Sell Experiences, Not Products
It has been said that products are only 25% of what a company sells. So, what's the remaining 75%? A feeling.
Customers buy products not just for their functionality but also for how those products make them feel. Think about the last laptop you purchased, or item of clothing, or even your last trip to the grocery store. Did you select the cheapest item? Or did you choose a more expensive item with better packaging and a more attractive brand name? On many occasions, we prefer a brand we know over a cheaper non-branded item. That's the power of brand recognition.
As the world has moved increasingly online due to Covid19, enhancing the online experience is crucial to winning and retaining customers. But what should you consider to ensure a satisfying consumer experience?
Make your business customer-centric
Whilst many people talk about customer-centred marketing. Still, many businesses are failing to embrace it fully. What does being fully customer-centric entail?
Customer-centricity is a strategy within business that seeks to create a positive customer experience at every stage of the customer journey. This boosts customer satisfaction and loyalty which leads to positive WOM (Word of Mouth). Word of Mouth Marketing (WOMM) is proven to be more effective than other marketing efforts according to Nielson, who found that 84% of people trust recommendations from family and friends. And, best of all, it’s free.
Not only that, but customers you acquire through word of mouth have a 16-25% higher customer retention rate than those you acquire from other sources, according to the Wharton School of Business. So, if you make your customers feel good, they will, in turn, reward you by spreading the word about your business.
Design your customer experience
Every step of the customer journey matters. Just think back to the last time you purchased something but then had a terrible experience of customer support. No matter how good the experience is of purchasing the product, if there’s one false step in the journey, you will lose customers, and unhappy customers talk. Negative word of mouth can hurt your business as much as positive word of mouth can enhance it.
It's crucial, therefore to strategically design your customer journey, taking into account all the different steps customers go through over time. This can be done in a graphic format so that it is visual and easy to read. We call this a customer journey map. This is a very effective way of analysing your customer journey and improving customer satisfaction.
Source: Hubspot
Plan your customer’s journey
Even if you think you understand your customer needs and pain points, the customer journey map is still a useful exercise, and you might feel some new information that you were unaware of. Customer journey maps can take on a variety of different visualisations, from excel spreadsheets to beautifully graphic-designed illustrations. The important thing is that it is intelligible and clear to you and your employees. You should include all the touchpoints, from the first to the final one to ensure that nothing is blocking your customers reaching their goals.
The challenge is often that a customer journey isn't always linear. Many customers circle back on themselves. How do you chart a customer's first awareness of a product? These will be the challenges to outline with your team and refine when creating your map. Also, bear in mind that the map isn't a static document. It may change and alter over time as you tweak elements in the customer journey. But crucially, it gives you an insight into your customer’s experience. This is extremely valuable in a time when consumers are so overladen with choice.
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