Consumer priorities are shifting as the digital environment continues to evolve. Previously, the initial sale was critical to consumers. Now, they want value delivered throughout the entire consumer lifecycle. Kevin O’Grady, CX Business Development Manager for Cisco at TD SYNNEX, commented at a recent webinar that “customer experience overtook price and product as the key brand differentiator for customers when they’re making decisions.”
Agencies are changing their business models to software and services subscriptions to follow what organizations prioritize in their buying process. Organizations want products and services that will help them meet their mission efficiently with cost savings, said O’Grady. New subscription opportunities lead to reducing risk, saving money, and providing opportunities. Agencies are able to purchase products or services as a trial and continue with the subscription if it is working for them.
O’Grady said, “It costs five times more to get a new consumer rather than retaining one.” Because of this, agencies need to evolve with customer wants and needs and invest in customer experience. By increasing customer experience and developing opportunities that retain customers, organizations will receive great customer loyalty and maintain their customers throughout their consumer lifecycle. Additionally, creating a relationship with customers and a foundation of trust will lead to cross-selling and upselling opportunities to increase revenue and renewal rates.
Since customer experience is the key brand differentiator, agencies need to put customers at the forefront of their business models. With improved customer experience, agencies can deepen relationships with customers. They are able to partner and guide consumers along their consumer lifecycle and provide opportunities for success.