In March, I wrote an article about traits successful businesses share.
The focus was on innovation and efficiency. This time I’ll focus on value and customer experience. I’ve observed that successful businesses consistently deliver both value and an exceptional customer experience. As consumers increasingly use the internet for purchases, the result is increased competition among businesses. To manage this, companies are focusing on adding value by delivering an enhanced customer experience.
The price value equation states if the value of something exceeds the cost to acquire it, the customer is inclined to purchase. Although true, increased competition makes it difficult to compete on price value alone. This is where the client experience comes into play. An exceptional client experience increases perceived value and reduces price sensitivity. This can be key for businesses in smaller markets competing with pricing offered by larger (increasingly online) competitors. To level the playing field, consider how your business can enhance your customer’s experience to add value.
A best-in-class customer experience creates loyalty, and drives growth and profit. Customers seek out businesses known to provide the best blend of value and customer experience (in person and online). Questions to consider include: Do we understand what our customers value? Have we asked them (i.e. website, social media, feedback)? Are we delivering our best client experience? What’s our online client experience like?
In a competitive environment, an outstanding customer experience is a differentiator and strategic advantage.
At the Truro and Colchester Chamber of Commerce, we’re focused on delivering value and an enhanced experience for our members. This summer we’re busy working on a number of upcoming events and initiatives. For details, please check our website at www.trurocolchesterchamber.com.
We look forward to connecting with you soon.