Customer centricity key for startups to beat the pandemic slowdown say experts

Startups will need to devise innovative strategies to increase customer engagement, and technology will play an important role in managing customer expectations feel experts. "The pandemic has increased the need for startups to invest in building customer loyalties and leveraging them to improve their business," said Shanthi Padmanaban, vice president, customer success at Salesforce India. "One thing that makes a difference for companies is driving change through greater customer connect and better customer experience," added Padmanabhan, who spoke at the recently concluded startup discussion panel, part of the ongoing Pivot or Perish series.

According to experts, the global crisis has led to changes in the customer experience for both consumers and businesses. As a result, you will successfully exit startups that invest in improving customer loyalty on the other side. Padmanabhan said that almost 42% of Salesforce customers say their "biggest challenge" is keeping up with changing customer experiences.

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"In the last quarter alone, it has grown 30% YoY in terms of customers investing in technology to manage customer relationships." 

While the focus on the customer "has not been more important" than in recent months, the technology is in the midst of a storm. Padmanabhan mentioned a startup called Startupwaala.com, which recently created a self-service app that allows customers to track their orders and track status: "It's interesting to see that they have seen a 55% increase in sales, a 40% increase in customer satisfaction, citing improved Productivity and efficiency, "he said.

According to Navneet Chahal, partner at Bain & Company, the trend is also correct for the B2C sector. She said, "In fact, it is a good time to build intimate customer relationships."

Chahal added that while there will be some depression and pressure on consumer spending, this will translate into more targeted customers on which company or platform to spend their money on. "I think what this means for brands and companies is that they need to double the loyal customer base and generate more intimate experiences for these customers," she said.

Chahal said developing a customer focus will also lead to a change in the way companies serve customers. Businesses may have to change operating and business models to translate into increased customer loyalty.

Source: LiveMint

Also Read: Reliance Industries Limited posts 31% rise in net profit to ₹13,248 cr during Q1

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