Customer Experience Value is an Entrepreneurs key to drive a brand’s success: Sagun Arora
The importance of delivering an experience that makes the brand stand out from its competition is very well recognised, opines Sagun Arora, Co-founder, Filmy Vastra.
‘Customers’ experience value’ seems to be the buzz word echoing from the highest echelon of the corporate world, in the heated boardroom discussions of savviest of executives to the ads pitched high on the billboards of any mega city’s roads proclaiming it. As customer experience is directly connected to the business outcome, most of the companies have gone back to their drawing boards to chalk out a strategy that is not organization-centric but consumer-centric.
The whole gamut of a successful venture in any field is driven by customer satisfaction. It is all the more vital in the face of the competition that is out there today. The importance of delivering an experience that makes the brand stand out from its competition is very well recognized by the companies today.
The brands that give utmost importance to the customer experience above everything else has been recognized and rewarded equally by the customers as well and are amongst the biggest in the world.
Beating the Competition
We can say that the price matrix to gain a fair market share has been replaced by the customer experience algorithm to survive the competition. According to the Gartner report, 89 percent of companies now expect to compete on the basis of customer experience compared to 36 percent in 2017 in the new competitive arena of brands.
So, even if you have exemplary products and services, it would be how your customers feel about the brand that will set you apart from the rest. We at Filmy Vastra, are motivated with the same thought process and in fact, the seed of this company germinated from that the thought process that is to give happy experiences to the customers and create memories for the lifetime. As rightly pointed out by a marketing wizard ‘it’s not about what you are selling but how you are selling is what matters today’.
The Role of Social Media
So, if you are a newly minted entrepreneur aiming to be in the big-league then you cannot make do without the help of social media to build the brand without spending a huge sum on branding and promotion which works in your favour.
Needless to say, social media plays a crucial role in customer service. Easy brand accessibility via Facebook, Twitter, YouTube, and other platforms facilitates easy customer contact via social interaction providing brand-building opportunities through multiple channels. This also allows you to reach a wider network of customers compared to the traditional methods and very convenient for the customers as well, who are anyway sick of the routine of multiple phone calls to access customer care. Reaching out to your customers has been the new routine now. However, a word of caution here, while social media platforms can leverage your brand to newer heights, a small slip on the part of the entrepreneur can plummet the brand at an equally faster rate.
How Customer Experience Value (CXV) works for an entrepreneur
Paying attention to CXV is a smart business move. Firstly, customers are willing to pay more for a good experience. It has been found out by a survey that as many as 86 percent of the customers don’t mind shelling out a few extra bucks for their experience as I have mentioned before that they value experience more than the cost.
Secondly, customer loyalty that is customers coming back to your products and brand is a much economical proposition than acquiring new ones. As per an estimate, it is 6-7 times more costly to attract new customers than to retain the old ones. More gratifying is the fact mentioned in the study by Infoquest says satisfied customers bring in 2.4 times more revenue to the company than the new ones. We believe that Filmy Vastra, as a new-age retail start-up is a successful venture today because we emphasize keeping customer satisfaction above everything else.
So, the bottom line is the key to making your brand a success we need to keep the old adage ‘customer is the king ‘in mind always!
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