Let’s talk about why customer experience is important.

1️⃣ Investors love customer-centric companies

“Investors love to put their money into companies that eat and breathe customer experience because these brands can ultimately deliver optimal shareholder value and ROI,” said Harvard Business Review (HBR) author Clara Shih.

In her article, she points out that most businesses today offer the same products and services (just served with a different “branding salsa”).

What does this mean for investors?
They know that the money has always been in customer experience.

“Brands with superior customer experience bring in 5.7 times more revenue than competitors that lag in customer experience,” Shih said.

2️⃣ Optimizing customer experience is the best customer retention and acquisition strategy.

The cost of acquiring a new customer is around 20% more expensive for a company that doesn't invest in customer service, according to a 2023 HubSpot study.

From students re-enrolling in universities to investors renewing their contracts with the cities they’ve chosen to do business in, good customer experience drives loyalty and powerful revenue impact.

Loyal customers are the best assets you can have in your business.

🔑 The key message 
Customer experience is the game-changer for any company.

In the words of Harvard Business Review author and professor of marketing at ESADE Barcelona Marco Bertini, “Focus on delivering great customer experience alone, and everything else will strike a chord without you overspending on promotional ads.”

In this week’s edition of In the Loop, we highlight stories and articles that show the power of customer experience across various industries.

Indiana's economy surges on the back of Hoosier hospitality. But what is it?

🇺🇸 INDIANAPOLIS, IN — Located in America’s Heartland, Indiana in the Midwestern United States remains one of the country’s leading manufacturing and industrial centers. In 2023, the state broke its FDI record for the seventh straight year, attracting around $28.7 billion in new investments from more than 200 foreign companies.

While the record-breaking numbers stand out, Indiana’s economic growth strategy sets itself apart because of a very welcoming investment climate attributed to Hoosier hospitality.

What is Hoosier hospitality? Indiana Secretary of State Diego Morales talked to GMI POST and did a deep dive into the business philosophy.

READ MORE

How a Bangladeshi university is raising the next generation of leaders

🇺🇸 DHAKA, BD — American International University – Bangladesh (AIUB) is dedicated to providing students with a holistic learning experience that goes beyond the confines of the traditional curriculum.

Under the leadership of Pro-Vice Chancellor Dr. Abdur Rahman, AIUB is committed to nurturing skills in its students and preparing them for leadership roles in the future.

READ MORE

Dealing with the angry customer in an omnichannel world

🇺🇸 DES MOINES, IA — Providing excellent customer service is not a walk in the park. For front liners, attending to a difficult customer requires great skill and a lot of patience. With the continuing proliferation of online sales platforms, have those challenges multiplied as well?

READ MORE

MORE FROM GMI POST
The path to net zero runs Through Alberta

“Any region’s strength is no longer solely defined by an abundance of natural resources. Now, true strength lies in resilience, which is marked by proven resourcefulness, innovation, sustainability, and adaptability,” said Invest Alberta Corp. CEO Rick Christiaanse in GMI POST’s Alberta Business Report 2024 published in Foreign Affairs magazine.

Read more about how Alberta became one of the fastest-growing economies in Canada and the “best place for businesses looking to solve global challenges” according to Christiaanse.

READ THE FULL REPORT 

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