Have you ever compared two very similar businesses and noticed a difference between their performance? One seems to be totally on top of their game, while the other is clearly struggling. Despite sharing the same market conditions, location, product/service, sales catchment, and employment options, one business can dominate the other and achieve higher margins. The difference often comes down to one specific fundamental belief and process: they obsess over their customers, not over their competitors. They place their customer at the centre of everything they do and fine-tune their processes to deliver optimal service.
The Current Economic Outlook
The general consensus is that the economic outlook will be challenging, making the need to master customer experience more critical than ever. In tough times, customers become more selective with their spending. If you can’t deliver superior service, you will lose out on sales. Smart companies are currently reviewing their customer journeys and ensuring they are finely tuned. They stand out because of their unique approach to customer experience.
The key is their mindset around service innovation. They define innovation as “change that adds optimal customer value.” They ensure everything they do must provide value to their customer, and if it doesn’t, they keep developing until it does. This approach ensures that the customer experience is front and centre, delivering true value that goes beyond the price tag.
Beyond Customer Satisfaction
Customer satisfaction is not the goal—it’s merely a baseline. Satisfaction means your customers are okay with your service, but it doesn’t inspire loyalty. Your focus should be on achieving customer appreciation. When customers feel appreciated and appreciative, they are more likely to remain loyal, provide referrals, and become advocates for your brand.
This is achieved by delivering exceptional service that exceeds expectations. Create memorable experiences and consistently add value. When you prioritise excellent customer experiences, you can build stronger relationships with your customers, leading to sustainable growth and a #1Reputation.
Optimise Your Service Offering
Optimising customer value and margin is directly proportional to the standards of service you deliver. If you only meet basic satisfaction, you’ll sell what the market needs and achieve minimal average sale values. By obsessing over your customers and delivering superior service based on what they value, you open the door to selling a wider range of products and services they want. This builds a #1Reputation as a forward-thinking, value-driven supplier, keeping you at the forefront of your customers’ minds.
If your service standards aren’t remarkable, you’re not memorable, and you quickly become invisible. Maintaining market relevance is essential if you want to leverage repeat business and maximise average sale values. One hundred customers averaging $1,000 per year is more profitable than two hundred customers averaging $500 per year. Mastering the basics of service excellence and then expanding your offer is safer than aggressively pursuing sales without focusing on future transactions.
Obsessing Creates Opportunity and Higher Margins
Obsessing over customers rather than competitors has a unique benefit that provides the highest margins and shortest sales cycles. This benefit is personal referrals from appreciative customers, a factor often overlooked in KPI measurements. Think about your own behaviour: you are careful about giving referrals, especially for high-value products and services. The business must have earned your trust before you put your personal reputation on the line. They must have exceeded your expectations and delivered a unique experience.
Companies that don’t earn such trust focus on themselves and their competitors, forgetting about the value they should provide to you. They have to keep spending money to lure you back with special offers rather than relying on a respected and trusted relationship.
Get Your Team Obsessed
When your team obsesses over your customers, they constantly think about how to improve and build security into the customer base. A company that has mastered customer experience doesn’t need to worry about the competition, because the competition is already worrying about them. Competitors are more concerned about losing their customers to a business that excels in service experience.
Investing in designing a unique customer journey and experience will pay massive dividends. When done correctly, it can significantly enhance the value on a balance sheet and the company’s brand equity. Training your team in service excellence is one of the highest dividends you can achieve.
“Different isn’t always better, but better is always different.” Obsessing over customers and not over competition will build you a powerful #1Reputation for being the best in customer experience and team culture. Achieving #1Reputation through exceptional customer service and a nurturing work environment will ensure your business thrives even in the toughest economic conditions. By focusing on customer appreciation rather than mere satisfaction, your business can foster loyalty, drive referrals, and secure a sustainable competitive edge.
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