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Learn The Secrets Of Customer Experience That Drive Ultra High Business Performance
Is your business stuck in neutral, or worse, backsliding? It doesn’t have to be this way. Some companies have figured out the secret to achieving super-high business performance, and it has nothing to do with what you find on the balance sheet.
An elite set of companies have revealed the customer experience secrets to achieving super-high business performance.
Customer satisfaction is one of the most valuable but sometimes elusive business assets. Despite its value, it will not appear on your balance sheet as an economic asset. Get it right, however, and your company can soar above the rest in terms of profits, growth, and overall adoration.
Wouldn’t you like to be a part of such a company? With the right tools and tips, you can.
A Journal of Marketing article published in 2006 demonstrated a surprising correlation between high levels of customer satisfaction and ultra-high market performance. Using tested and real portfolios, Claes Fornell et al. proved that there is a significant relationship between the level of customer satisfaction and market performance. Additionally, their research found that between 1997 and 2003, a portfolio of companies with high levels of customer satisfaction
– outperformed the Dow Jones Industrial Average (.DJIA) by 93%,
– beat the S&P 500 (.SPX) by 201%, and
– outperformed the NASDAQ by 335%!
Source: Claes Fornell et al., “Customer Satisfaction and Stock Prices,” Journal of Marketing, January 2006.
It’s no surprise that leading companies dedicated to customer satisfaction are also well-represented on Fortune magazine’s Most Admired Companies list. In 2007, companies such as General Electric, FedEx, Toyota, Apple, Google and Starbuck’s were in the top echelon of both the American Customer Satisfaction Index (ACSI) and Fortune magazine’s 20 Most Admired Companies. It seems clear that companies with high levels of customer satisfaction are also universally admired by their peers.
Simply put, companies that are leaders in customer satisfaction can achieve not only good performance, but ultra-high performance.
So how did these companies unlock the secrets to ultra-high performance? Customer satisfaction is obviously the key. But how did they learn to succeed in customer satisfaction?
Customer satisfaction is not a single event or interaction. Instead, it is a summative measure of how well the customer was treated throughout the customer lifecycle.
So, to unlock the secrets of customer satisfaction, you must first focus on providing a great customer experience.
Customer experience management is not new. However, more and more companies are quickly realizing that customer experience is becoming the new competitive battleground in today’s marketplace. And the stakes are high. Those companies that get an early advantage create a strong bond between their business and their customers – a bond that is very difficult to break. When it comes to customer experience, first-mover advantage can be significant.
No company will ever achieve a perfect customer satisfaction score. For one thing, you just can’t please all the people all the time. However, on the other hand, this means that most companies have a lot of room for improvement.
But improving the customer experience is a serious task. It requires leadership commitment, patience and a clear vision. Any company that is serious about customer experience must first start thinking about it as a process. Like any process, the customer experience process can work flawlessly (or go horribly wrong), can contain many scenarios, and can be analyzed, redesigned, and optimized.
The customer experience doesn’t start or end at your store, sales representative, website, or call center. It lasts from the moment the customer becomes aware of your company and can last until they die, move or leave you for another company. In short, the customer experience process is broad, deep, iterative, and (hopefully) long.
Mastering it is a big task. Indeed, great customer experiences don’t happen by accident. They require meticulous attention to detail, concentration on every touch point, and organization of every encounter, regardless of how each customer may navigate your company. Mastering your customer experience should start with mastering the end-to-end customer experience process.
Take advantage of the many resources available online to engage with customers. Various online sources provide information, tools, solutions and advice. Use these resources to develop a customer experience strategy and perspective that makes the most sense for you and your company.
Who knows, you might discover the secrets of customer engagement that drive super-high performance business.
Past performance is not an indicator of future results.
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