Customers across the world are changing. The world is moving towards a new business model. The shift from ‘Product Economy’ to ‘Subscription Economy’ has been a long time coming. Over the past decade, there has been an explosion of companies operating under the subscription model. Think Amazon, Netflix, Spotify, furniture rentals, and numerous others. This makes delivering good CX in Subscription economy crucial for success.
We all know that,
Repeat purchases = Higher Revenue
In fact, long term relationships with customers are immensely profitable for companies.
The rise of subscription economy has transformed the dynamic between a company and its customers. Making a one-time sale isn’t as important anymore. If you want to keep their business, then you must constantly earn customer loyalty and trust.
This has put CX squarely at the front, even more so than before.
But, how does one ensure that their company is delivering excellent customer experience?
If you wish to step into your customers’ shoes, tracking customer journey across all touchpoints is the way to go. It gives you an insight into your customers’ pain-points and struggles. This allows you to improve your overall experience.
Like we have said before, focus on service and sales will follow.
Did you know that,
The goal in subscription economy has shifted from one-time sales to keeping your customers happy over time. Cultivating an environment of customer-centricity in your company will go a long way in ensuring that your customers remain happy and loyal.
Basically, be where your customers are. Make sure you cover all traditional as well as digital (social media etc.) touchpoints. As per a report,
So, engaging customers on social media and addressing common complaints can go a long way in establishing long-term loyalty.
Customer trust is the backbone of successful CX in the subscription economy. If your customers don’t trust you, they will take their business elsewhere. So, make sure that your brand is transparent, consistent and trustworthy in the eyes of your customers.
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