Spend Time on Your Customer: Invest in the Customer Experience to Drive Results
Do you know the #1 reason why businesses fail? According to a CBInsights study, the:
Lack of market need is responsible for 42% of all small business failures,
While ignoring customers needs is responsible for 14% of closures.
That means >50% of all small business failures are a direct result of not understanding the needs and wants of your customers.
Sorry to start off on a negative note, but those statistics speak to the fact customers are, and should be, the center of every successful business decision. As business owners and entrepreneurs, we can’t afford to overlook their needs (because it’s costing us money, and maybe even our business). Every second and dollar invested in understanding and improving the customer experience is worthwhile.
We’ve put together four actions to take to start prioritizing, and reviewing, your Customer Experience.
1) Become your own customer, for one day
“Undercover boss” style
Act like a customer who just learned about your business and is interested in buying your product. Go through the motions of how a typical customer might find you, buy your product, and engage with your brand. Ask yourself questions along the way, like:
How did you hear your business in the first place? Where did you “find out” about you?
How are you represented online? Are you easily Google-able with key words? Does your website excite you? Can you find contact info and hours easily? Do you know what you sell simply by seeing your online content ( pretending you know nothing about your biz)?
When you come in-shop (if applicable) for the first time, is it welcoming and easy to find what they’re looking for? Does your staff greet you warmly (you might need to undercover boss here). How does the experience make you feel?
How will you remain engaged with your business in the future? What does social media invoke out of you as a customer? Are you sure of the messaging told in social or marketing or do you not know how to re-engage with your company?
2) Market Research
When you set up your business, did you consider the existing competition, the median income or demographics of the customer base you’re serving? Are you annually reviewing your market and competitive environment as demographics and trends change?
Our world is rapidly changing. As technology and new generations enter the consumer world, it’s critical you are keeping up with the trends. Remember, your customers are simply people. One thing is certain: people are always evolving. So should your business.
3) Get Feedback and Make Adjustments
Have conversations with your customers and engage with them, to see what parts of your business they find valuable and which are not filling a need. If 42% of businesses go out of business because there is no market need, it’s better to find out early and make adjustments to fill the wants of your customers (or find new customers).
It’s easy to think you know what your customers want, but if you ask your customers through conversation or an anonymous survey, you may find they value slightly different aspects of your business than you anticipated. Knowledge is power so don’t be sure you’re listening.
4) Hire an Expert
Sometimes the best perspectives come from neutral parties. We offer affordable Customer Experience Evaluations for every type of business. Our method? We secret shop your company from pre through post-consumption, review, and make recommendations to ensure you’re competitive within your industry and providing stellar customer service. Learn more here.