At some point, we can relate to a bad customer experience on a personal or professional level. Be it having a special occasion ruined by terrible food or service at a restaurant, a shoddy repair job on your motor vehicle or having your call placed on hold for 25 minutes when trying to resolve a simple issue without success.
In most instances, these experiences have left us feeling disgruntled and inconvenienced, or in extreme cases, we might have even incurred additional expenses or suffered reputational damage. What do we do? We vow never to do business again with the parties involved and advise against them via word of mouth or write complaints on social media platforms.
Customers have the power to either make or break your business.
Recent surveys on customer experience conducted by Forbes Magazine and Bain & Company reveal two important facts that business owners cannot ignore. Customer-centric companies are 60% more profitable than those that are not. While 80% of companies are under the impression that they deliver on customer experience, they responded that only 8% are doing so.
The recent pandemic changed the business landscape dramatically due to global lockdowns. Digital-led experiences have increased and have become the new normal. Companies that were slow on technology uptake were placed in a precarious position and suffered substantial financial losses. Other companies quickly adapted their business models to focus more on service delivery to enable customer retention or expand their customer base.
Knowing Your Customer and where to find them is proven to be of the utmost importance. Their experience will define two-thirds of customer loyalty. If your customers are not satisfied or offered convenience and consistency throughout their journey, they will go elsewhere.
The good news for business owners today is that customer experience technology offers solutions that will benefit your company and customers alike.
We have placed increased efforts on our customer success delivery model that we have embedded in every solution of ours. Our Customer success team are professionals in the B-BBEE industry and boasts deep technical insights into the Codes and relevant sector charters. Internally we have identified a way of work to understand the customer’s operational environment and work together to align goals and objectives, thereby ensuring that the customer is deriving value from our offerings through their time with us.
It is essential to partner with the right service provider; there is an unfortunate misconception around value, especially in the South African market. In a covid struck environment, everyone looks for the lowest price. Companies are impressed by who talks the “bigger game” at a sales initiative but not on facts. Facts must drive due diligence. Mpowered has a customer satisfaction rate of over 90%, an average retention of customers for five years (some have been with us for a decade!) and a Net promoter score way above average for software as a services business.
We focus our customer success strategies around support and value. Supporting customers through every up and down during their compliance journeys. Our customer success team thrive on our support platforms (phone, email and Live chat) so much so that our first-time response resolves are above 70%, and our actual time response to tickets are minutes on emails, seconds on Live chat and calls.
As the old saying goes, ‘Customer is king’. We adopt this principle as our way of work to ensure that we optimise a customer’s compliance journey through efficiencies, allowing customers to drive true impactful transformation in their respective areas, all driving business forward.
With the global reality of COVID-19, shrinking markets, rising unemployment rates and increased competitiveness, it makes business sense to deliver on service now and understand the 76% of customers out there who expect to be understood. Warren Buffett said it best, “It takes 20 years to build a reputation and five minutes to ruin it. If you think about that, you’ll do things differently.”