Therefore, to keep loyal customers and attract new ones, it’s beneficial to upgrade the outdoors of your commercial building. Here are more reasons to do that.

Image: https://pixabay.com/photos/hotel-winter-season-accommodation-6862159/

You receive complaints from clients

If you receive several customer complaints about the outside of your building, take action immediately, or you might lose them. For example, if your entryway is not covered or it’s not accessible to people with disability, it’s time to assess its status and make necessary changes.

As mentioned, customers consider their overall experience in dealing with your company.

Improve the premise’s safety and security

Some concerns with the building’s exterior could cause safety and security risks, which are reasons to evaluate its condition and determine the best thing to do. For instance, consider installing retaining wall systems if the outer part of your commercial building is prone to landslips.

Some providers can design and install the retaining wall to prevent landslides. In addition, they may use precast walls, which make installation quicker to avoid too much inconvenience in your business operation. Moreover, these preventive measures can avert more significant problems which could hurt customers, employees, and the business.

Your business is expanding

If your business is growing, you may upgrade your outdoor space to attract or serve more customers. For example, adding more chairs and other things to make their wait time more comfortable will make them want to stay longer in case you cannot serve them right away for some reason. A gorgeous landscape will also keep them relaxed and entertained. Snack booths where they can conveniently buy food and refreshments are also great additions, so they don’t have to go elsewhere should they get hungry or thirsty.

Your competitors are doing it

See what your competitors are doing and do it better to stay on top of the competition. For instance, if you offer the same products or services as the company next to your building, but their exterior is more attractive than yours, customers are more likely to choose them. Don’t let this happen; update your exterior now.

It will help with your branding

Your branding is essential as it’s the image you wish to convey to customers, so you want it to reflect in all areas of your business, including the exterior of your building. For example, you want people to associate your brand with happiness, but if your building’s exterior looks gloomy, you fail to deliver that message. So do the upgrade to make it look bright and welcoming, making customers feel happy thinking about your brand, which is your goal.

Consult with the decision makers in your company for the upgrades you need to have in the building’s exterior for the benefit of your business.

The post Reasons to Upgrade Your Building’s Exterior first appeared on Economic Journal.

In business, the customer is always king. Organisations must know their customers and prospects to attract and keep them. Apart from providing the best experience, companies must be present and reachable through omnichannel platforms to hook and maintain customers.

Omnichannel customer experience means prospects and clients can interact with a business across all touchpoints and in a seamless manner. To this end, all efforts and contact channels must sync to provide customer convenience. For instance, a contact centre as a service solution or CCaaS software should enable buyers to contact company representatives before they purchase and complete their buying journey without any hitches, like opening and closing multiple applications. Ease of contact and transaction encourages customers to return for more—making an omnichannel investment worthwhile.

This article discusses the importance of implementing an omnichannel strategy and the most critical elements to consider in formulating a plan.

The importance of an omnichannel strategy

A 2017 Harvard Business Review (HBR) study on the impact of omnichannel strategies on retail buyers revealed that over 73% of customers shopped across multiple channels, while 20% preferred buying in-store, and 7% exclusively shopped online. Further research found that omnichannel clients spend more than single-channel customers by about 10%.

These HBR-backed studies confirm that being present and reachable across all channels can enhance customer experience and increase sales. Conversely, when a prospect or client can’t reach the company to find answers and solutions to their issues, they aren’t likely to push through with the purchase. This brings us to the first element to consider in creating customer experience across all channels.

1. Understand your customers

Investment. Before choosing the best solution, a company should have reliable customer data to ensure optimal results. Formulating an omnichannel customer experience demands that you know what the clients want, when and on which channel they prefer to reach you and how they want to access or receive such a service.

Study the client demographics and get insights into their behaviour and preferences through built-in data analytics, surveys and other means. For instance, companies targeting the younger population must prioritise online channels, including social media, to engage with their audience.

2. Don’t forget traditional channels

While online platforms often work well with younger people, some customers still prefer the voice channel and calls with agents. Consider a balanced approach to traditional customer touchpoints to expand business reach, and address customer needs more effectively. Train your staff to be helpful with in-store customers and callers interested in your offers.

3. Provide seamless connections across all platforms

An omnichannel can boost a company’s marketing and sales strategies, but only if you use the right tools and approach. Several contact points are available to businesses, including live web chat which is often integrated into the website. Video calls also offer one of the better solutions, especially in cases wherein a customer needs immediate personalised support.

Meanwhile, others are content with communicating through e-mail channels or social media chat messaging services. Regardless of the audience’s preference, a business must ensure an omnichannel presence and easy access across all channels.

The simple act of making a company website easy to navigate and mobile-friendly can improve customer experience and boost engagement. A survey discovered that up to 52% of clients weren’t keen on engaging with a company that doesn’t provide seamless mobile experience.

4. Push for personalised customer service

Customers will likely engage with and purchase from a brand that makes them feel valued and heard.

Enhancing customer experience takes more than knowing a customer’s details. Ensuring that all your information, for instance, those in the customer relationship management (CRM) app, is accessible to all key players helps provide personalised customer service.

Making information accessible enables members of different teams to adopt the right approach and provide efficient service to customers. Impeccable service is the foundation of customer loyalty, and personalised service is at the core of a solid customer experience.

5. Offer the best experience from start to finish

One of the pitfalls of other companies is failing to sustain a customer’s seamless experience after a sale. One of the common issues in shopping for retail items online is with regard to return policies. Any client would likely ask for a replacement and seek after-sales support to fix issues with a product.

Suppose your reps aren’t around during this critical stage. In that case, you might end up with a disgruntled customer giving your company a negative rating and potentially damaging your reputation across all channels. Issues like this can easily be averted with after-sales support integrated into the omnichannel strategy.

Conclusion

Formulating an omnichannel customer experience considers a client’s experience before and after an actual sale. The client’s preferences and convenience must also be of paramount consideration.

As customers’ needs and preferences change over time, your omnichannel strategy might not be as relevant in the coming years as it is today. For this reason, it’s essential to regularly revisit and review your customer’s journey and assess whether your strategy is working and how else your company can improve in providing the best customer experience.

References

1. Sopadjieva, E. Dholakia, U. and Benjamin, B. 03 January 2017. A Study of 46,000  Shoppers Shows That Omnichannel Retailing Works. www.harvardbusinessreview.com. https://hbr.org/2017/01/a-study-of-46000-shoppers-shows-that-omnichannel-retailing-works. Accessed 12 July 2022  
2. Lead Genera. Undated. 5 Ways to Improve Omni-Channel Customer Experience. www.leadgenera.com. https://leadgenera.com/knowledge-hub/marketing/5-ways-to-improve-omnichannel-customer-experience/. Accessed 12 July 2022
3. Lemzy, A. 08 February 2021. Omni-channel Customer Service Best Practices. www. Superoffice.com. https://www.superoffice.com/blog/omni-channel-customer-service/. Accessed 12 July 2022
4. Boing, B. and Friberg, M. Novermber 2019. 7 ways to improve your omnichannel customer experience. www.thinkwithgoogle.com. https://www.thinkwithgoogle.com/intl/en-154/consumer-insights/consumer-journey/7-ways-improve-your-omnichannel-customer-experience/. Accessed 12 July 2022

The post 5 Tips To Create An Omnichannel Customer Experience first appeared on Economic Journal.

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What Consumers Expect From Businesses

Consumers expect nothing but the best from businesses, but each generation expects greatness to be delivered in various ways. But greatness embodies everything from problem resolution to top-quality products and services, so how can brands manage expectations?

A good place to start is understanding the needs of the consumers in the first place. Artificial intelligence (AI) has birthed numerous applications and software designed to do just that. 23% of all brands now use it to bring themselves closers to customers. AI has also helped brands achieve consistency, authenticity, and personalisation – something the modern-day shopper of any generation is looking for when choosing from a brand.

Other ways to understand what consumers expect from a business include market research such as surveys, understanding the shopping experience from their point of view, exploring pricing and marketing, and listening to complaints.

Getting Closer To Consumers

Getting close to the consumer in an increasingly digital world is tricky. According to Gartner, 91% of businesses are now fully engaged in some form of digital initiative. The downside is the digital world pulls the consumer further away from the brand. Humans are emotional shoppers, and they need to feel an emotional connection to brands – something in-person events are excellent at achieving. In-person trade and business events were on the verge of a virtual takeover, but 95% of exhibitors still believe in them. With the help of an event staffing agency, in-person events can be engaging and tailored toward the needs of the consumer and the business.

Ultimately, however, a consumer-centric approach is the best way to get closer to consumers. Finding ways to actively communicate with them, solve their problems, and deliver a diversified service without compromising the business is essential for brands to meet consumer needs.

The Compromise Between Business And Consumer

The issue with offering diversified services and focusing on a consumer-centric approach is that it can compromise the needs of the business in the process. For example, one of the relevant compromises companies are making at the minute is price increases related to the 40-year high inflation rates in the UK. The needs of the business outweigh the needs of the consumer’s expectations of affordable prices.

In general, however, businesses must find a way to balance the two needs. As a general rule of thumb, brands should focus on in-expensive ways of meeting consumer needs, such as offering personalised experiences through loyalty programmes, marketing through multiple channels, solving issues quickly, and communicating effectively. There are numerous ways for brands to meet consumer needs without breaking the bank or changing business strategies.

The consumer is a demanding human. The consumer wants brands to give them what they want, understand what they want, and deliver perfection. There are numerous online articles that discuss the ever-changing needs of the consumer and how to meet them – any business will benefit from exploring the topic more.

The post The Challenge Of Meeting Evolving Consumer Expectations first appeared on Economic Journal.

To stay on top of your customer service game, you should prioritize customer retention. As per Bain & Company, a 5% increase in customer retention produces over 25% increase in profit. If you need some more convincing, take this: Esteban Kolsky, the founder of thinkJar, surveyed business owners across industries and found out that it costs companies 6-7 times more to attract a new customer than to keep the existing one.

The question remains — how much should you invest in your customer support team including the number of staff, the tools used for training, and training for offering exceptional customer service?

While there isn’t a one-size-fits-all budget, you can calculate how much you’re able to realistically spend on your customers by using the already existing in circulation data. Call it ROI of customer service or a financial plan aimed at improving the customer experience you provide, the point is to create a blueprint that would help measure customer service efforts and achieve your company’s financial goals faster.

Here are the 3 simple steps you can follow to ensure that your customer service continuously drives sales no matter how many tweaks in your business strategy you make along the way.

1. Identify the metrics you’ll be evaluating on monthly or quarterly basis 

Aside from figuring out how much money you should allocate to new hires, training, and equipment — which isn’t a hefty task — it’s just as (if not more) important to establish how much money customer service earns you. This can be tricky when you don’t have all the relevant metrics on hand.

To make smart investments that will pay off, it pays to know what return rate you can expect. But since there isn’t a single ROI-type indicator to measure, consider keeping a close eye on the following metrics:

• The cost of acquiring a customer (CAC). This includes the costs associated with your marketing team, sales team, and every expense under the sun like creative, technical, production, and inventory. Every dollar you spend on acquiring a customer falls under this category. It’s one of the biggest expenses and makes up anywhere between 25% and 35% of the total customer lifetime value.
• The cost of customer retention. Similar to CAC, customer retention cost consists of marketing efforts, but in this case, they are aimed at appealing to the existing customers. It also includes staffing costs, customer training programs, tools and software, and customer loyalty programs.
• The cost of activation. These are the expenses related to onboarding new customers, educating them on the products and services you offer, and creating an extensive knowledge base.
• Referral revenue. When your customer tells about your company to his friends and family — and they choose to do business with you — the revenue you get as a result is known as referral revenue. In a nutshell, it’s any extra earnings you receive from a customer that go above his original monthly spend.
• Recurring revenue. This is a portion of the revenue that’s expected to occur again in the future. In contrast to one-time purchases, recurring revenue is always easy to predict (ex. subscriptions).

Once you determine every one of these customer service metrics per customer, you should have no issues working out the amount you need to be investing.

2. Set your expectations right from the start by making simple calculations 

It’s easy to overestimate or underestimate how much you should invest in customer service to get a good return. Even with all the numbers at hand, there’s still a chance that you’ll misinterpret the final amount. Here’s where formulating a hypothesis and making a few simple calculations will come in handy.

To structure your hypothesis, use the following template:

“Our customers are based in X and our products/services are distributed in Z. We’ve registered the biggest number of sales in Y and are now expecting to add a few more service reps to Y. This should improve our customer satisfaction score by X times and allow us to increase the customer retention rate by X times.”

As for calculations, try to incorporate as many customer service metrics mentioned above as possible. You can play around with these formulas:

“Return on Investment (ROI) = [(Revenue – Expenses)/Expenses] x 100”

“(Referral Revenue + Recurring Revenue)/CAC = Lifetime Value/CAC Ratio”

“Breakeven Point = (Referral Revenue + Recurring Revenue) – (Activation Cost + Acquisition Cost + Retention Cost)”

To formulate the most accurate hypothesis and make calculations that would deliver sizeable results, have a few brainstorming sessions with your customer service team. Gather as much data as you can and determine what pain points should be worked on.

3. Experiment and learn from gathered data

Don’t expect the initial hypothesis and calculations to work without any tests and modifications. There’s a learning curve to go through before arriving at just the right investment number. You’ll get a clearer idea of how much you should invest by experimenting with the wording of the hypothesis and including more metrics or excluding the ones that don’t make sense.

You might, for instance, conclude that the number of customer service representatives in X country should be reduced. Or, say, that it’d be a smart financial move to invest more efforts and funds into your referral programs so that the existing customers are more eager to shout about your company from the rooftops. Before you’ll decide on the long-term investment, make a few short-term stakes and see how far they’ll go.

Prioritize delivering exemplary customer service and the rest will fall into place

Before investing any money into customer service, you should think long and hard about the non-financial efforts you’re investing to make it stand out. Is there a customer service philosophy that everyone upholds on a daily basis? Are the goals you set for your customer service team clear and easy to understand? Do you cater to a buyer’s persona and are quick to get back to your customers within 24 hours?

Throwing money into something you haven’t taken the time to explore and learn won’t give you the results you’re waiting for. You should be hiring more customer service staff, conducting training, and investing in tools that help deliver the best service only after you’ve fully understood the needs and wants of your customers. Then, and only then you can shift the focus to measuring customer service indicators and making them work for you.

The post How to Invest in Customer Service in Ways That Will Pay Off first appeared on Economic Journal.