Customer Experience
Category: Insight, Ronn Torossian

Customer Experience in Branding

The world has come a long way since decades ago when McCarthy first created the four Ps of marketing: product, price, place, and promotion. In fact, he couldn’t have been able to predict the roles that both globalization and technology would have in the evolution of the marketing industry.

These days, it’s the global marketplace that has the main influence on pricing strategies and product designs.

The internet and globalization have managed to reduce the amount of large inventories and storage spaces. Companies have all turned into current manufacturing, and have moved the market coverage to a digital instead of physical space.

However, the biggest shift in those four main marketing efforts from McCarthy has happened in terms of promotion. These days, brands and corporations aren’t able to completely define themselves. In the last decade especially, consumers have managed to rely on each other for brand and product recommendations, instead of anything else.

Additionally, with the help of social media platforms, bigger social circles filled with people’s friends and family have allowed consumers to share experiences, information, and impressions with each other.

Review websites that provide the fundamentals for individual consumers to develop a company’s reputation, and online marketplaces such as Amazon, allow consumers to look at other people’s opinions before making a purchase. This is one of the many ways that the relationships between companies and their consumers have fundamentally shifted.

These days, companies have to focus on showing how they’re different from their competitors in the eyes of consumers, and figure out ways to connect with their audiences in reliable, memorable, and valuable ways. In practically every way, all of those things start with a company’s public-facing element: the business website.

That’s why companies that see the biggest returns on their investments (ROI) are those that invest in creating useful, user-friendly, and efficient websites with positive customer experiences.

Customer Experience

Creating effective customer experiences is the result of companies collecting and analyzing data on their consumers. It also involves making informed decisions based on that data and setting benchmarks to improve experiences that aren’t generating the right results.

Customer Retention

Companies that are able to invest in the way customers communicate with them benefit from customer retention.

This strategy also improves the experience that customers have, which also results in consumers becoming loyal to a brand or corporation.

Word-of-Mouth Marketing

The customers that feel appreciated and cared for by a company end up recommending that company and its products or services to their own social circles.

Those family members and friends in the same social circles can then become new potential customers for a business, which is another reason why companies should invest in their customer experience strategies.

Cost-Effective

Finally, one of the biggest reasons why companies should invest in customer experience strategies is to generate more profits. Many companies are already familiar with the fact that it’s more cost-effective to retain existing customers instead of investing more into getting new ones.

According to research, consumers need about a dozen positive experiences to compensate for a single negative experience, which is another reason why companies should invest in consumer experiences that are positive.

The world has come a long way since decades ago when McCarthy first created the four Ps of marketing: product, price, place, and promotion. In fact, he couldn’t have been able to predict the roles that both globalization and technology would have in the evolution of the marketing industry. These days, it’s the global marketplace that has the main influence on pricing strategies and product designs. The internet and globalization have managed to reduce the amount of large inventories and storage spaces. Companies have all turned into current manufacturing,…