As customer expectations continue to rise, brand experiences are becoming more unique — and for good reason. Take for instance an Aberdeen Group study which states companies with a strong customer experience (CX) retain 89% of customers versus 33% retained by low CX companies. What’s even more impressive is Gartner’s prediction that 50% of companies will redirect funds toward their CX in 2017. By 2020, customer experience will overtake price and product quality as the key brand differentiator.
With CX holding such importance for consumers, it is crucial that companies focus on the journeys their customers experience when interacting with their products or services. Customers already know this to be true, and the brand industry is finally facing up to something that has been obvious all along.
The strength of a brand is in the sum of its parts – not in the individual silos that make it up across the brand and marketing functions. While customers don’t often divide their brand experiences into buckets of advertising, pack, in-store, and digital, brands must differentiate and answer the “why” behind choosing a particular brand, and demonstrate alignment between the way consumers identify themselves in a broader way.
Successful brands are driving customer-driven innovation to stand out from the rest — here are 4 ways your brand can create better customer experiences:
Be unique. A unique brand experience adds value to the consumer — creating a special bond that makes them crave more and prompts them to consistently come back and/or repurchase. In fact, according to a recent BrandSquare webinar featuring findings from Mintel, David Luttenberger explains how consumers are more likely to try a new product if the brand provides a great experience. That is what consumers want — and their purchasing behaviors will reflect it.
- Customers switch brands due to poor experience.
- Customer experience impacts their willingness to be loyal.
- Customers are willing to pay for a better experience.
The old phrase “the customer is always right” coined by Harry Gordon Selfridge back in 1909 still reigns true. That is the power of CX.
Be relevant. In a world of limitless distractions, brands are working harder than ever to stand out. However, brands must not create experiences just for the sake of creating something exciting — there must be a reason, a strategy, and it must make sense for the consumer. Go beyond customer support and think about the journey customers have while in-store and online.