While reading an article, one sentence got my attention. It made me to think about bigger picture of business world.
"If you are a company that spends millions and millions of dollars on marketing, wouldn’t you be better off handing that money to the customer versus handing it to a third-party?"
The second worst excuse for not actively investing your money is “I dont know how.” And the worst? “I don’t have time.” Why would any sane person not spend a bit of time to learn about investing? All of us want a passive income! All of us want to retire early! But to really live the YOLO lifestyle, you need to have some money at your disposal. Depending on your tolerance for risks, there are plenty of things in which to invest - from unit trusts, equities to real estates or cryptocurrencies. Key is to start small, fail fast, learn fast and continue investing.
Customer experience management is about more than serving your online customers. It’s about more than knowing where customers shop and what brand of things they buy. It's about knowing your customers so completely that you can create and deliver personalized experiences that will entice them to not only remain loyal to you, but also to evangelize to others about you – and that’s the most valuable form of advertising there is.
Gaining this depth of knowledge about customers isn't something that just happens. It comes from extracting customer insight from all touch points and channels across your entire organization. It's about harnessing mountains of customer data from online channels and beyond, and extracting valuable insight from that data with speed and precision. Furthermore, it’s widely related with employees experience, loyalty and devotion. Unhappy employees will never create outstanding experiences.
The concept of customer experience may sound idealistic or touchy-feely, but anyone who dismisses it as such is woefully out of touch. In fact, customer experience has become a critical differentiator in today’s hyper-competitive, hyper-connected global marketplace. There’s tangible business value in managing the customer experience effectively. Good customer experience management can:
- Strengthen brand preference through differentiated experiences.
- Boost revenue with incremental sales from existing customers and new sales from word of mouth.
- Improve customer loyalty (and create advocates) through valued and memorable customer interactions.
- Lower costs by reducing customer churn.
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