logo
Transform your business culture through customer experience

Transform your business culture through customer experience

Zawya9 hours ago

In today's experience-driven economy, customers aren't just purchasing products or services — they're investing in the entire experience. Even the best product on the market won't guarantee customer satisfaction or loyalty on its own.
Not knowing and understanding your customers experience (CX) is the silent killer of small and medium businesses (SMBs). Far too many SMBs believe that customer feedback programs are the domain of large businesses with big budgets. It's a costly myth, since customer feedback is the key to creating sustainable competitive advantage.
The experience economy demands more than a great product
Transactional focus, such as 'get the product, deliver it efficiently, minimize errors', describes value in terms of functionality and efficiency. However, today the approach needs to be more relational and experiential, where customers are seen, valued and respected.
Furthermore, customers are spoiled for choice and loyalty is only skin-deep. Price is not the only driver! At the core of the experience economy, is how you make people feel matters as much as what you offer! Of course, your offering still needs to work. But when your product is functional AND your service is effortless, responsive, and pleasant, your business becomes truly resilient - even in tough economic times.
Shep Hyken's 2024 research backs this up:
- 59% of customers will pay more for a great experience - but only if it justifies the cost.
- One in four satisfied customers still won't return - because satisfaction isn't the same as loyalty.
- 81% are willing to switch brands if they believe another offers a better experience.
- 75% are more likely to return after seeing how well you handle a negative review.
Research consistently shows that emotions shape loyalty, trust, recommendation behaviour, and willingness to pay more. The key takeaway: your product gets you in the game. Your customer experience is what keeps you there.
CX is a culture not a campaign
CX isn't a one-off initiative or job title - it's a way of working. And it starts at the top. The starting point is to define what you would like customers to feel when they do business with you.
Many founders of small businesses initially worked directly with customers and know them well. They instinctively deliver the product or service, intending to do it differently. And that 'differently' is the CX essence. It is the secret differentiator and should be used to guide decision-making.
Leaders need to model how to deal with customers, invest in service skills (especially the hard skills such as empathy, dealing with challenging conversations or complaints), and respond to issues with urgency underpinned by emotional intelligence - when they do, when it's clear that CX is everyone's business, it becomes entrenched as culture.
Training your people matters. Ensure that the training content covers not just what to do, but how to deliver service - how to apologise with empathy, how to read customer cues, how to make a situation right, and how to make it easy for someone to say 'yes' to you again. Teach your staff HOW to develop a YES culture and ensure that training is continuous and everyone participates. Whether they directly interact with customers or not, every person in your business affects the experience. Delivery, finance, inventory, operations, HR - these all contribute to the ease, accuracy, and emotional tone of customer interactions.
Finally, make sure that your employees have access to the right tools to perform their duties and empower them to do the right thing for customers. Even luxury giants like Ritz-Carlton allow employees to spend up to $2,000 to resolve a guest issue without needing manager approval.
While your budget may differ, the mindset shouldn't: train, empower and trust your people to do the right thing for your customers.
Voice of the customer: It's not corporate 'speak'
Voice of the Customer (VoC) is often dismissed as 'corporate talk.' But SMBs can and must own it - precisely because they're closer to their customers and more agile in execution. You don't need fancy dashboards or expensive tools. What you do need is openness, responsiveness, and consistency. That starts with listening.
Customer feedback is a gift for alignment, improvement and growth - even when it stings. Every complaint, comment or compliment is an opportunity to ensure that your systems, your staff, your processes or your product meet their expectations or identify where the gaps are. And don't stop at your customers. Ask your staff - the ones at the till, on the phone, in the van, on the floor. They hear things management never does. It's frontline insight, and it's often gold.
Complaints are emotionally charged moments, but they are also powerful turning points. Most customers aren't looking for a refund. They want to be heard, respected, and helped. Train your team to stay calm under pressure, de-escalate with empathy, fix what's fixable on the spot and know when and how to escalate. When people feel understood and cared for, even when things go wrong, they're more likely to forgive, and more likely to return and stay loyal.
And remember: action changes perception. When customers see you take feedback seriously and respond meaningfully, trust grows. Silence or inaction, on the other hand, is a loyalty killer. VoC is not about sending surveys. It's about what you do with the feedback. Make VoC visible in your business. Identify who will be accountable and responsible for the VoC internally. Share feedback in team meetings. Track trends. Design fixes. Celebrate wins. Most importantly, close the loop. When customers raise issues, ensure they are contacted and action is taken. Become known for taking customers seriously.
Retention is the new growth
Too many SMBs chase new customers while quietly losing their existing ones. Retention isn't just cheaper - it's smarter. Track your customer churn and analyse exit patterns. Understand dissatisfaction before it becomes defection. Your existing customers already know you - they're your best bet for sustainable growth. Don't forget to involve your staff in understanding customer churn and how to reduce it.
In 2025 and beyond, the businesses that thrive will be those that understand one truth: customer experience is the opportunity to remain sustainable. Product alone won't cut it. Discounts won't build loyalty. But a consistently great experience? That's what customers remember, talk about, and come back for.
If you're an SMB serious about sustainable growth, invest in CX. It will earn you more than any promotion ever could.
Syndigate.info).

Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Investors keep close watch as bitcoin prices find support
Investors keep close watch as bitcoin prices find support

Khaleej Times

time2 hours ago

  • Khaleej Times

Investors keep close watch as bitcoin prices find support

As the crypto markets navigated a wave of cautious optimism on Monday after last week's selloff, investors are watching closely as the market shows signs of both resilience and short-term volatility. Bitcoin, the flagship cryptocurrency, is currently trading near $105,800, a sharp decline from its all-time high of $112,000. Despite the dip, the broader trend remains bullish. Bitcoin has broken out of a long-term descending wedge and is now moving within an upward channel, suggesting that the long-term momentum is still intact, analysts say. However, several bearish signals emerged last week. Bitcoin holders took over $23 billion in profits between Monday, June 2 and Thursday, June 5, according to Santiment data. The large positive spike in the network realized profit/loss metric corresponds to the dip in BTC price. Large volume profit-taking is typically associated with further correction in the token's price. Derivatives data from Coinglass shows over $305 million in long positions were liquidated in the last 24 hours, against $41 million in short positions. The long/short ratio, a metric that compares bullish bets against bearish ones, reads 0.91. A value less than one signals higher bearish bets, supporting a thesis of further price decline. 'If Bitcoin manages to hold above the $103K–$105K range, a retest of $112K seems likely, with a possible push toward $118K. On the flip side, a drop below $100K could shift sentiment more bearish, potentially dragging the price down to the $97K zone,' Ekta Mourya, crypto analysts at FXStreet, wrote. With a total market capitalisation hovering around $3.3 trillion, Ethereum and Solana are drawing increased institutional attention, particularly due to their roles in real-world asset tokenization and staking innovations. Technically, Bitcoin is in a consolidation phase. Indicators like the Relative Strength Index (RSI) have cooled off from overbought levels, and the Moving Average Convergence Divergence (MACD) is showing signs of weakening momentum on the daily chart. 'Key support levels lie at $103,000, $100,000, and $97,663, while resistance is expected around $112,000, with potential upside targets at $115,000 to $118,000 if bullish momentum resumes,' Mourya said. Bitcoin narrowly stayed above the $100,000 level as the online spat between Elon Musk and President Trump spilled over from traditional markets last week. In what had been a fairly muted week for cryptoasset price movements beforehand, as the 'feud' between Trump and Musk escalated on social media on Thursday, bitcoin then fell as much as 4% before finding some support at $100,400, said eToro crypto analyst Simon Peters. The BTC/USDT daily price chart shows the likelihood of a nearly four per cent correction and a retest of milestone $100,000, a key support level for the cryptocurrency, 'A nearly three per cent increase could see BTC test resistance at $106,794, the upper boundary of a Fair Value Gap (FVG) on the BTC/USDT daily price chart. In the event of further decline in Bitcoin price, $97,732 could act as support,' an analyst said. Looking forward to this week, inflation data in the form of CPI consumer price index and PPI producer price index could provide some volatility. Assets held in crypto funds hit a record high in May as easing trade tensions lifted risk appetite and some investors used the digital currencies to hedge against market volatility and diversify from their US holdings, Reuters reported. Morningstar data on 294 crypto funds shows they attracted $7.05 billion in net inflows last month, the highest since December, bringing total assets under management to a record $167 billion.

Oil prices steady ahead of US-China trade talks
Oil prices steady ahead of US-China trade talks

Zawya

time5 hours ago

  • Zawya

Oil prices steady ahead of US-China trade talks

Oil prices were stable on Monday as investors awaited U.S.-China trade talks in London in the hope that a deal could boost the global economic outlook and subsequently fuel demand. Brent crude futures gained 11 cents, or 0.2%, to $66.58 a barrel by 1312 GMT while U.S. West Texas Intermediate crude rose by 6 cents, or 0.1%, to $64.64. Brent rose 4% last week and WTI 6.2% as the prospect of a U.S.-China trade deal boosted risk appetite for some investors. U.S. President Trump and China's leader Xi Jinping spoke on the telephone on Thursday before U.S. and Chinese officials meet in London on Monday in an effort to calm trade tensions between the two nations. A trade deal between the U.S. and China could support the global economic outlook and in turn boost demand for commodities including oil. Monday's talks could dampen the impact on prices of a slew of Chinese data releases, said IG market analyst Tony Sycamore. Chinese export growth slowed to a three-month low in May as U.S. tariffs curbed shipments while factory gate deflation deepened to its worst in two years, heaping pressure on the world's second-largest economy at home and abroad. "Bad timing for crude oil, which was testing the top of the range and knocking on the door of a technical break above $65," Sycamore said, referring to WTI prices. The data also showed that China's crude oil imports declined in May to the lowest daily rate in four months as state-owned and independent refiners began planned maintenance. The prospect of a potential China-U.S. trade deal outweighed concern over the price impact from increased output by the OPEC+ group of oil producers next month. (Reporting by Robert Harvey in London, Florence Tan in Singapore and Colleen Howe in Beijing. Additional reporting by Ahmad Ghaddar in London Editing by David Goodman and David Evans)

Wall Street heads for cautious start, dollar eases ahead of US-China talks
Wall Street heads for cautious start, dollar eases ahead of US-China talks

Zawya

time7 hours ago

  • Zawya

Wall Street heads for cautious start, dollar eases ahead of US-China talks

Wall Street index futures hovered a touch higher while the dollar pared recent gains at the outset of London talks meant to mend a trade rift between the United States and China. S&P 500 E-minis were up around 8 points, or 0.1%, while Nasdaq 100 E-minis ticked 14 points higher, to almost 0.1%. MSCI's broadest index of world shares climbed 0.2%, and earlier hit a record high of 894.13. Europe's STOXX 600 ticked 0.2% lower, weighed by aerospace and defence-linked sectors. Top trade representatives from Washington and Beijing are due to meet for talks expected to focus on critical minerals, whose production is dominated by China. "Trade policy will remain the big macro uncertainty," said Kyle Rodda, a senior financial market analyst at "Signs of further momentum in talks could give the markets fresh boost to kick off the week." U.S. Treasury Secretary Scott Bessent, Commerce Secretary Howard Lutnick and Trade Representative Jamieson Greer will represent Washington in talks with China, U.S. President Donald Trump said in a social media post. China's foreign ministry said Vice Premier He Lifeng will be in Britain for the first meeting of the China-U.S. economic and trade consultation mechanism. Wall Street stocks closed sharply higher on Friday after the closely watched monthly U.S. jobs data eased concerns about damage to the world's biggest economy from Trump's unpredictable tariff regime. Sentiment was weighed down by a standoff in Los Angeles that led to Trump calling in the California National Guard to quell demonstrations over his immigration policies. The dollar fell 0.4% against the yen to 144.315, trimming its 0.9% jump on Friday. The European single currency rose about 0.2% to $1.1415. Sterling rose against the dollar 0.4% to $1.3595. CHINA EXPORT GROWTH SLOWS U.S. job growth slowed in May by less than forecast, data showed on Friday. But dour economic readings from China added to evidence the trade war is taking a toll. China's export growth slowed to a three-month low in May, while factory-gate deflation deepened to its worst level in two years, separate reports showed on Monday. Tariff negotiation hopes dispelled dour economic data and Asian markets closed higher. The Japanese Nikkei closed almost 1% higher, China's blue-chip CSI300 Index climbed roughly 0.3%, while the Shanghai Composite Index gained 0.4%. Japan is considering buying back some super-long government bonds issued in the past at low interest rates, two sources with direct knowledge of the plan said on Monday. Attention now turns to U.S. inflation data on Wednesday that may adjust expectations for the timing of any rate cuts by the Federal Reserve. The Fed is in a blackout period ahead of its June 18 policy decision. "Beneath the surface, fragilities are building," said Bruno Schneller, managing director at Erlen Capital Management, noting that the U.S. CPI release is expected to show another rise, signaling that inflation remains sticky. "While this may offer some near-term support for the U.S. dollar, broader macro dynamics – notably fiscal expansion, rising structural deficits, and political unpredictability – are increasingly clouding the outlook for both rates and currencies," he said. Gold rose around 0.25% to $3,318 per ounce after a 1.3% fall on Friday. Brent crude recovered earlier losses to climb 20 cents to $66.67 while U.S. WTI crude rose 19 cents to $64.67 a barrel following a 1.9% surge late last week. (Reporting by Nell Mackenzie in London and Rocky Swift in Tokyo; Editing by Dhara Ranasinghe and Bernadette Baum)

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into the world of global news and events? Download our app today from your preferred app store and start exploring.
app-storeplay-store