The events in the financial markets these last few days certainly bring to mind one metaphor – a rollercoaster – as actions by the US Federal Reserve and other global entities target the current volatility.
Still, the uncertainties of the current financial markets provide an excellent opportunity to focus on the certainties we do know.
Conditions like these frequently result in a “hunkering down effect,” and a focus shift toward cost and efficiency that can overtake the top-line aspirations of a company’s business cycle. It’s clear that there are only two routes to a better bottom line – reducing costs or improving customer satisfaction and retention. Or even better, a combination of both.
A widely accepted constant is the value of the retained customer. And these days, a positive customer experience is considered the more powerful indicator of customer retention. The confluence of the current externalities, the rise of social networks, and numerous technology innovations make it an opportune time to take the counter-strategy of "leaning into the wave." Invest in an improved customer experience, and you just might emerge with a better bottom line than ever.
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