What Makes Some Businesses So Unstoppable?
I’ve become obsessed with Sia’s song “Unstoppable,”so much that it has become my new personal anthem. Whether I’m running, cycling or pumping myself up for a big presentation, Sia keeps me pushing forward with her inspiring lyrics…”I’m unstoppable…I win every single game.”
In addition to personal endeavours, being unstoppable is even more relevant in business. Regardless if you are in B2B or B2C, the pressure has never been greater to continuously deliver an exceptional customer experience throughout the customer journey, creating an unstoppable business. While there are mountains of available data on the value of CX, here are some compelling insights to consider:
- CX Leaders outperformed the broader market, generating a total return that was 45 points higher than the S&P 500 Index. (Source Watermark Consulting)
- CX Leaders generated a total cumulative return that was nearly three times greater than that of the CX Laggards. (Source Watermark Consulting)
- Eighty-six percent of consumers are willing to pay more for a great customer experience. In fact, by the year 2020, customer experience will overtake price and product as the key brand differentiator. (Source: Walker)
- Companies that are experience-led have 1.6x higher brand awareness, 1.5x higher employee satisfaction, and 1.9x higher average order value. Experience-led businesses also have 1.7x higher customer retention, 1.9x return on spend, and 1.6x higher customer satisfaction rates. (Source: Forrester)
While most businesses are trying to find their CX mojo, companies such as Netflix, Peloton, Amazon and StitchFix – aka “The Unstoppables” – are way ahead of the pack and make it part of their DNA. Here are just some of the traits that make these brands uniquely unstoppable in customer experience.
- Customers for life – The “Unstoppables” put the customer first in everything they do, driving more than just repeat business, but rather recurring business.
- My unstoppable experience: As an avid Peloton customer, I think they do this better than anyone. In addition to the bike, I get a continuous stream of new content anytime and anywhere. Since becoming a customer, I’ve renewed, added new services and purchased lots of gear to sport my Peloton obsession.
- Good is not good enough – Unstoppables aim for flawless delivery every time, because mere customer satisfaction is not good enough. If they fall short of expectations, they show remorse, they make it right and they take steps to ensure it never again happens. They go beyond giving you free stuff, but rather earn your future business by showing you the issue is addressed for the long term and that they care about you long after the purchase is made.
- My unstoppable experience: On the rare occasion that my StitchFix stylist misses the mark on my couture, she asks for feedback and makes changes based on my feedback. That’s why I haven’t received anything with horizontal stripes, yellow polka dots or chiffon for years.
- “Great experiences are intentional and emotional – The [Unstoppables] leave nothing to chance. They understand the universe of touchpoints that comprise their customer experience and they manage each of them very intentionally – choreographing the interaction so it not only addresses [your] rational expectations, but also stirs [your] emotions in a positive way.” (Source Watermark Consulting)
- My unstoppable experience: No one does this better than Amazon and my new BFF Alexa. When I say, “Alexa turn on the light” and the light bulb burns out, I say “Alexa order light bulbs.” Two hours later, I have new light bulbs.
- Work the way you live – The Unstoppables actively find new ways for you to engage with them and meet you where you are anytime, anywhere. They are accessible in a human way to work with you and in the way you live.
- My unstoppable experience: Peloton has a digital version that allows me to easily take classes from a mobile device regardless of where I am in the world. When I travel, I fire up my Peloton Digital App and run on the treadmill, do yoga in my room or even meditate to overcome jet lag.
- Customer relationships are about people, not pure technology – Long ago, when the concept of customer relationship management began to take shape, someone decided to transform people into objects, losing sight about what’s important – customers. The Unstoppables kicked this draconian notion to the curb years ago. Customer relationships are inextricably personal and must be nurtured in a humble and human way.
- My unstoppable experience: Netflix constantly strives to create and highlight content that matches my personal preferences and uses science to better understand what I like, continuously recommending shows that I am more likely to watch and enjoy.
All of these customer-centric traits are relevant whether you are evaluating a new software vendor, refrigerator or pair of shoes. So, consider them as you make your next purchase. Remember, the Unstoppables are better than great. They are truly unstoppable because they never stop thinking about you, your needs and their relationship with you.