Future of Startups – Why only startups investing in customer experience will survive in the market?

Before the Covid-19 pandemic tightened its grip across the world, things were looking up for the start-up fraternity. A new study however shows that there is hope in the horizon for early stage companies that invest in customer experience (CX) can outperform their peers.

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Feedback – Customer experience
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Before the Covid-19 pandemic tightened its grip across the world, things were looking up for the start-up fraternity. But things turned bitter when the virus attacked every aspect of the business. For Small Medium Business and start-ups that solely rely on some support, things worsened, with many scrambling to save their businesses from collapse. A new study however shows that there is hope in the horizon for early-stage companies that invest in customer experience (CX) can outperform their peers.

The Zendesk Start-up CX Benchmark Report polled over 4400 early-stage start-ups from around the world including India to understand what differentiation for start-ups could be to stay afloat in the current pandemic. According to a report, more than 70% of start-up founders and decision-makers do not have a formal customer support strategy in place and are missing out on the opportunity to deliver those amazing customer experiences that are going to set them apart from their peers and really allow them to grow at the rate they want to grow.

Hence the need of the hour for start-ups is that they should rethink their priorities when reevaluating customer service and engagement tools because fast-growing start-ups are more likely to use a multichannel strategy and lean on self-service.

We all know Customer Experience (CX) data collection and analysis are baked into the operation of most businesses. Maximum business-benefit comes from mastering the art of using insights from this data to create seamless experiences where customers feel valued, heard, and validated.

Turning information gained from modern technology like artificial intelligence, machine learning, and image recognition into innovations that improve the customer experience will gain businesses a competitive advantage in the coming months and years.

Mass customer feedback can be overwhelming and is best made manageable by modern tech tools like experience platforms that allow businesses to identify problem areas and develop specific improvements. Businesses can then spend less time searching for problems and more time innovating solutions.

CX practitioners who constantly stay on top of innovation opportunities will have a much easier time turning data-driven insights into meaningful innovation. Bedding this process down as an essential and iterative part of business operations will drive product innovations that are aligned with customer expectations and experiences, leading to better retention and word-of-mouth marketing among customers.

Fueling innovation in any business begins with CX intelligence. Firstly, consider all the data sources you have available to understand your customer experience from a holistic perspective. These data sources might include survey responses, customer feedback, or online reviews and comments. The core concept of nurturing a strong promise to their customers and making it part of every important function of their organization, be it product development, service, or sales, so that the customer experience is consistent is something they cannot relate.

A brand-centric business will always have a far greater pull factor as compared to a pure push sales-driven organization. In the current scenario – where face-to-face interactions have drastically reduced – the role of a strong brand in customer acquisition and retention is priceless. Hence it is perceived that the start-ups which focus on customer experience have higher chances of survival.

Related: Why is this time more important to motivate and appreciate your employees?

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