The $1 Trillion Question
How companies can follow in the footsteps of Apple
Apple became the first U.S. company to hit a $1 trillion market cap in August 2018 through a laser-like focus on customer experience. Its rise to dominance over the past four decades provides a case study of how enhancing the customer journey can be the basis for success.
From its focus on technology that emphasizes simplicity and anticipates user needs to redefining the retail experience at its Apple Stores, the company has based its success on fine-tuning the customer experience.
Writing in Small Business Trends, Michael Guta reports that even small businesses can draw useful lessons from Apple’s success:
Apple customer loyalty rate has reached 90 percent in 2018. Apple was able to achieve this rate by making a concerted effort in the customer experience department before opening the company’s first store and has continued this focus with each new retail outlet it opens.
While Apple possesses tremendous resources, delivering a memorable customer experience doesn’t take a lot of money.
All it takes is a willingness to personalize the services offered to customers and to find ways to improve and streamline interactions and transactions. Adopting a proactive customer experience model increases customer engagement and loyalty. The after-the-fact customer service model no longer meets consumer needs and forces organizations to constantly play catch-up with their competitors.
Increasingly, companies of all sizes are using digital technology to better personalize the customer experience. This does not have to require extensive in-hour technical knowledge or deep pockets. The experts at LMS can help. Our teams have years of experience helping design and implement the services needed to hyper-personalize individual customer experiences. To learn more, reach out to us today at [email protected]