December 01, 2016
2017: The Year of the Customer Experience
It’s the phrase you see ranked on every CEO and CMO’s agenda for 2017: the customer experience. It’s no secret that companies that create exceptional customer experiences (CX) can set themselves apart from their competitors. And, better experiences can impact the bottom line.
McKinsey reports that their research “ indicates that for every 10-percentage-point uptick in customer satisfaction, a company can increase revenues 2 percent to 3 percent.”
While examining the banking sector, McKinsey’s insights can easily be translated to the property management industry. Take some interesting stats along with three ways to help create better customer experiences for your residents and prospects.
1. Focus on the needle-moving factors. Often these are one or two factors during the customer journey that account for the largest impact in overall customer satisfaction. In the property management industry, this might be interpreted as ease of communication before, during and after the property rental process. Ongoing factors like customer service, communication and maintenance quality can also be a consideration in the customer experience.
2. Ease and simplicity. McKinsey reports that customers value convenience. They use the phrase “satisfaction cliff” to refer to how quickly customer satisfaction drops as the time mounts to complete a task, like set up a new account. Property management companies would fare well in 2017 to evaluate how quickly their residents can set up a self-service payment account, as well as access and update payment information.
3. Digital first. When organizations make it easy for individuals to have entirely online experiences, when desired, have a much higher customer satisfaction score.
Property management companies need to build an infrastructure—a powerful mix of social, mobile, apps, cloud, CRM, community platforms and related technologies—that allow the resident to do whatever they want, when they want and how they want. Customer experience is not a one-time, single channel event. It is an omni-channel series of unique interactions.
Yet, while nearly every business rates digital customer experience as a priority, only about three out of four businesses have launched digital transformation efforts. (CMSWire’s second annual Digital Customer Experience Survey)
The truth is customer service is the lifeblood for any company. Having top quality customer service is a surefire way to make your tenant happy and more willing to stay—and recommend your building to others.
If you’re looking to improve your customers’ experience, sign up for your free account today or give us a call.