SA retail 'squandering' sales growth - client experience expert
Fin24 - Jul 4th, 09:18
Local business leaders could be losing out on significant bottom-line gains for not paying attention to customer service.
At a time that the economy is struggling, companies could be sacrificing as much as a 30% increase in sales, according to a statistical analysis conducted by client experience specialist company nlighten.
"We are so consumed currently by bad news about the economy and politics, and so many companies pay lip service to customer service, with too little real action," comments nlighten CEO Nathalie Schooling. "And that could be costing them untold millions for large organisations and hundreds of thousands for smaller companies."
She says statistical, long-term research the company concluded showed a clear correlation between consistently high levels of customer satisfaction and sales, which could be up to 30% higher.
"At a time that the economy is limping along, this would make a considerable difference to any business of any size," says Schooling.
She points out that this growth is the result of increased market share, which would be gained at the expense of competitors unable to match a great customer experience.
"It really is about the leadership taking client experience seriously," Schooling says. “Customer experience is the new gold for businesses that are serious about differentiation."
One of the challenges that companies face as they scale to suit demand – is the ability to still improve the client's experience.
She says the key to winning the customer experience battle is to devise a strategy that seeks to understand clients and become more perceptive about what they want.
This knowledge then needs to be shared across the entire organisation so that everyone is aware of what needs to be done to attract and retain business.
In her view, it should come as no surprise that the larger, more established organisations struggle to change their mindset because of factors such as internal politics and a silo mentality.
By contrast, smaller and newer companies have shown they understand the need to focus on that experience.
"It's important, however, for companies to recognise what this means for their business. For some companies, they compete on price or location, and they should rather focus on that. It doesn’t pay to say you’re focused on the customer and then to not live up to that promise," concludes Schooling.Fin24
Ackermans launches ‘Moms4Moms’ educational platform to give mothers a helping hand
16/09/2019 - 14:03
According to a 2017 Statistic South Africa report, 61% of South African children are raised by only their mothers. This reveals that the majority of South African women have to navigate single-parenthood, as well as being the sole provider for their families.
Rhodes Food Group's turnover rises amid healthy international growth
16/09/2019 - 11:14
The international turnover of Rhodes Food Group, which makes Bull Brand corned meat and Bisto gravies, rose 13.4% in the 10 months to end-July, boosted by a weaker rand and exports of fruit snacks to the US.
The changing UX and CX landscape
13/09/2019 - 16:16
An exceptional customer experience (CX) builds a foundation of loyalty and trust. Similarly, a positive user experience (UX) encourages brand connections with people wanting to come back for more. And yet, local organisations must learn to embrace these more effectively to differentiate themselves from their competitors.
Footgear gets go-ahead to buy Edcon's footwear brands
13/09/2019 - 09:24
Footgear, the South African retailer of branded and non-branded footwear, on Thursday received the green light to purchase the assets and business associated with Edcon Limited’s Edgars Active and High Key brands.
4 reasons to be hopeful about South Africa’s economy
12/09/2019 - 14:40
Markets responded positively to South Africa’s economic growth rebounding in the second quarter, up 3.1%, and 0.9% for the year to June 2019.