Due to digital disruption, customer loyalty has been an issue for companies, despite their efforts to retain them best they can. Today, we are able to continuously evaluate new products and providers and really, we’re consumers round the clock, non stop.
Because of the highly competitive nature of business today, your business needs to regularly ask itself: how easy is it for your customers to do business with you? And it needs to be really easy.
To leverage new growth opportunities, businesses have to implement new customer centric processes, that improve customer experience for all. Meeting customer needs by offering an integrated experience across all channels (whether digital or offline) will become a requirement.
Needless to say, customers now go through a dynamic journey when interacting with any brand, and it’s a continuous journey (not just pre and post sales).
To keep up, we need to think of every customer as a digital customer while also keeping in mind that they all move at different speeds and have different needs.
Why businesses fail at customer retention today
The main reason for failing to retain customers lies in not being able to meet their continuously evolving needs, for numerous reasons. One study of consumers from Brazil, Germany, Japan, the UK and the US found 60 per cent of consumers report having deserted a brand and switching to a rival company because of poor customer service. Meanwhile, as many as 90 per cent of consumers worldwide consider issue resolution as their most crucial customer service concern—which can be assisted by digital innovation and automation.
The main thing that companies still struggle with today is proving a holistic experience through digital, social, mobile and traditional channels, which is very much noticed by customers and can result in a frustrating experience overall.
Most customer frustrations are to do with companies not making it easy to do business with them—particularly online. A 2019 study into consumer frustrations found the most common frustrations were being unable to get answers to simple questions, difficult site navigation, basic business details being hard to find and poorly designed smart phone apps. With more business shifting online in the wake of Covid-19, it is likely these frustrations have increased has businesses have had to rapidly shift their operations.
Which brings us back to the initial question we asked you: how easy is it for your customers to do business with you?
What your business needs to do to leverage digital disruption
How can you capture your share of the revenue opportunity that digital brings? Becoming a high-speed customer centric company to compete with others is a start.
This means providing a customised customer experience and moving beyond the one-size-fits-all solution in way that customers genuinely benefit from and value. It doesn’t mean to improve more, it means to improve better; providing more impactful, unique initiatives informed by customer analytics. Success in this dynamic field also means adopting a test-and-learn aptitude.
Companies will find it challenging but must wholly master the integrated and holistic approach to all channels to comply with the preferences of multiple customer segments.
Although many of us have been looking forward to the opportunities that digital brings, many companies are still focusing on "doing things better". This is a natural mechanism, but in order to get the results needed, they really need to be doing things "differently" altogether.
Learn more about how your business can succeed through digital disruption to create awesome customer experiences in our free guide.