In a down or stagnant economy customer experience is crucial for current and future business success. This is particularly true for the Hispanic consumer who cherishes personal contact and general customer experience. Customer experience has a high correlation with brand loyalty. Hispanics, particularly Spanish-dominant Hispanics overindex in brand loyalty. Therefore, a positive customer experience is paramount to retain their business.
Forrester analysts Harley Manning and Moira Dorsey show that “there is a direct correlation between investing in a great customer experience and increased revenues. Forrester examined the correlation between the customer experiences delivered by 112 US firms and the loyalty of their customers, and found that good customer experience correlates highly to loyalty”. (Note the research was not Hispanic specific).
Below are some best practices that customer experience professionals should take into account. They are extracted from an excellent paper “Topic Overview: Customer Experience in a Down Economy”, published by Forrester Research in December 2008:
“Firms can ensure that the experiences they offer don't degrade — and hopefully improve — during the economic downturn. To do this, customer experience professionals should:
- Keep momentum for current projects. It's easier to hold on to funding for in-flight efforts than it is to sell the business on new initiatives — especially in a downturn.
- Get funding for new projects. Even during tough times, some projects will get the green light. Knowing how to win out against competing proposals is key to snagging scarce resources.
- Focus on big bangs for small bucks when budgets tighten. Despite best efforts, some cuts may be inevitable. But even a small budget can fund serious improvements when customer experience professionals concentrate on the right types of project.
Maintain a long-term perspective. While managing in a recession can demand a dynamic shifting of priorities — oftentimes focusing more on cost cutting and short-term goals — customer experience professionals should find ways to stay on the path to longer-term objectives.”