Francois Oosthuizen, Chief Operations Officer at Ecoserv Group
In today’s competitive marketplace, successful companies balance prioritising customer ever-changing needs and meeting ambitious business goals. By creating effective consumer-first strategies, businesses are moving in line with the “age of the customer”, as clients are hugely tuned to the market and have better access to information. Therefore, when navigating an acquisition process, companies need to take a client-centric approach to maintain quality customer experience during the transition, with a strong focus on what they value the most.
With that in mind, consumers will expect consistent and seamless service across the merged companies from the very beginning. In the first instance, the business needs to understand the customer’s relationship with the acquired company and consider the synergies available to enhance the client’s overall experience. Understanding the client’s relationship with the acquired company may involve deploying new resources and skills that benefit the customers and bringing new capabilities that complement the existing services that the acquired organisation already provides.
Top tips for putting the customer first
Therefore, how do companies manage the acquisition process to avoid consumer dissatisfaction? Businesses that succeed in retaining and attracting new customers, adopt the client’s view of the transition as they make important merger decisions. This starts with employing a team member to become a customer advocate, who is tasked with evaluating every step in the integration process and change that is made through the eyes of the consumer. They will act as the client’s point of contact, visiting and speaking to clients directly during the acquisition process to ensure the business can create a better customer experience.
In today’s “age of the customer”, metrics and incentives need to be developed to ensure consumer satisfaction and retention can be measured throughout the acquisition process. What’s more, embedding the customer experience as an integral part of the planning will ensure the integration causes minimal disruption, aligns operations and services for clients. This will involve mapping out and assessing the impact of all integration decisions on customers to provide constructive solutions to reduce the chances of disappointing consumers in both the short and long term.
Post-acquisition engagement
Taking this one step further, business leaders need to be prepared to measure client engagement after the merger has taken place. One recommendation is to open a two-way dialogue with customers to seek their input and take it into consideration. Companies can implement this by providing employees with the tools and information that they need to respond to consumer queries and inform them of any changes in the process. These employees will be fundamental in driving customer engagement and satisfaction post-acquisition, leading to improved client loyalty and retention.
After the merger has taken place, business leaders should evaluate performance against clear and measurable KPIs, to understand customers’ perceptions post-acquisition. They can organise review periods and collect feedback from clients to hear about their experiences and opinions on the acquisition including how it was handled before, during and after the transition had taken place. Using this feedback, organisations can identify consumer’s pain points and make incremental improvements that will bolster customer experience.
Customers at the heart of the process
Empowered by access to more information, social networks and digital devices, consumers are increasingly demanding high quality customer service on a daily basis and throughout periods of business growth. By setting measurable goals, communicating and listening to clients, plus empowering employees to become customer advocates, consumers will naturally become a central part of the acquisition process. Overall, companies who keep customer experience at the forefront of the entire transition will not only keep existing clients satisfied but also set up the merged organisations for future success.
