Many studies by research facilities had estimated that in the upcoming sector, customer experience has become more important than not only price but also the product itself. So, it makes it more important than ever to give the customer just as significance as the product or maybe more. Which does not mean that companies should ignore high-eminence product. In fact, businesses should pay more interest in this rather new frontline and start blending high quality products with equivalently high-quality customer experiences. If you are here reading this blog, that signifies your understanding towards the utmost importance of customer experience and crave to advance it.
The earlier policies of corporates like creating completive advantage with lower price points and higher product quality, are not enough to sustain their business. The ball is now in the hand of the customer. If you’re aiming for high profits in the upcoming quarter and you are completely neglecting customer experience then you are about to be disappointed. Now let’s see why customer experience is more hyped than the product itself.
To keep it simple, customer experience is how your client scrutinise their interactions with your business. However, it’s not that easy to execute as it is defined. In the present day the prime dilemma with corporates is that they easily make false assumptions about the customer experience provided by them. According to a study when asked approximately 80% of the businesses thought that they were providing superior customer experience. On the contrary to that only 8% of their customers agreed with it. Now this is a sizeable difference of opinion. Ignorance to such statistics is worse than having a poor customer experience.
Today, product is not a need-based activity anymore, instead relatively a chance for quiet a few experiences. To believe the facts, experiences are majority of reasons why clients sometimes prefer visiting physical stores instead of shopping online. And that is an ample reason to start investing in customer experience. One of the factors that plays a vital role in customer experience is loyalty of customers. A study shows that more than 80% consumers are somewhat willing to move to a competitor business due to not so good customer experience.
To gain customer loyalty could be tricky but can be achieved via some basic changes and then upscaling the game. To start with corporates should organize their business in such a way that it focuses majorly on the needs of their customers. This could turn out highly profitable to them. Yes, customer experience demands some capital investments and also generous efforts but the outcome not only pays off but will definitely add some extra value to your business.
Now that were discussing product and customer let’s take a look at the difference between product business and service business. There is a considerable difference between product-based business and service-based businesses in various ways such as start-up and running costs and effective marketing techniques. When a customer receives an improvising customer experience it assures you a fully positive promotion from a customer source that cost you nothing. This will improve your brand image and upscale your statistics. But to satisfy your customer you need to identify your customers. You need to figure out who are your customers and what they are expecting while interacting with your business. And by these insights and personalizing your services/products you can achieve high customer satisfaction.
So, in this battlefield of product vs customer experience there was no objective to figure out a clear winner. Because when you focus on only one ingredient of the dish it gets flawed. And with Flawless technologies we try to provide the complete business solution for your company’s customer experience.