In today’s experience economy, your brand is only as strong as the experiences you create for your customers. If you haven’t already, that means seriously shifting to a client-centric organization. That’s because customer or client experience is your only unique competitive advantage. And this advantage means getting more from each customer – more interactions that lead to more transactions, more transactions of larger size, and more referrals that lead to more business.
In order to do these things, you need to understand your customers – their behaviors, preferences, likes, dislikes – as deep as you can go. Data is, as they say, mission critical. Conversations are critical because of what they reveal and because of the emotional connections they make and memories they leave. Fulfillment (service and experience, the latter being different) are critical because they deliver on your promise (service) and they engage in uniquely memorable ways (experience). As you can see, data collection means contact – vital, personal, meaningful contact. Don’t confuse this type of contact with client satisfaction surveys. We’ve talked elsewhere about client satisfaction vs. client sacrifice. Each client is the hub of a wheel, and their personal information comprise the spokes. Keeping all those parts greased and attended to lets everything turn smoothly.
It’s important to consider some things so as not to overextend your efforts. Do you wish to take on all comers, or do you instead prefer to attract a certain type of client? Do these clients share a similar experience (examples: based on age, or being business owners, or being urban dwellers) and what do you know about these commonalities? How does your brand messaging address the type of client you are after?
Looking at your existing clients, what common traits do they share? Data that you can mine from your existing clients can provide you with insights in pursuing new clients with similar profiles and in turn helps to better manage costs.
This data can also help you to understand which of your offerings are more relevant to your chosen audience. Is it insurance? Estate and retirement planning? Minimizing taxes? Knowing these things allows you to maximize transactions per existing client or prospect. It also gives them what they want, and when clients receive what they want, they want to come back for more.
We’re away for the Easter / Passover break until next Wednesday, April 19th. Wishing everyone peaceful celebrations.