People today have more choices than ever, but less time.
Technology today evolves faster than ever, but can leave people behind.
With consumer expectations higher than ever, how can you successfully retain your current customers and attract new ones?
Companies with strong customer attraction often have a gravitational pull, drawing in a diverse range of customers who are fiercely loyal and advocate for the brand. This strong attraction arises when a company's core values firmly align with their customers’ beliefs and a company’s capabilities deliver a differentiating customer experience.
At PwC, we see a future where outcome-driven approaches help our clients transform into the ultimate customer attractors.
How do businesses attract new customers and keep existing ones happy?
Companies that aren’t focused on customer attraction face the terrifying fact that ~55% of their customers are at risk of leaving tomorrow, our 2022 PwC Customer Loyalty Survey found. Empowered by choice, pressured by time, and expecting more and more from their interactions with you, it’s time to understand and invest in the elements that help drive customer attraction.
“What capabilities allow you to attract and keep your customers happy?”
Many organizations exclusively focus on capabilities attraction - developing capabilities that deliver differentiated products, services, or experiences. This is where innovation is key in order to keep up with continuously evolving customer expectations. Think customer insights generation; digital product innovation; process and system digitization; customer experience personalization. In the quest to understand “what” customers will do in given circumstances, capabilities are prioritized around fundamental demographics, or demonstrated customer behaviors.
But adjusting capabilities around customer and competitor moves is no longer enough to sustain customer attraction. To understand the demonstrated behaviors of your customers, you should understand the underlying factors that influence and drive "viewable behavior."
To be a more effective customer attractor, you should also focus on bringing values into the ongoing consumer experience conversation.
“What does your company stand for? What actions are you taking to improve the lives of your customers?”
Values attraction requires creating an inspiring company ethos that your customers align with, and putting it into action through investments and behaviors. Values attraction is driven by a compelling vision of what the company stands for, how mature those values are, how well customers understand them and how customers experience these values.
Measuring values attraction internally and externally helps define digital empathy, future optimism, sustainability, insight, and inclusion. This is where you can create new social contracts - becoming worthy of employee, customer and broader community engagement by articulating your purpose in a meaningful way.
Together we can embrace and convene the diverse perspectives of creators, innovators, designers, business analysts, technologists, marketers, mavericks, film makers, producers, strategists, researchers, collaborators, dreamers, doers and curious people - to define what comes next.
Learn how your company can drive customer attraction through a focus on customer experience and values alignment.
For the seventh year in a row, PwC has been recognized as one of the top US Digital Networks by Ad Age. PwC's Customer Transformation team is built with a pulse on the present and an eye on the future, continuously experimenting with technologies and capabilities that can disrupt the customer experience as we know it today.