For businesses, every purchase is a vote from their customers, endorsing their brand and products. Therefore, customers have always been and will always be the central focus of B2C firms. However, customer preferences, behavior, expectations, and purchase patterns change over time, and businesses must cater to them effectively to thrive in the market successfully.
Here’s what the future holds for B2C firms and how to gear up for these trends with the right CX strategies!
The Demand for Experiences over Products
Today, the market is flooded with alternatives, and finding the right product that you need is not a brain-draining task. So, when customers choose a particular brand to do business with, they don’t look for the product alone. They seek an outstanding experience that validates their decision. They seek a brand that they can rely on for their needs.
It’s the customer experience that’s driving demand today. So, as a B2C firm, you must look for ways in which you can set yourself apart from your competitors. Take a holistic approach towards improving customer journeys by improving interactions that lack in appeal. Fix potential pain points that can deter customers. Overall, focus on how you can make your customers feel convenient, happy, and satisfied with their purchase.
Consumer Willingness to Provide Data for Better Experiences
Consumers have become very cautious about sharing personal details with business due to the increase in cyber threats. But, customers are willing to divulge information for brands that are trustworthy and reliable. More importantly, they are ready to exchange their data if it helps in providing them a better experience in return. Valuable customer data helps businesses derive useful analytics and insights to fine-tune their performance and service.
But, B2C firms must ensure that customers can trust them in the first place. This is why it’s important to prioritize the privacy of customer data and strictly maintain their confidentiality. You have to clearly convey that your business adheres to core data ethics.
Integration of Digital and Physical Buying Experiences
Have you ever wondered how libraries continue to thrive in an age where Kindle lets you browse through a massive library in the comfort of your own home? That’s because people still love the physical touch of a book, a visit to the library, or the experience of going through stacks of books.
It’s also why there’s no clear winner between e-commerce and brick-and-mortar stores. Today, customers are looking for both digital and physical interactions to optimize their customer experience.
They want their favorite brands to be present online, so they can order goods conveniently and quickly. At the same time, they want to step into a store and try out the products as well. So, if you are focusing exclusively on one platform, now is the time to implement the other with equal prominence.
The Search for Humanized Brands
Today, thanks to the Internet, information about anything and everything is at your fingertips. As a result, customers are highly knowledgeable about the products they want even before they step into the store. So, what customers demand from brands at present, goes beyond product specifications.
They are more concerned about transparency, accountability, and social responsibility. They want to know the ethicality, sustainability, and root sources of your product. They want to ensure that brands they engage with care about community wellbeing as much as profitability.
So, it’s time to think about improving the humane side of your brand.
B2C firms have to show that they genuinely care about their customers and align with their core values. If this means you have to take a fresh perspective on your business model, it’s a good idea to begin now.
Importance of CLV for Marketing
Every B2C firm allocates a sizeable proportion of its budget towards marketing purposes. If you want to utilize the funds and available resources for promoting your products effectively, it’s important to understand the Customer Lifetime Value (CLV) of each customer type.
While it may not seem like the most significant metric for marketing, it tells you how much your customers value your product/service and their loyalty. CLV gives you an idea of your performance in the market and what you can improve. It is a metric that helps businesses perform well by combining CX and marketing. Depending on CLV, you can customize your marketing strategies to attract and retain customers better.