2020 – The Year of the Customer
The modern-day consumer is considered to be an ethical individual, demanding convenience, personalized experience, and expects quality products and services. There has been a continued rise of ethical consumers. In fact, nearly half (49%) of consumers under the age of 24 avoid brands that contribute to the negative environmental impact.
With the rising number of modern-day consumers, comes the demand for convenience, personalized experience, and quality products and services. Customers no longer subscribe to the brand-centric business; they’d rather choose businesses who are focused on customer-centric solutions.
Customer experience is expected to supercede products and prices for this year, and so much more. Here are some changes that will forever affect the customer behavior pattern.
Data Value Exchange
The value of data exchange is playing a crucial part in the changes of your customer’s behavior. The importance of data privacy and how businesses utilize customer data is imperative to customer retention. Modern day customers don’t take data breaches lightly.
That is why it is vital that data exchanges are kept transparent and are used responsibly. Ensuring that the data they collect is used for marketing strategies and are kept secure whilst offering value to the customer in exchange.
Brand-centric to Customer-centric Personalization
Modern consumers no longer cling to the idea of brands. They look forward to what they can experience from your business. Consumers are expecting personalized products and services. Most of all, they expect companies to have efficient and sustainable ways to address the unique needs of their consumers.
This is where efficiency, transparency, and great customer service comes in. To become a customer-centric business, it is significant to assess the detailed needs of your organization’s target audience, while bearing in mind the core competencies of your business.
Customer feedback gets operationalized
Customer feedback is a great weapon for marketing and it is important that it be operationalized. Modern-day customers will expect that if they are required to provide you with feedback, you will take the initiative to act on it. Which is rightfully so.
Customer expectations are high, and they continue to climb. Reviews and feedback have changed how customers make decisions – which means it’s changing the roles of marketers too. Since we live and work in a time of unparalleled global transparency, digital experience-sharing, partnered with the desire to be heard, having customer feedback operationalized is a great strategy to start with.
Best-in-class CX will become the standard
Customer service and customer experience may look like they’re interchangeable. Yet, they’re actually from different spectrums. One acts as a single touchpoint with your brand, while the other influences the feelings and emotion of your customer, and involves the entire customer journey.
Customer experience influences all the areas of your business. That is why it is essential to build a customer experience strategy that will become a standard, not only for your company but also to your competitors. In that way, you will stand out amongst your competitors.
How can a CRM help you build your business around the expected changes in your customer’s behavioral pattern?
A CRM is more than just a contact management tool. A customer relationship management (CRM) tool helps you to gain insights into the behavior of your customers and modify your business operations to guarantee that your customers are attended to in the best possible way.
In hindsight, CRM helps your business recognize the value of your customers and to make the most of improved customer relations. The better you know your customers, the more receptive you can be to their needs.
For a greater and easy CRM experience, consider Saphyte as your CRM solutions option. Saphyte is a SaaS CRM web platform with pay-as-you-go subscription plans. No lock-in period, no set-up fees, and no extra or hidden charges. Inclusive of a free demo and product training and a 24/7 customer service availability.