Customer experience (CX) is about prioritising customers: handling their journeys, understanding their needs and delivering value. It goes beyond finance and transactions, focusing on creating meaningful experiences that guarantee customer satisfaction and loyalty.
According to McKinsey, companies focused on improving CX can drive massive growth — often more than double that of their competitors.
On the other hand, a finance strategy is a comprehensive plan for an organisation to manage its financial resources to achieve its operational and strategic goals.
Understanding and aligning with clients’ finance strategies can create positive experiences that boost CX and build trust, accelerating decision-making. Let’s understand how the alignment process can help you improve CX and achieve mutual growth goals.
Improved personalisation
Personalisation is key to delivering exceptional CX and aligning with clients’ finance strategies can make it even more effective. By assessing clients’ financial resources, including their budget allocations, expenditure patterns, and investment cycles, you can tailor your offerings to match their needs.
For instance, if you observe a client’s finance strategy emphasises resource and cost assessment, you could propose solutions that offer cost savings. Or, provide strategic solutions like products, services, and solutions that align with the client’s cash flow and budgeting cycles.
Leverage valuable insights from clients’ finance strategies to offer personalised recommendations that support their organisational goals.
Most importantly, connecting with clients to understand their finance strategies, especially when they change. These tactics can help maintain customer centricity and improve the customer experience.
Reports reveal that 71% of companies that excel at personalisation experienced improved customer loyalty, and 48% exceeded their revenue goals, which is the ultimate goal of improving CX.
Improved communication and transparency
Further reports show that 78% of customers are more likely to trust and commit to a brand when their first interaction is positive. Loyalty is driven by key factors like consistent communication that strengthens relationships, transparent actions that build credibility, and trust that fuels long-term growth.
Communication and transparency are critical to CX and building a loyal customer base. For instance, when sharing business proposals, offer cost breakdowns to allow the clients to review and analyse what services they are paying for and why. This will clear doubts or apprehensions they might have about the deal.
Additionally, communicate ROI expectations to help them understand their investment benefits. This level of transparency manages clients’ expectations and builds trust, leading to stronger client relationships.
Learn about clients’ goals. Communicate and understand clients’ budget limitations and financial goals in the initial phase to prevent misunderstandings later. Furthermore, share cost structures, including hidden costs or optional add-ons.
Last but not least, communicate business value. Share tangible ROI to justify budget allocations, ensuring your services are considered strategic investments rather than expenses.
Informed decision-making and fast approvals
Aligning with clients’ finance strategies can provide clarity and reduce friction, helping accelerate the decision-making process
For example, if a specific client follows a strict budgeting cycle, creating proposals that align with their budget review timeframe can lead to quick approvals.
Similarly, understanding their resource allocation strategy can help you customise solutions, and reduce the need for prolonged negotiations.
Strong long-term partnerships
Building long-term client relationships will require an understanding of the client’s evolving needs. Aligning with their finance strategies can help achieve the goal and foster trust and loyalty
For instance, when offering customised solutions according to the client’s budget cycles, that level of detail reflects your commitment and support towards them. This dedicated approach can make them feel valued and imbibe a sense of trust.
The key to success is to commit to clients’ success. Provide strategic consultations and training sessions to the client’s teams on financial planning and creating successful strategies. Prioritise their needs by offering flexible contract terms that adapt to clients’ financial fluctuations, increasing retention.
Today, how a business delivers for its customers is just as instrumental as its services. Every detail matters when it comes to exceptional customer experience. Aligning with clients’ finance strategies can help you provide personalisation, improve communication, and create a mutually beneficial partnership.