Customers are changing their behaviour in the face of economic uncertainty, according to an EMEA survey of 13,000 consumers by ServiceNow and Opinium Research. They’re cutting unnecessary purchases, switching out products for cheaper alternatives, and leaving brands in favour of competitors that offer more value.
To summarise the big picture, brand loyalty has taken a dip, with three quarters (76%) of consumers stating they’re less loyal to brands now than they were two years ago. Improving total experience can turn this around.
The prospect of declining loyalty might seem daunting, but the research shows that taking steps to improve customer satisfaction, boost loyalty, and strengthen the position of your organisation in today’s landscape is possible. Organisations that identify elements of the experience that are most important to customers are likely to find it easier to attract and retain loyal customers.
Price point is a natural place to start, according to 42% of consumers, who claim it’s their main reason for swapping brands. Many businesses, however, can’t remain competitive solely on price.
Because of this, business leaders should look to other ways to provide value for customers. Our research shows the following aspects of the customer experience were cited as top priorities for customers, with the corresponding number showing the percentage of respondents that consider each element very important to important:
Security of personal data (67%)
Easy issue resolution (65%)
Fast response times (58%)
Treating employees well (56%)
This last point is particularly important. Results show that 90% of survey respondents will support companies that treat their employees well. Additionally, 70% admit they’re less likely to engage with a company whose employees are unhappy.
A personalised customer experience is another top area of focus. Nearly nine in 10 respondents want organisations to understand them as a customer, while eight in 10 want personalised discounts. With 93% of respondents citing the importance of security, it’s vital that organisations manage and store that personal data responsibly.
With the right investments, it’s possible to win customers back during even the most challenging times. Think about your internal processes. Are they synchronised, or are they siloed? Could automated workflows speed up customer service response times and make successful outcomes more likely?
By optimising processes and giving your teams the power to meet customers where they are, technology can help you gain a clear view of your operations, make better use of the data available to you, and implement tailored solutions that work.
When our customer Siemens wanted to streamline employee experience and unite departments for a more seamless workflow, it harnessed the power of ServiceNow technology. Automating what would have taken 1 million hours strengthened employee satisfaction, increased productivity, and improved customer service. Swarovski is another example. The jewellery retailer was forced to close its stores during the pandemic. Needing a way to deliver the same standards of customer service, Swarovski turned to ServiceNow to manage customer requests, streamline response times, and empower employees to manage and act on customer data.
With ServiceNow® Customer Service Management, the company was able to create a single view of the customer experience. This allowed the team to link between service in both physical and digital environments. the team to link between service in both physical and digital environments.
It is possible to win customers back during even the most challenging times. The right technology can help you streamline employee experience and empower workers to boost customer loyalty.
Get more insights and key findings in our total experience white paper.
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