Monday, 5 October 2009

The experience economy

Customer is the KING in Retail?? For that matter customer in any business is always the king.

In the textbook sense, customer service is identified as the manner in which customer is treated upon entering a store and dealt with. It includes the employees and policies, practices and procedures the businesses put to use. However, there is no guide book on delivering the best in customer service, rather it is an instinct, which continues to evolve even today.

We are in the customer experience business where future purchase is directly impacted by how customers feel about doing a business with us, rather than what they think about our product / service. Experiences are what customers’ value most. Hence business must be finely tuned to what customers think and feel.

We should never lose sight of our customers; strive to understand their needs and buying patterns. In order to build and sustain customer insight a company must maintain constant contact with it's customers. Means are many; use the most appropriate ones.

When an entire Organization is imbued (filled) with the kind of empathy for customers, employees are more likely to anticipate and respond to customers in a consistent and reinforcing manner.

The total customer experience is affected by signals, which leave lasting impression on shoppers. These signals may be rational or emotional, each carrying a message, suggesting something to the customers. Sensitizing our people to recognize and evaluate customer signals is an essential part of experience management. The goal is always the same: Eliminate negative signals, overhaul neutral ones to enhance a positive impact; and insert a variety of positive signals that encourage BRAND LOYALTY.

Welcome to the experience economy, where what you sell is less important than how you sell it. Forget about product differentiation, retail today is in short supply of distinct experiences, create one, and we will establish a long-term relationship with our customers. Our competitors may be able to match our services, product/service feature for feature, but the experiences we create are ours alone. This is our true “COMPETITIVE ADVANTAGE”
Contrubted by M Radhakrishnan - MMB Six Sigma
Radhakrishnan can be contacted at raadha@rediffmail.com

1 comments:

Anonymous said...

Ecellent article. Thanks

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