The Returns From Investing In your Customer Experience
Over the years, we often hear “the customer is always right.” While “always” may not really be the case, companies are going out of their way to please customers to fuel business growth. This is especially true during Covid19 where social distancing is required and creating customer happiness is harder. Many companies have recently paused their business or shut down because customers stopped buying. On the contrary, many other brands are thriving because they’ve pivoted their business to online, and leveraging data to better meet customer expectations. (Read more about companies who’ve transitioned their strategies and lessons learned.)
Using customer insights to drive business decisions gives companies a competitive edge. While I have my own views on how to collect customer data and use the information to influence product development, market messaging, website design, and more, I became interested to hear from a financial leader to gain additional perspective. I connected with Howie Bick, the Founder of the Analyst Handbook to discuss the financial value of investing in customer experience. The following is a summary of our conversations:
