{"id":141252,"date":"2020-09-29T07:52:50","date_gmt":"2020-09-29T07:52:50","guid":{"rendered":"https:\/\/news.sap.com\/africa\/?p=141252"},"modified":"2023-09-27T19:16:28","modified_gmt":"2023-09-27T19:16:28","slug":"how-smes-can-build-great-customer-experiences","status":"publish","type":"post","link":"https:\/\/news.sap.com\/africa\/2020\/09\/how-smes-can-build-great-customer-experiences\/","title":{"rendered":"How SMEs can Build Great Customer Experiences"},"content":{"rendered":"

Many small and medium-sized enterprises (SMEs) take for granted the level of investment required to build and maintain a good reputation.<\/p>\n

There\u2019s growing acknowledgement of the importance of becoming a Customer Experience (CX) leader to help build that reputation, but too few are taking appropriate steps to embrace and prioritise a true CX culture.<\/p>\n

Delivering exceptional CX requires that every part of the business is in sync and enabled by the right technology.<\/p>\n

CX is an important part of managing and growing a company, yet, it is one of the most understated business priorities. Customer service is the level of service that customers expect to receive in exchange for their money.<\/p>\n

CX, on the other hand, is how customers feel when they interact with a business. From researching the product to the actual purchase and use, it spans the entire customer buying journey.<\/p>\n

Customers, now more than ever, will never return if the initial interaction is poor. CX is therefore a key element of customer retention \u2013 and a key differentiator.<\/p>\n

What\u2019s the fuss about CX?<\/strong><\/h2>\n

CX encapsulates the holistic perception of a customer\u2019s experience with a company. It is the result of every interaction, from researching the product to purchasing and using it.<\/p>\n

The\u00a02019 Digital Trends report<\/a><\/strong>\u00a0found that companies that prioritised technology were 64% more likely to meet and exceed their business priorities.<\/p>\n

According to the same report, 36% of large companies are using Artificial Intelligence (AI) to improve their data analytics.<\/p>\n

These companies believe that data is a game changer, and that its ownership, control and use is a strong source of sustainable competitive advantage.<\/p>\n

There is a misconception that investing in CX is expensive and delivers little return.<\/p>\n

A recent\u00a0PWC report<\/a><\/strong>\u00a0found that satisfied customers are willing to pay a premium of up to 16%; proving that positive experiences lead to greater loyalty.<\/p>\n

In addition, around 32% of consumers reported that after just one bad experience, they were most likely to abandon a brand they had preferred.<\/p>\n

These data points demonstrate the importance of intentionally pursuing a customer-centric strategy. The net impact is customer satisfaction, higher sales and stronger long-term customer relationships.<\/p>\n

In difficult times, such as the tough economic climate caused by the COVID pandemic, CX is at the heart of sustaining a business.<\/p>\n

Steps to improving CX<\/strong><\/h2>\n

SMEs often juggle multiple priorities with limited resources. Balancing operational priorities and implementing CX strategies can be a real challenge. Here are some practical ways of improving CX for SMEs:<\/p>\n

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  1. Implement additional support channels to make it easier for customers to interact with the company<\/strong>. Using Artificial Intelligence (AI) for automation, SMEs can provide self-service options that make it easier for customers to track their orders independently, enabling a self-help approach that improves efficiencies and lowers costs.<\/li>\n
  2. Prioritise your website as a different way of interacting with customers 24\/7<\/strong>. SMEs that did not have online stores could not continue trading under lockdown conditions. Moreover, adding a Frequently Asked Questions section can empower customers to be self-sufficient, allowing the company to refocus valuable human resources on income-generating activities and innovation.<\/li>\n
  3. Adopt technology-driven query management processes that are customer-centric and cost-effective<\/strong>. Using AI, SMEs can develop chatbots that handle repetitive functions such as order delivery queries.<\/li>\n<\/ol>\n

    How technology enables great CX<\/strong><\/h2>\n

    A recent\u00a0study<\/a><\/strong>\u00a0by Qualtrics and Forrester Consulting that looked at Return on Investment from deploying CX solutions produced some interesting findings:<\/p>\n