There is a lot of buzz in the marketing space around such terms Marketing Campaigns, Reputation Management, Online Reviews, Social Media, and the list goes on and on. There is no doubt that each of these topics alone is incredibly important to the success of any business, but they are even more important when aligned together in today’s digital marketplace. There is one additional topic that is quickly beginning to be critical.
At the end of the day, the ultimate success of any company will eventually come down to the customer and their experience. There is simply no way to ignore the customer experience and its importance.
Based on a multitude of recent studies, here are some amazing statistics specifically regarding Customer Experience.
- By the end of 2016, 89% of companies expect to compete mostly on the basis of customer experience, versus 36% only four years ago.
- Customers are 5.2 times more likely to purchase from companies with a great customer experience.
- Case studies reveal that integrated customer experiences provide a competitive advantage, in some cases doubling sales year over year.
- 86% of senior-level marketers say that it’s absolutely critical to create a cohesive customer experience.
What does all of this mean?
This means that there is a shift in the key items attributable to the success of a company. In the past, if you offered a good product or service at a compelling price, you would most likely be successful. This simply is not the case anymore. The growth of the digital space and the internet has forced companies to step up their game as the marketplace is more transparent and competitive. This is great for customers as they now have the ability to measure multiple companies right from their home or office. If a company has not accepted the fact that their Online Reputation is vital to their success and that they must have a proactive strategy in place to market their reputation, then they are in for a very rough ride. The future is here and companies must accept the fact that having a great product or service is no longer good enough.
What do you do?
Customer Experience Marketing is the answer. 86% of businesses will be competing on the basis of customer experience by the end of 2016. You must have a strategy in place or you will be left behind. It simply is not enough to have good reviews online and happy customers. You must market the customer experience and be “loud and proud” about not only your products and services but also the customer experience that you provide.
More importantly, by having a Customer Experience Marketing Strategy in place you are letting your customers do the talking. This is critical because there is no better advocate for your business than a satisfied customer. The fact is that customers are 5.2 times more likely to purchase from companies with a great customer experience. Without a well-defined strategy, how are your potential new customers going to know about the customer experience that you provide?
The companies that will get left behind are the ones that don’t understand this concept and rely on the old way of Reputation Management. This is a reactive strategy that worked in the past, but will not be enough in the future.
The companies that embrace a proactive strategy of Reputation Marketing by focusing on Customer Experience Marketing are the companies that will have the competitive edge needed going into the future.
All businesses will have an online reputation whether they like it or not. A reactive approach means that you are allowing your reputation to manage you. A proactive approach means you want to own your reputation, market the customer experience and grow your business.
Which one are you?