CEOs Should Rely More on Delivering Better Customer Experiences
Today, Customer behaviour is influenced by apps and digital experiences which you don’t even control. Trends shift rapidly, and the pace of decision-making has accelerated like never before. This has made things highly complex and In spite of this a CEO is expected to deliver unparalleled and consistent customer experiences.
Benchmarking experience of one platform with another
Customers today benchmark experience of one platform with another. A simple example is if Amazon, lets me order and delivery in a day why can’t I buy software like that. this is the precisely the reason SAAS (Software as a service) comes into picture which lets you use software on a click. Here e-commerce has changed customer expectations from completely unrelated category now they need similar experiences from other apps too.
Social Media Influence on Customer Behaviour
Another example is If a music App can suggest a playlists for me, why can’t a food app consistently suggest similar restaurants in a different city as well and this is where deep personalisation come into play. If you can’t deliver users will change loyalties. This is why personalisation’s with deep integrated real time analytics is key to retention of the customers.
This big influence of the social behaviour change is because of social media Apps. If you go to social media like Instagram, TikTok or even YouTube, the apps experiment initially with choices, they will learn what you love and bring similar kind of feed again and again. That’s one of reasons we go back to social media because App knows what I need.
Predictive Capabilities Across Apps
Maps predict which route to take, Spotify recommends the next song, Zomato recommends food, Amazon recommends what to buy and ratings influences the buying decision.
The expectation for seamless, predictive, and personalized experiences extends beyond apps. Businesses across various industries are now required to understand and anticipate customer needs, providing tailored solutions and services.
This is Not Limited to Apps
The expectation for seamless, predictive, and personalized experiences extends beyond apps. Businesses across various industries are now required to understand and anticipate customer needs, providing tailored solutions and services.
This shift in customer behaviour demands a strategic approach to data analytics, customer insights, and experience management. Companies that can adapt and innovate in this environment will thrive, while those that cannot will struggle to meet evolving customer expectations.
Impact on revenues and customers
On average, 35% of Amazon’s revenue is generated by its recommendation engine, as stated by McKinsey.
Personalisation: According to Epsilon, 80% of consumers are more likely to make a purchase when brands offer personalized experiences.
Loyalty Impact: Accenture reports that 91% of consumers are more likely to shop with brands that recognize, remember, and provide relevant offers and recommendations.
Resource Allocation: Companies that use data to drive decision-making are 23 times more likely to acquire customers, 6 times more likely to retain them, and 19 times more likely to be profitable, according to McKinsey.
Better Customer Service: A report by Aberdeen Group found that organizations with strong omnichannel customer engagement retain an average of 89% of their customers, compared to 33% for companies with weak engagement.
Delivering Better Customer Experiences
Businesses thrive on spotting trends, analyzing and predicting shifting customer behavior, and keeping track of new influences and developments. This enables businesses to understand customer preferences, anticipate their needs, and personalize interactions effectively. A question comes is that enough?
