The so-called Golden Quarter and its flagship moments – Black Friday and Christmas – present a significant opportunity for businesses. Especially for the retail, hospitality and travel sectors, for whom a major chunk of annual revenue can be earned in this short, crucial period.
However, this opportunity doesn’t come without risk – particularly when it comes to delivering consistent and seamless customer service. Whilst a successful Golden Quarter can make a business’ year, so too can gaining a reputation for poor service during this period – where resources are stretched and supply chains tested – have longer-lasting repercussions.
This year, though, the stakes feel even higher. Rising inflation, National Insurance hikes and the recent energy price cap are combining to heap pressure on both consumers and businesses.
So, the question is: how do organisations navigate the latest wave of rises in operational costs, alongside ever-shifting consumer expectations and a continuous demand for profitability?
Meeting customer expectations
Sector aside, all organisations have a unique set of customer touchpoints that need to align if they are to avoid disruption and meet the needs and expectations of all their customers.
In the first instance, this requires consistency. Businesses should strive for excellence across all areas of the service offering – from product availability and timely delivery to in-store service and online interactions – and ensure everything is streamlined and functions smoothly.
Failure to do so can quickly lead to subpar customer experiences, which we know can diminish consumer trust, which can snowball into significant lost revenue.
On a more practical level, businesses also need to remain agile enough to overcome a plethora of logistical challenges that can arise at this time of year and carefully manage consumer expectations. Doing so demands a clear understanding of operational resilience and proactive, honest communications.
Maximising opportunities requires us to be cognizant of the need for strong contingency plans, particularly when the pressure is on: is your business able to pivot quickly to respond to supply chain shortages, issues with technology or logistical bottlenecks?
Strategies for success
Taken together, to optimise performance in both a reputational and revenue sense, during the all-important Golden Quarter, organisations should focus on three factors.
The first is maintaining a transparent product and service offering. On both counts, customers should understand what’s on offer – or what isn’t – and the options available to them. This, in turn, allows organisations to manage expectations more effectively.
Second, empowering staff to do right by customers is key. Employees who are trained to handle enquiries swiftly and given the autonomy to solve problems efficiently are more engaged and more effective in ensuring service remains seamless even when things go wrong.
Third, fostering strong supplier relationships can make all the difference. Building mutual understanding with those in the supply chain gives organisations more certainty that they will be able to deliver on all their touchpoints and promises to customers, whether that’s making sure a product is available or having it delivered on time in a manner that the customer needs.
One thing for sure is it is those that look beyond the transaction itself, focusing on consistency and resilience at all stages of the service offering, that will be best placed to deliver an excellent customer experience, build trust, and attract repeat business for the longer term.
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