5 ways to make your consumer experience more valuable (and profitable)
“By 2020, it is estimated that the consumer experience will become the number one driver for a purchase decision, surpassing price and product efficacy.”
Depending on the industry, product or service, this consumer experience will vary greatly - but there are somethings that are consistent.
While enhancing the consumer experience business leaders will look for three things:
Where are there moments that consumers find as chores? Meaning, are there pain points that I’m making my consumers go through in order to do business with me? For example, is on-boarding for your app a tedious process? Is your ecommerce payment platform simple and concise? Is your product a needs-based product that could be turned into a subscription?
Where are there moments that consumers actually love? Meaning, are their moments of joy for the consumer while they are shopping for and buying your product? For example, test driving a new car can be exhilarating. Physically shopping and trying on a new outfit. Buying something that is already assembled.
Where are there moments that my brand can truly own and come to life? Meaning, how does your brand’s promise truly come to life within the consumer journey? For example, what is the haptic response for your app as it turns on your car? How do your products connect to each other - what is that experience? Can you predict an order and delivery to create a one-click solution?
Each of these questions give business leaders the power to find the value that their consumers truly want. Answers to these questions usually find ways to become more efficient in your business as well as new ways to drive incremental value - all while building and boosting your brand experience with the consumer.
5 ways to make your consumer experience more valuable (and profitable)
Ease the interaction - reduce the ‘Chore’
Many companies have a core set of products and services that deliver revenues and profit to the organization. However, the experience for the consumer to shop for, purchase and own these products and services are usually outdates, cumbersome and costly. Our first step to elevate growth is to optimize these experiences to make it as simple as possible for consumers to do business with your company. We reduce the ‘chore’ actions to get in and get out.
Differentiate further - Expand the ‘Cherish’
Consumers are looking for moments where they feel understood and celebrated by the brands they do business with. These expectations are giving businesses to opportunity to cherish their consumers. Our next step for growth is to differentiate your products, services and experiences further to create moments of cherish for your consumers. This usually includes personalization. These actions will only differentiate business value propositions further in the mind of the consumer to aid in securing a sale, repurchase and loyalty.
Adopt flexibility - Pricing & Personalization
New technologies and data methodologies are giving businesses the ability to implement flexibility and personalization to many aspects of their business - from pricing to customer service to product offering. This flexibility, if done correctly can give business the power to find new ways to drive revenue or increased margins through data. Our third step for business growth is to re-evaluate business models to find ways where this flexibility to drive new or incremental revenue for a business. Imagine a world where retail pricing is based on the consumer need and real time supply and demand. That world is upon us now.
Connect the dots to build the relationship
A key trend in consumer behavior is the need for consistency and progression of their interactions with the companies they do business with. More and more, consumers are expecting companies to remember who they are, their preferences and their personal needs, all across various channels and touch points. In fact, 79% of US customers only consider brands that show they understand and care about “me.” Connecting these dots and tying the relationship together have been proven to become a driver in purchase, repurchase and brand loyalty.
Live your brand
In a sea of companies and brands, consumers want to feel special when they decide to make a purchase. They want a brand that aligns with their values, exceeds their expectations and knows them. This puts a lot of pressure on a brand these days - but is a huge opportunity. The evolution of the consumer experience gives the brand the power to not only promise what they stand for, but the ability to fulfill that promise for their customers. A brand’s consumer experience is the best way to do that. How would your brand transact with its consumers? How would it deliver customers service? What would the logistics need to be? Living your brand promise is a very important way to reiterate to your consumer what you stand for and what you care about.
How is your consumer experience coming to life?
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