As a business, we are mostly caught up with what we need to do internally and at times, forget about our customer’s interaction with us. At best, we are merely guessing what the customer experiences when they do what they need to do and we also assume the exact activities they need to carry out in order to do business with us. So how do we know what our customer thinks so we can make sure our services are aligned with their needs and expectations? This is where customer journey mapping comes in. A customer journey map represents visually a customer’s interaction with you during an end-to-end business transaction. It should detail all of the different stages and steps plus a snapshot of how the customer thinks of each step of the way. This visual representation is best completed with an actual interview or survey with current customers and compared with what the people within the businesses actually think. In this way, businesses get to validate between reality and assumptions and get to know for certain what the customer experiences along the way.
How do you get your customers? Do you know how they got to know about you or why did they contact you in the first place? Most businesses do not have a real idea because many exist on existing accounts and tap into current relationships and when new leads come calling, many fail to find out the source of the lead itself. In today’s digital world, if you are not able to acquire new leads online and with technology, you are losing your competitive edge. Many businesses who choose not to compete online find themselves unable to survive, much less thrive. One need not look further than the once glorious toys giant, Toy ‘R’ Us to see what happens when a business chose not to keep up with the times. No doubt many deals are still closed the traditional way but we are also in a trend where businesses need to be able to show up online simply because the customer can search and choose you or your competitor, all online. First impressions are made even before a word has been spoken between people. Yet, acquiring leads online is just one side of the coin. Convincing someone to talk to you or listen to what you have got to say for 5 minutes is different than actually converting that lead to a buying customer. At Invicta, we are not going to storm into your office and tell you how to sell because we believe you know your business better than we do. Instead, we want to help you even before you get to the selling part. We can help you define your strategy for acquiring leads online and help you build your platform to do just that.
Too often, much effort and money are thrown at acquiring new customers rather than nurturing and retaining current customers. Many businesses have a short-sighted view of the profitability of repeated business from loyal customers. Just think about it, the conversion rate for existing customers is 60 to 70% as compared to a very tough 5 to 20% for new customer! With those odds, wouldn’t it be ludicrous not to work hard on retaining your customers? How can you, as a business retain your customers? You can work on a few things such as set your expectations right from the first interaction, build trust on top of rapport, become your customer’s first point of advice, take the initiative when managing your relationship with your customer and of course, go the extra mile at every touch point. At Invicta, we can help you first look at your current customer retention rate, how delighted (or not!) are your customers currently and then strategize what which parts of your customer journey could be optimised.
Many companies tend to segment their customers based on historical sales data, maybe type of companies if it is a B2B business or typical demographics if B2C but not much else. Here’s where some of the issues arise. 2 customers who spend the same amount of money on your product or services may not necessarily behave the same way. Just as you and another who spends the same amount on a similar item may not necessarily want the same kind of after-sales service. When companies lump customers together in one segment based on sales figures, they fail to take into account all the preferred services and products the customer seeks and the also fail to look at when does the customer spend and why. Failing which, many sales opportunities may get lost along the way simply due to a lack of understanding and tailoring of service provided. Simply segmenting your current database isn’t enough, you need real insight into your customers. What are their key drivers of purchasing from you? Is it price, convenience, loyalty or lack of choice? What other opportunities could you create if you were able to identify accurately the segments available to you and what they want? Imagine if Apple only sold to one customer segment? They would never have created other products that complemented each other and ultimately lose out on billions of dollars of sales. At Invicta, we believe understanding your customer is the way to a full customer experience and so we take pride in helping you segment your existing customer base to help you see not only current opportunities but also potential opportunities.