We’re entering a new decade, a decade that – I believe – will focus on people, on the human side of business.
A new era where human performance will greatly enhance our business performance. An era where soft skills will take the place it deserves and humanize businesses. Because, at the end of the day, we’re humans working with humans helping other humans.
It’s time to bring back the human aspect at the heart of our business by applying the real formula for success in business: ROE + HP.
ROE: Return on experience
We hear a lot about the client experience, the importance of creating the “Wow” factor (I have written several articles on this subject). Why? Because the client experience is the new battleground for businesses.
- A study by Walker found that by 2020, the client experience will outpace prices and products as a key brand differentiator.
- According to Temkin Group, 86% of buyers are ready to pay more for an exceptional client experience.
- According to PwC, 73% of buyers consider client experience to be an important factor in their purchasing decisions.
- About 65% of buyers believe that positive brand experience has more influence than good advertising, says Marketing Charts.
It really doesn’t matter which industry you’re in; improving your client experience is key to increasing retention, satisfaction, and revenue.
Beware! If the client experience doesn’t meet your clients’ expectations, the word will quickly spreads around, as shown by these data from ThinkJar, a consulting firm in client strategies:
- 13% of dissatisfied clients will share their experience with 15 or more people and say that they are unhappy.
- 72% of clients will share a positive experience with 6 or more people.
- Only 1 in 26 dissatisfied clients will complain. The others simply abandon the business.
Therefore, the absence of negative feedback is not a sign of satisfaction. An indifferent attitude towards your clients can lead them to leave you, or worse, to share their negative experience with other people.
Many entrepreneurs tell me that they offer good customer service. But client experience is not customer service: the client experience is all about small, targeted, and personalized actions. It’s a little difference that makes the big difference.
And for that, we need the second ingredient of our formula…
HP: Human performance
The client experience you offer is a reflection of your business culture.
When entrepreneurs ask me to help them make their business strategy more effective and efficient, many are surprised when I tell them about client experience, team culture, and human performance.
But in the end, that’s the core of everything else:
- to have leaders with a growth mindset, who follow a clear path, with a strong vision and actions that lead to the achievement of goals;
- to have committed, motivated employees who spend 80% of their time in their zone of genius.
When everyone is enthusiastic, it’s contagious – and clients feel it automatically.
When the client experience is exceptional and all employees work together towards a common mission, everyone wins – including your bottom line.
So, this year, develop your winning formula. In the upcoming months, I’ll share with you the different steps to follow, the tools you will need, and, above all, how to implement your vision. Because ideas are nice, but execution is better!
Watch out, 2020 will be an exceptional year!
Sara Gilbert is a Business Strategist and Mindset Coach. She helps established entrepreneurs and service businesses to propel their business to another level of success and accomplishment.