We are, no doubt, living in an age of spectacular amounts of access. Never have we had so much access to data, and this has had a real impact on businesses — how they operate, where they operate, shifting employee responsibilities, and growing client expectations.
Companies now operate in a truly borderless world. Many positions allow for seamless remote work without the need to ever step foot in an office! But this new mode of working presents challenges in making sure all employees have a shared common purpose, have access to the information they need, and are able to do their jobs successfully.
In an age of constantly-changing buyer expectations, delivering a unified, seamless customer experience is the true differentiator. It maximizes the potential to grow your bottom line organically not only by attracting new clients, but by retaining the ones you have and maximizing their lifetime value. And in order to deliver a unified experience, your organization has to be unified in the effort.
So how do we create a stellar customer experience when our people and resources are disparate? And why should we?
The Importance of a Unified Client Experience
Simply put: with widespread access to innovative technologies and services, people have the luxury of choice. If you do not provide the experience, there are options elsewhere. With all of these choices, clients are going to go with the organization that takes care of them. In fact, 64% of clients switched providers last year due to poor customer service, and 81% of those clients believe the incumbent provider could have done something to prevent them from leaving.
Creating new business is always important, but it’s all about the gains that can be made from nurturing and cultivating your existing clients. Gartner advocates that 80% of your future revenues will come from 20% of your existing customers, but with about ten people involved in every buying decision, it’s become increasingly difficult to get a sale across te line. Creating an experience that is as seamless as it is enjoyable is crucial in retaining those clients who will make up the bulk of your revenue.
Consequences of Neglecting the Client Experience:
- Customer churn. There is no clearer evidence that the issue is real. It’s harder to buy customer loyalty — without a great client experience, retention rates plummet.
- Limited organic growth. The potential to grow the bottom line organically is severely weakened.
- Wasted energy. Attempts to attract new customers running full-force while nurturing existing clients creates a real — and easier — pay-off.
- Increased competition. With cloud computing, you compete on a global scale no matter where you are. You look like every other company out there. What’s your differentiator?
- Disenfranchised employees. When all of these consequences add up, it becomes too hard to do the day-to-day. Closing deals starts with your people.
How to Shift into Delivering a Stellar Client Experience
A unified client experience begins with unifying your organization. The shift from one way of doing business to another is often accompanied by a need for people in the organization to adopt new processes, ways of working, and new approaches to breaking down silos and relating to customers.
Key Considerations for Change:
- Culture. Moving towards a collaborative culture. Don’t negate the employee experience in this – people still buy from people. Empowering employees fosters a culture of openness and collaboration and increased employee engagement, and an engaged and empowered staff will understand the need to be client-focused. Having the right culture helps with agility and the ability to service customers, driving your staff to deliver customer excellence.
- Operations. How agile as an organization are you? Are you prepared for constant change? Do you have the ability to move fast and react faster to known and unforeseen threats? Review your operating manual and see where transformations can take place to allow for continual alignment: sources of revenue, efficiency, structure, etc. Utilizing your human capital can be a differentiator to winning new business, retaining existing customers and achieving year-on-year revenue growth.
- Technology. Technology should be an enabler to solve a problem. The user experience is key to tech adoption and seeing ROI on tech investment. Though technology is introduced to improve operational efficiency/effectiveness, in some cases, it can be a distraction — often creating more work for those it was meant to help. The right technology puts the user at the forefront of its function.
- Actionable Insights. More accurate and useful customer and relationship data add to the bottom line. These actionable insights underpin the culture of constant change. In-depth knowledge of your clients is the foundation for better decision-making throughout all of your organization’s departments. Bringing people and data insights together allows for better operational planning, and moving toward delivering a unified customer experience.
To harness insights effectively, you need to house all of your data in one place. Think about your organization’s setup at the moment: Are you utilizing a CRM system? Is customer data readily available? Can it be trusted? Is it current? Is it accurate?
The Power of the Collective
When the bulk of your revenue is generated by your existing clients, there’s no question that having one central hub of complete, accurate data on each and every account is essential. Being able to know where one department left off with a client, who the most relevant contact is, and where departments can step in to accelerate the sales cycle directly affects your bottom line.
Accurate data not only allows for higher retention rates — it creates opportunities for new business. 84% of decision-makers start the buying process with a referral, and great customer experience is what brings referrals in. These warm leads convert 30% more than those from cold introductions, meaning your salespeople’s energy is being used for fruitful pursuits.
Organizations that leverage their data see a real return, both within retaining business and fostering an empowered workforce. But how do they ensure their data is complete, accurate, and most of all, useful?
A Platform for Success
One way to ensure proper CRM data population and maintenance: relationship intelligence automation. Introhive’s platform automates the process of gathering and interpreting data, enabling organizations to accelerate business development efforts, drive growth and increase productivity by improving their understanding of the nature of the relationships they have with their clients and prospects.
Introhive enables companies to deliver exceptional client experience by transforming an organization’s:
- Culture. To offer a unified client experience, you must breakdown any physical and virtual silos. Introhive does this seamlessly, allowing for organization-wide access to your people having access to key client intelligence — without a major change in how people operate on a day-to-day basis. This widespread access allows your employees to do their jobs more efficiently and fosters a culture of collaboration.
- Technology. Introhive solves the real problem standing in the way of creating a stellar client experience: it creates visibility of key client intel and who else in the organization is working with the account. This visibility empowers your people to use their professional networks and relationship capital as an asset to drive revenue and drive better employee experience, creating a common purpose.
- Operations. When it comes to operations, being able to offer one technology that can be accessed globally to give 360-degree client intel is the dream! Introhive’s platform allows you to use technology that doesn’t require and training — something that normally comes with new tech — and can even save your employees an average of 12.5 hours per week in manual data entry alone.
- Insights. Introhive allows for contextual and rich account intelligence to be received when most needed. With automatic data enrichment, your CRM is populated with more accurate, actionable data about clients and engagements, informing better analytics/KPI reporting and more successful marketing initiatives.
Customer retention deals with loyalty, relationships, and engagement. Introhive sets you on a solid path towards better customer retention by helping you to understand what relationships you have based on actual engagements. With Introhive, you get a true understanding of who you are engaging with and who within your organization is maintaining these relationships, allowing you to move forward in creating a unified customer experience unlike any other.
Are you ready to transform your organization’s data and build better client relationships? Request a demo today to see how Introhive can empower your people and bolster a positive bottom line.