I thought I'd make a quick 101 list of the benefits of engaging well with your customer.
Let me provide a clarification first. When I say "engage", I mean it in the most comprehensive and inclusive way possible - before, through and happily ever after the buying cycle - the total experience delivered to the customer.
Coming to the list:
1. Repeat purchases by customer
2. Increases purchase quantum during the repeat purchase
3. Reduces probability of buying elsewhere
4. The customer buys more number of extensions of your brand
5. Reduces customer churn
6. Reduces the chances of buying from competition
7. Advocates your brand and product to everyone - creates a domino effect
8. Reduces the cost of acquiring a new customer - you need to tom-tom less on advertising
9. Your residual advertising gets sharper :-)
10. Reduces your servicing cost - lesser complaints to begin with
11. Reduces your servicing cost - lesser need to clarify / provide information after the sale is done
12. The customer is willing to pay more
13. Your employees stay engaged, and feel good (I'll surely come to this in one of my future posts)
14. You fulfill a key moral imperative of being in business
15. Your obsess over understanding the customer better through all pieces of touchpoints and information that you can lay your hands on - you design your overall experience much better than competes.
16. You have got too many things going right over a period of time, for your current and future competitor to replicate
17. You have set in motion a passionate organization that is hard stressed to always improve on their customer experience delivery - you catch on technological disruptions better and outlive competition
If you notice, the earlier bullets are shorter sentences, and the length of the sentences is almost increasing in a linear fashion. There is a very clear reason for this. There are some very strong no-brainers on being customer-focussed - which are very easy to explain. However, there are also fundamental but long-drawn out advantages, which needs to be mined better
Let me provide a clarification first. When I say "engage", I mean it in the most comprehensive and inclusive way possible - before, through and happily ever after the buying cycle - the total experience delivered to the customer.
Coming to the list:
1. Repeat purchases by customer
2. Increases purchase quantum during the repeat purchase
3. Reduces probability of buying elsewhere
4. The customer buys more number of extensions of your brand
5. Reduces customer churn
6. Reduces the chances of buying from competition
7. Advocates your brand and product to everyone - creates a domino effect
8. Reduces the cost of acquiring a new customer - you need to tom-tom less on advertising
9. Your residual advertising gets sharper :-)
10. Reduces your servicing cost - lesser complaints to begin with
11. Reduces your servicing cost - lesser need to clarify / provide information after the sale is done
12. The customer is willing to pay more
13. Your employees stay engaged, and feel good (I'll surely come to this in one of my future posts)
14. You fulfill a key moral imperative of being in business
15. Your obsess over understanding the customer better through all pieces of touchpoints and information that you can lay your hands on - you design your overall experience much better than competes.
16. You have got too many things going right over a period of time, for your current and future competitor to replicate
17. You have set in motion a passionate organization that is hard stressed to always improve on their customer experience delivery - you catch on technological disruptions better and outlive competition
If you notice, the earlier bullets are shorter sentences, and the length of the sentences is almost increasing in a linear fashion. There is a very clear reason for this. There are some very strong no-brainers on being customer-focussed - which are very easy to explain. However, there are also fundamental but long-drawn out advantages, which needs to be mined better
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