Customer Experience: The New Measure of Brand Value
Martech Outlook | Friday, November 30, 2018
A story is told, anticipation is built, and with that comes the curiosity to discover as well as the motivation to buy. Instant gratification through shopping is becoming the norm of the society and the backbone of consumerism but a bad experience doesn’t ensure the return of a customer’s favorable attention. Some brands are following the customer experience narrative right by grabbing attention with engaging contents and quality products. At any stage, customer experience is the most vital measure for a brand, product, or a service to succeed. Therefore, developing a product isn’t enough, designers, engineers, and manufacturers alike need to access the ease of usability, the flexibility of the product, the outlook of a product’s interface, and what solution it provides to a client’s predicament.
A research by thinkJar shows that 13 percent of frustrated customers recount their bad experience to 15 or more people whereas 72 percent of customers with good experience tend to share their positive experience to six or more people. The same research also states that 55 percent of people are willing to pay more for a good experience. Hence, it would be quite appropriate to say that a good experience is directly proportional to a high-profit margin.
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But these were just some of the stats that emphasis that a good experience not only makes a customer feel important but also improves the brand’s reputation and customer retention rate in the market. Even though consumerism drives the buying power of end-customers, it is customer experience that sustains the motivation. So what are the preliminary approaches that brands can adapt to improve customer experiences? The answer to that is obviously digitization and personalization. But how does one do that?
About 80 percent of Americans own and use a smartphone, it is their primary source of information and brands need to create attractive content to motivate customers to buy. Moreover, brands that haven’t already got on the data analysis bandwagon needs to do so fast, customers are readily availing preferences and researches on social media, forums, and across various channels online and offline. Companies have to leverage these data and personalize their content on a group level of like-minded people, if not individuals.
Nonetheless, manually keeping track of all these terabytes of data produced daily is hard. Therefore, artificial intelligence, machine learning, and neural networking are the new buzzing technologies that are being adopted by companies. These technologies help marketing executives and manufacturers to improve their product, predict future trends, and create algorithms to feed prospective customers with the content of their preferences.
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