The role of technology and customer experience in raising investment
There are lots of considerations when scaling a business – from systems and processes, to financials and technology. And if a company is looking to secure investment to facilitate growth plans, overall attractiveness plays a large role. But what is it that makes your business attractive to potential investors?
In most cases, investors are looking at the overall picture of your business success, including financial strength and tech capabilities. In our increasingly connected world, tech capabilities are becoming more and more important – particularly when it comes to the customer experience, and those all-important stats on customer acquisition, retention and churn. High statistics in these areas bode well and often rely on your product or service meeting a user need - what problem are you solving? Are you building your solution to solve it in a way that truly helps your target market? The right technology systems paired with comprehensive audience understanding can help you excel.
Increases business scalability
Technology can enable businesses to scale with ease, maximising possibilities for growth and increased revenue – words investors love to hear. With a range of technology available to automate and simplify your systems, a strategic use of tech can increase profit per person – meaning higher revenue for less output.
Scalability of software and processes can help businesses grow faster and show commitment to providing the best systems and services available long-term. Businesses that fail to focus on the scalability of their products or services will often need to continuously reinvest as they grow - a costly and time consuming process.
Cements your positioning
In crowded markets, any steps to cement your position that can be taken, should. When looking at your company’s attractiveness, it isn’t just investors you should be considering but customers too.
Having an engaged, loyal and expanding market that wants to buy from you is a big tick in the right box for those looking to invest. And a lot of the time, customer happiness is reliant on the experience they have when interacting with your product or service. A great customer experience is a good selling point and can differentiate your business from competitors, or those in the same market with systems that aren’t built with the end-user in mind.
Technology and design in the customer experience
Customer experience includes everything from the service you offer, how you communicate, technology load time, and how customers engage with your product. How easy is it for customers to reach their end goal? How do they navigate your systems? Are you creating an experience that customers enjoy and is efficient to use, or one that frustrates them?
At Fruto, we’ve seen first-hand the difference a seamless customer experience can make to a company’s success. Systems that are easy for customers to navigate and allow them to easily reach their end-goal often encourage higher engagement and retention.
Why does experience matter to investors and customers? The stats
Research by Toptal shows 88% of users are less likely to return to a website after a bad user experience
Adobe found that 39% of users stop engaging when met with long content load times
And according to PWC, 32% of customers would leave a brand they loved after one bad experience
Raising your company value when seeking investment to scale is largely about getting all your ducks in a row. Where can your systems and processes improve? Is your product or service set up for growth? How do your existing customers interact with you, and how will you expand into new markets successfully using these systems?
Sometimes, the simplest of changes can make a big difference. And UX should be one of the first things on your list when looking for possible improvements.
For more information about how you can improve the user experience across your systems, contact me on firstname.lastname@example.org.