Given the growing skepticism that an economic recovery is close at hand, for business, that skepticism breeds uncertainty and uncertainty breeds paralysis.
This classic knee jerk reaction does not necessarily mean survival. It’s important to remember that we’ve been through many lean years before and there will be many more to come. And those firms that survived considered their investment decisions carefully.
For example, one of my insurance clients took a direction not many are taking. They are investing in digital solutions that consider their online customers. While most firms have the misperception that online customer experiences do not necessarily impact business, others realize that online customers are an important revenue stream for recurring business. According to a Forrester Research e-Commerce Forecast, “online shoppers are less sensitive to adverse economic conditions than the average US consumer“. This means it is important for firms to not take the online experience for granted.
For firms that recognize this, they are building Customer Experience Management [CEM] capabilities. They are taking a proactive approach to recognizing customer value by investing in resources and tools that create more positive online experiences. While there are many barriers for improving online customer experiences, there are things firms can do NOW to get on the right track.
For example:
• Organizations can make an effort to understand the current customer experience online. You’d be surprised how many executives take this for granted. According to a recent study by BusinessWeek, executives think that customers are less likely to be bothered by online problems, or believe that online problems have a negative impact for the firm.* While executives say that it’s important to maintain an online customer base, they also are allowing improvement projects to take a back seat during the recession. This type of shortsighted thinking puts a firm at risk. Today’s online customers are more in control, leading the charge and influencing their peers about their experiences with your brand.
Organizations that make an effort to understand and resolve the online experience are likely to lead the path of survival.
*Source BusinessWeek Research Services
Sheri Taylor Gilchrist is President of Gilchrist + Partners, a marketing services firm dedicated to applying behavioral and neuromarketing practices to improve the performance of marketing programs. http://www.gilchristpartners.com
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