clients consistently, by the purpose. A journey construct can assist align the employees around customer needs, in spite of functional boundaries.
- Quantify whatever matters to the customers – How can the companies determine which of these aspects are most important to the customer segments they cater to? Which produces the greatest economic value? In most businesses, there are some critical customer journeys. Comprehending them, customer segment by customer segment assists a company to have a positive effect on customer satisfaction, maintain focus, and start the procedure of redesigning the functions around the client needs to offer better customer experience.
- Place the feature of live chat and other customer support services. Hire the live chat support agents & other support executives who have these relevant skills –
- Positivity – Does the agent exude positivity? Do you get a happy feeling while talking to them?
- Empathy – Do you feel that the agent can understand how you are feeling, and utilize that understanding for influencing their response and behaviour to you?
- Patience – Can that person keeps his/her cool while you throw the stressful situation or question at them?
Remember that, customer experience will help you in retention and acquisition.
3. Customer Obsession
– customer-obsessed companies utilized a mix of methodologies for triangulating on their company questions. You are required to ask customers in the context of their website visitors. Even in case you have only one business aim, you might require multiple research queries that need distinctive methodologies.
1. Measure the impact on perceptions and attitudes – Customer-obsessed businesses look at daily benchmarks for confirming that the modifications to their services have an effect on not only the bottom line but on customer attitudes, impressions, and satisfaction and customer experience gets better.
There are 2 general approaches for the work measurement –
- The Sandwich – It is suitable when digital product modifications happen all at a time with the help of the major overhaul.
- Constant Benchmarking – It is fitting when your service or product undergoes continual alterations. It generally involves the non-stop intercept survey within a digital product and offers quarterly or monthly reports.
2. Get customer insights correctly – Not a single method can appropriately answer all the queries. Hence, you should be more careful about the methods you opt for.
3. Get the feedback in unique ways – You will not always have a budget or time for doing customer-experience research. In these cases, customer-obsessed businesses get innovative. They depend upon inventive research methods for guiding the design decisions as compared to no research.
4. Look way beyond what people state – Smart client-focused businesses do not depend upon customers for “telling” them what they watched on websites, mail campaigns, and ads. Instead, companies striving for customer obsession utilize eye-tracking for showing them where customers pay attention to a webpage. Eye-tracking is the best tool to observe and understand how customers visually process the experience on screen. This insight results in smarter company decisions around the logo position within advertisements, product page optimization, trending web design and placement for CTA (Call-to-Action).
5. Know which customer service Metrics does matter, as well as track them carefully – There are a lot of things which your business can measure customer support employees on, however finally, there is a single metric that matters the most.
As the CEO, you could be one step or 2 removed from the customer service’s front lines. Or, you could be in trenches, replying to support emails with your team.
Charming customers through mastering the execution and concept of extraordinarily good customer experience is the challenge. However, it is a critical need to lead in an environment where customers wield increasing power.
In case you treat the customers properly, there is a high chance of them sticking around. In the end, they might even become the advocates and refer other clients to you and assist your company to grow.
For example, you pick up the point on the timeline of Amazon, and you would find “amazing customer service” as a basis of everything that they have done.
This is what makes amazing businesses. customers are happy with the service they are provided with from the companies they invest their money into.
Another perfect of a company that works while keeping the aspect of customer obsession in mind is Apple.
After a client e-mailed Tim Cook showing dissatisfaction about the quality of the company’s music on hold, only within 24 hours, an employee from Apple called her up saying that the CEO had forwarded her an email and promising the client that the issue would be taken into consideration.
The customer is god. The sales rate, company expenditure, company reputation, and your reputation depend on customers.
Make them feel good about your products and services. Let them decide for repeat purchase based on the qualitative services you provided. If everything goes well, they bring more customers to you.
So, first, think about reducing the churn rate. Make strategies to minimize the loss and calling the lost customers onboard as well. Offer great customer experience to them.
And all these will be achieved by the obsession with your customers. Keep listening to your customers, experimenting with new strategies for them & act personally. Because it will help you in the long run.