Lecture Notes: Exceptional Customer Experience

Introduction

• Discussion on exceptional customer experiences
  • Examples: local restaurant, clothing retailer, coffee shop, hotel/resort, Walt Disney World
  • Personal experience turning casual shoppers into brand loyal ambassadors

Business Success and Failure

• Annually, about 1 million businesses fail
  • Possible reasons:
    • Aggressive pricing by Walmart
    • Free shipping by online retailers like Amazon
    • Superior marketing and sales by competitors
  • Real reason: Lack of exceptional customer experiences

Personal Story: 10/10 Optics

• Experience at Ruth's store, 10/10 Optics, in New York City
  • Found the store due to convenience
  • Kept returning due to exceptional service
  • Initial visit:
    • Greeted by an associate and introduced to Ruth
    • Ruth inquired about the style rather than just function
    • Encouraged to try glasses beyond the initial request for wireframe
    • Ruth sold the third option, described as a "game-changer"
• Post-purchase experience:
  • Received multiple compliments on the glasses
  • Realization of Ruth's expertise in customer service
  • Continues to visit 21 years later despite travel inconvenience

The Essence of Customer Experience

• Customer experience is about feelings, not just products/services
  • Maya Angelou's quote: "They may forget what you said, but they will never forget how you made them feel."
• Ruth's approach made the speaker feel excited, nervous, confident, and important

Examples of Thriving Businesses

• Focus on exceptional customer experience leads to business success
• Examples:
  • Mitchell's of Westport (since 1958): Men's and women's clothing
  • Wasik's Cheese Shop (since 1964): Cheese, wines, gourmet items
  • Zingerman's Deli (since 1982): Famous Jewish deli
• These businesses thrive not just because of unique products but due to customer experiences

Customer Experience and Business Performance

• Forrester Research Study
  • Companies focusing on customer experience outperform others in revenue
• Customer experience as a core business strategy

Conclusion

• Future of business with evolving technology and sales channels
• Importance of maintaining exceptional customer service
• Personal satisfaction from being a loyal customer at businesses like Ruth’s

The lecture emphasizes the impact of exceptional customer experiences on business success, supported by personal anecdotes and examples of thriving businesses.