{"id":2012,"date":"2020-08-28T09:00:19","date_gmt":"2020-08-28T09:00:19","guid":{"rendered":"https:\/\/news.sap.com\/india\/?p=2012"},"modified":"2023-08-14T18:35:11","modified_gmt":"2023-08-14T18:35:11","slug":"customer-experience-critical-strategy-sme","status":"publish","type":"post","link":"https:\/\/news.sap.com\/india\/2020\/08\/customer-experience-critical-strategy-sme\/","title":{"rendered":"Customer Experience Emerges As A Critical Strategy For Small And Medium Sized Businesses"},"content":{"rendered":"<p class=\"lead\">Without question, small and medium-sized business companies are overburdened in every aspect of their business right now. Supply chain shortfalls \u2013 no matter how short-term \u2013 need to be addressed with new sources of capital, raw materials, and logistics. Attracting and engaging customers requires more diverse and digital channels to respond to changing demand. Even compliance with ever-evolving mandates for everything from employee and customer safety to financial reporting is challenging to navigate.<\/p>\n<p>Such widespread operational disruptions are riddled with uncertainty. But more importantly, they reemphasize the importance of the customer experience, according to Oxford Economics.<\/p>\n<p>In its report, \u201c<a class=\"color-link\" href=\"https:\/\/www.sap.com\/india\/documents\/2020\/06\/a866feb8-9d7d-0010-87a3-c30de2ffd8ff.html?url_id=text-apj-india-news-sme\" target=\"_blank\" rel=\"noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.sap.com\/cmp\/dg\/sme-business-resilience\/index.html?source=email-Forbes&amp;campaigncode=CRM-YM20-CON-OXECOVE\" aria-label=\"Digital, Resilient, and Experience-Driven\">Digital, Resilient, and Experience-Driven<\/a>,\u201d the global economic consultancy and thought leadership firm found that 53% of top performers \u2013 companies with the strongest revenue growth and profit-margin change \u2013 consider the quality of their customer experience as their top strategic priority for the next three years. The rationale behind this finding is 100% clear among surveyed participants: deep, personalized connections support the resilience and agility needed to weather volatility and plan for growth in better times.<\/p>\n<figure class=\"embed-base image-embed embed-0\" role=\"presentation\">\n<div><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-2013\" style=\"width: 100%\" src=\"https:\/\/news.sap.com\/india\/files\/2020\/08\/oxford-economics-research-business-strategic-priorities.jpg\" alt=\"\" width=\"1202\" height=\"615\" srcset=\"https:\/\/news.sap.com\/india\/files\/2020\/08\/oxford-economics-research-business-strategic-priorities.jpg 1202w, https:\/\/news.sap.com\/india\/files\/2020\/08\/oxford-economics-research-business-strategic-priorities-300x153.jpg 300w, https:\/\/news.sap.com\/india\/files\/2020\/08\/oxford-economics-research-business-strategic-priorities-1024x524.jpg 1024w, https:\/\/news.sap.com\/india\/files\/2020\/08\/oxford-economics-research-business-strategic-priorities-768x393.jpg 768w\" sizes=\"auto, (max-width: 1202px) 100vw, 1202px\" \/><\/div><figcaption>\n<p class=\"color-body light-text\"><em><small>A focus on experiences, SAP<\/small><\/em><\/p>\n<\/figcaption><\/figure>\n<h2><strong>Guiding change and growth with sustainability directives<\/strong><\/h2>\n<p>The quality of a customer experience can be measured in many ways. But for top performers surveyed in the Oxford Economics study, three attributes rank at the top of their list:<\/p>\n<ul>\n<li>High-quality products and services (88%)<\/li>\n<li>Competitive pricing (82%)<\/li>\n<li>Fast, convenient delivery of products and services (80%)<\/li>\n<\/ul>\n<p>Individually, these elements of the customer experience are essential. But when combined, they can fuel a powerful customer experience that helps small and medium-sized business survive and thrive in today\u2019s uncertain environment.<\/p>\n<p>Take, for example, electronics manufacturing. Traditionally, this function is commonly relegated to the supply chain. Yet, it still plays a distinct role in the customer experience because product reliability and ease of use influence brand perception and sentiment. Every component must be designed, fabricated, and installed in ways that ensure continuous, high-performance operation, affordable and profitable pricing, and on-time delivery \u2013 all through environmentally sustainable means.<\/p>\n<p>This real-life scenario and thousands of others help small and medium-sized businesses respond to constant change and position themselves for future growth. Often, use cases are inspired by sustainability goals that are similar to those featured in the United Nations\u2019 (UN) Sustainable Development Goals.<\/p>\n<p>The UN adopted these goals in 2015, recognizing that ending poverty and other forms of human deprivation go hand in hand with strategies that improve health and education, reduce inequality, and spur economic growth. Organizations can establish these value-based strategies with technology and contactless engagement to build resilient customer experiences \u2013 even if customers, vendors, partners, and employees change how they interact with each other and the business.<\/p>\n<figure class=\"embed-base image-embed embed-1\" role=\"presentation\">\n<div><img decoding=\"async\" style=\"width: 100%\" src=\"https:\/\/specials-images.forbesimg.com\/imageserve\/5f33f9e83af4f0b91640245e\/960x0.jpg?fit=scale\" alt=\"SAP\" data-height=\"255\" data-width=\"457\" \/><\/div><figcaption>\n<p class=\"color-body light-text\"><em><small>SAP<\/small><\/em><\/p>\n<\/figcaption><\/figure>\n<h2><strong>Building brand resilience with targeted, value-based experiences<\/strong><\/h2>\n<p>The ability to shift customer experiences as people\u2019s values and preferences evolve separates businesses that are agile from and those that required assistance. Companies that embrace digital transformation are best positioned to provide rich, meaningful experiences with their ecosystems.<\/p>\n<p>To achieve the level of customer-centricity throughout the business, decision-makers require a better understanding of what shoppers value. They need to conduct a preliminary analysis of the \u201cpast norms\u201d customers are buying, talking about, and abandoning altogether and \u201cnext norms\u201d that are being embraced. Reviewing the insights based on categories (for example, demographics, geography, and psychographics) helps flesh out precise details for each persona, such as age, location, income, family status, interests, and goals.<\/p>\n<p>With this insight, marketers can use this insight to determine which sustainability development goals are most relevant and meaningful to different customer segments. Then, individual campaigns can be created with the assistance of digital marketing tools to target each of those personas and later test, observe, and track results to refine segment-based on messaging and conversion.<\/p>\n<h2><strong>Knowing \u2013 and delivering on \u2013 what matters most to customers<\/strong><\/h2>\n<p>It\u2019s clear that today\u2019s disruption will continue to threaten every company\u2019s success, potentially even their survival. But if they transform the customer experience around new sustainability values and with the right insights and technologies, small and medium-sized businesses can fuel the resilience and growth they will need to compete in the years ahead.<\/p>\n<p><em>Discover how small and medium-sized companies can prepare for an uncertain economy by reading the Oxford Economics research study, \u201c<\/em><a class=\"color-link\" href=\"https:\/\/www.sap.com\/india\/documents\/2020\/06\/a866feb8-9d7d-0010-87a3-c30de2ffd8ff.html?url_id=text-apj-india-news-sme\" target=\"_blank\" rel=\"noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.sap.com\/cmp\/dg\/sme-business-resilience\/index.html?source=email-Forbes&amp;campaigncode=CRM-YM20-CON-OXECOVE\" aria-label=\"Digital, Resilient, and Experience-Driven\"><em data-ga-track=\"ExternalLink:https:\/\/www.sap.com\/cmp\/dg\/sme-business-resilience\/index.html?source=email-Forbes&amp;campaigncode=CRM-YM20-CON-OXECOVE\">Digital, Resilient, and Experience-Driven<\/em><\/a><em>.\u201d\u00a0And get a deeper dive into the importance of customer experience, by reading \u201c<\/em><a class=\"color-link\" href=\"https:\/\/www.sap.com\/cmp\/dg\/sme-cx\/index.html?url_id=text-apj-india-news-sme\" target=\"_blank\" rel=\"noopener noreferrer\" data-ga-track=\"ExternalLink:https:\/\/www.sap.com\/cmp\/dg\/sme-cx\/index.html?source=email-Forbes&amp;campaigncode=CRM-YM20-CON-OXECCXM\" aria-label=\"The Customer Connection\"><em data-ga-track=\"ExternalLink:https:\/\/www.sap.com\/cmp\/dg\/sme-cx\/index.html?source=email-Forbes&amp;campaigncode=CRM-YM20-CON-OXECCXM\">The Customer Connection<\/em><\/a><em>,\u201d also from Oxford Economics. Follow through with an analysis of\u00a0 your business&#8217;s resilience and agility in 5 minutes using the <a href=\"https:\/\/accessyourbusinessagility.idcready.net\/?utm=gTFMaP162G\" target=\"_blank\" rel=\"noopener noreferrer\">IDC SME Analysis Tool<\/a>, which assesses 5 key areas: strategic planning, processes, customer relationships, suppliers and distributors and people experience.\u00a0<\/em><\/p>\n<hr \/>\n<p><em>This article was originally featured on <a href=\"https:\/\/www.forbes.com\/sites\/sap\/2020\/08\/12\/customer-experience-emerges-as-a-critical-strategy-for-small-and-medium-sized-businesses\/#9da97cf20dc7\">SAP BrandVoice, Forbes.<\/a>\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Without question, small and medium-sized business companies are overburdened in every aspect of their business right now. Supply chain shortfalls \u2013 no matter how short-term&#8230;<\/p>\n","protected":false},"author":3189,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[191],"tags":[5618174,5618523,5616721,5617064],"sapn-display":[5619873,5619871,3807326,60294],"sapn-type":[5616887],"class_list":["post-2012","post","type-post","status-publish","format-standard","hentry","category-sme","tag-covid-19","tag-customer-experience","tag-digital-transformation","tag-digitalization","sapn-display-feature-hero","sapn-display-feature-spotlight","sapn-display-homepage-hero","sapn-display-topic-hero","sapn-type-feature"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v26.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Customer Experience Emerges As A Critical Strategy For Small And Medium Sized Businesses - SAP India News Center<\/title>\n<meta name=\"description\" content=\"Today&#039;s operational disruptions are riddled with uncertainty - but they highlight the importance of the customer experience, according to Oxford Economics.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/news.sap.com\/india\/2020\/08\/customer-experience-critical-strategy-sme\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Customer Experience Emerges As A Critical Strategy For Small And Medium Sized Businesses\" \/>\n<meta property=\"og:description\" content=\"Today&#039;s operational disruptions are riddled with uncertainty - but they highlight the importance of the customer experience, according to Oxford Economics.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/news.sap.com\/india\/2020\/08\/customer-experience-critical-strategy-sme\/\" \/>\n<meta property=\"og:site_name\" content=\"SAP India News Center\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-28T09:00:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-08-14T18:35:11+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/news.sap.com\/india\/files\/2019\/10\/282523_GettyImages-588482945_2600_F.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1920\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Maria Morais\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Maria Morais\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/news.sap.com\/india\/2020\/08\/customer-experience-critical-strategy-sme\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/news.sap.com\/india\/2020\/08\/customer-experience-critical-strategy-sme\/\"},\"author\":{\"name\":\"Maria Morais\",\"@id\":\"https:\/\/news.sap.com\/india\/#\/schema\/person\/85cb1910d6fc65b2f2b23c1e3ef53869\"},\"headline\":\"Customer Experience Emerges As A Critical Strategy For Small And Medium Sized Businesses\",\"datePublished\":\"2020-08-28T09:00:19+00:00\",\"dateModified\":\"2023-08-14T18:35:11+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/news.sap.com\/india\/2020\/08\/customer-experience-critical-strategy-sme\/\"},\"wordCount\":776,\"image\":{\"@id\":\"https:\/\/news.sap.com\/india\/2020\/08\/customer-experience-critical-strategy-sme\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/news.sap.com\/india\/files\/2020\/08\/oxford-economics-research-business-strategic-priorities.jpg\",\"keywords\":[\"COVID-19\",\"customer experience\",\"digital transformation\",\"digitalization\"],\"articleSection\":[\"SME\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/news.sap.com\/india\/2020\/08\/customer-experience-critical-strategy-sme\/\",\"url\":\"https:\/\/news.sap.com\/india\/2020\/08\/customer-experience-critical-strategy-sme\/\",\"name\":\"Customer Experience Emerges As A Critical Strategy For Small And Medium Sized Businesses - 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