Due to the multiple economic and political crises happening across the world, it can be difficult to create new business. That's why it's just as important to focus on delighting your current customers and creating a great experience for them, as well as looking at generating new business.
Global markets are facing a period of uncertainty due to economic and political instability. On the 13th of June 2022, the global economy entered a bear market, as confirmed by the S&P 500 Index. As US stocks fell by 3.9%, hitting their lowest point since January 2021.
What does that mean for people and businesses? Bear markets are characterised by: recession, layoffs, high inflation, a drop in the stock market that affects commodities, and a general feeling of fear and dread.
But why is this happening? Well, look at any country across the globe and you’ll see problems that showcase a similar climate. Europeans are facing an energy crisis spurred on by the Russian invasion of Ukraine. The US, like most countries, is entering a recession. The cost of living has significantly increased worldwide, due to high inflation.
So, what can CMOs do about it? During a period of instability, your focus should be on creating a good customer experience. According to PwC, 73% of consumers point to customer experience as an important factor in their purchasing decisions.
Delight your customers during a period of uncertainty
Inbound marketing focuses on attracting leads with valuable content and then delighting the customer when they convert. To delight your customer and establish brand loyalty you should meet or surpass your consumers’ expectations.
This involves creating authentic customer relationships, listening to your customers' needs and catering for them. During a period of financial instability, your focus should be on holding onto your current customers, and ensure that relationships with them are build to last throughout whatever economical upheaval might occur – because they value your brand, products and services that much.
Getting to know your customers and their buyer’s journey will give you the tools to create more delightful and personalised experiences. When done correctly, your customers will return again and again because they always have a memorable, fantastic experience when interacting with your company.
Related: Why inbound marketing is key to an ethical sales process
Let’s explore a few solutions to allow you to upgrade your customer experience.
6 tips on how to delight your current customers
The best way to keep your customers is to create a better and more interactive customer experience. Below are a few tips you can use to better their experience and create a stronger connection.
1. Acknowledge and reward loyalty
It always feels good to be rewarded – and rewarding customers for their loyalty will make them feel recognised and appreciated. It creates a stronger relationship between them and your brand. A reward that works well, especially in times of rising costs, is offering a loyalty discount on prices. This can make a big difference in purchasing decisions and customer retention.
2. Personalised communication
From personalised emails to interacting with customers on social media — your clients should feel valued and seen by your brand.
As an example, this can be done by thanking them for their loyalty over the years or wishing them on special occasions via the use of smart content.
3. A newsletter
A weekly, monthly, or quarterly newsletter is the best way to keep your customers up to date with any industry news, product or service updates, and promotions you may have.
It also gives you the chance to get creative and remind your customers of your brand, your values, and why you are the right business to buy from.
4. A loyalty program
Similar to discounts, rewards programs, like those used at Amazon Prime and Starbucks, are a great way to recognise clients for their loyalty and create lasting customer relationships.
Not only will they return to build their rewards, but also to use the points or earnings. Loyalty programs are a fantastic way for brands to stay at the forefront of a customer’s mind.
5. Ask for constructive feedback
An email or rating questionnaire is a great way to understand what your customers want and how to improve your services. Don’t be scared of a little feedback – it could lead to inventive changes and delighted customers that want to stay with you for a long time.
Tools like HubSpot’s Customer Feedback Software make getting customer feedback very easy and help you find clear points for improvements.
6. Invest in customer experience consultants
Sometimes it’s worth investing in expert knowledge. If you’re not sure where to start or how to create a better customer experience, get a consultant involved to do the heavy lifting for you. Customer experience consulting services are a great way to improve your customer experience holistically and bring customer retention and growth to the next level.
Related: Discover why you should be focusing on customer experience in 2022
How Huble can help you with our dedicated customer experience consulting
Huble thrives on helping SMEs and enterprise businesses create delightful customer experiences that leave consumers wanting more. Our CX consultants work closely with your organisation to understand your customer base, and develop customer journey architecture and service design, to help you create a more interactive customer experience.
