How Apple, Starbucks, and Southwest Outperform the Rest of Their Industries Regardless of the Economy
In a time of uncertainty, there are only three certainties in life: death, taxes, and customer experience.
Interestingly, it takes a pandemic or an economic fallout for companies to focus more on the customer experience they deliver.
Unfortunately, many leaders still don’t see the correlation between customer service and company success. However, as a few successful businesses know, your single biggest competitive advantage in any economy is your customer experience.
How to Outperform Others Even During Hard Times
Today, a small number of companies have redefined what customers expect from brands. The most successful companies in the world are not characterized by the best products in the world but by redefining customer expectations.
Most products and services today are of similar quality. The differentiator of a product and its functionalities no longer plays a role in the customer’s purchase decision.
What causes successful companies to always outperform the rest of their industry regardless of the economy is the service.
Unfortunately, when an economic turndown puts increased pressure on businesses, most CEOs fast-talk a commitment to customer service but slow-walk execution.
A great tool to help you put customer service at the forefront of your business is to have an ROX (Return On eXperience) dashboard
What Is a Return On Experience Dashboard?
A return on experience dashboard helps you determine what victory looks like. It should have three to four key performance indicators (KPIs) that are directly tied to the level of customer experience delivered from every customer-facing employee and department.
Examples of these are:
- Increasing customer retention
- Increasing referrals and word of mouth
- Increasing the average customer lifetime value
- Improving first-time call resolution
- Reducing customer complaints
- Reducing advertising expense
Having these KPIs will help get everyone on board with impacting your customer experience and holds everyone in the company accountable.
For more information and resources on creating your own ROX (Return on eXperience) dashboard, check out The Customer Service Revolution podcast. If you’d like to listen, head over to Episode 041: How do Apple, Starbucks, and Southwest Outperform the Rest of Their Industries Regardless of the Economy? Here’s How!
