cx in subscription economy
cx in subscription economy

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.

cx in subscription economy

CX IN SUBSCIPTION ECONOMY

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?

CUSTOMER JOURNEY MAPPING

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.

SERVICE OVER SALE

cx in subscription economy coronavirus customer support

Like we have said before, focus on service and sales will follow.

Did you know that,

76% customers see service quality as a direct reflection of how much a company values them?

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.

PERSONALISED AND OMNI-CHANNEL CX

Basically, be where your customers are.  Make sure you cover all traditional as well as digital (social media etc.) touchpoints. As per a report,

71% customers reported that a positive social media experience would encourage them to recommend a brand to their friends and family.   

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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