Sponsored Content by Wix Answers

Great customer experiences delivers 3x higher shareholder returns

With the sudden changes caused by the pandemic, companies have been forced to rethink how they operate to come out stronger in the long run. Whether they’ve expanded overnight like Zoom or just surviving like AirBnB, businesses of all sizes must reassess their approach to customer support.

Customers don’t care about the impact of the economic downturn on your company. And they don’t care if your customer support agents are working from home. What matters most to customers is that someone is there to help them solve their problems. Good customer service is good for business. And it will keep customers loyal to the brand even when they see what the new normal looks like. According to McKinsey’s research, during the financial collapse in the period between 2007-2009, companies focused on customer experience generated 3x higher returns for shareholders.

So what steps can businesses take to continue to reinvent themselves and come out ahead? Here are three approaches our team at Wix Answers have learned about customer support from working with numerous companies like Getty Images, Yotpo, and Fiverr.

Empower your remote workforce with a knowledge management platform

Image Credits: Wix Answers

Between layoffs, furloughs, and hiring sprees in a nearly all-remote environment, companies need to figure out how to use knowledge to help their teams keep the bar high when it comes to supporting customers.

Let’s examine a brand that has had to layoff or furlough employees to decrease their burn rate and preserve cash. Classpass, a company that offers an app that helps users find fitness classes, had to decrease their customer support team from 250 to 60. They work with thousands of fitness studios around the world who’ve had to close during the pandemic. So what happens when the studios open back up? Their team’s downsizing has led to a significant knowledge loss. As things start up again, they will have to retool and train a whole slew of new support team members on their products.

In contrast, companies are also seeing a hockey stick curve of new demand, especially those that power the remote economy. They face the challenge of hiring and scaling their teams across the entire organization, e.g., support, engineering, sales, etc. At the same time, due to social distancing rules, employees are not able to meet face to face for an interview or training. Deloitte studies found that 75% of companies will still have at least 20% of staff continuing to work remotely after this pandemic ends. 

Whether companies are dealing with layoffs or hiring sprees, customer expectations do not change. This is why a strong knowledge management platform is more critical today than ever before — one that can provide both a self-service solution for customers and an internal go-to information hub for agents. Customers don’t have to wait in long lines for a downsized support team and agents can deliver accurate answers faster. Companies also need ways to document the knowledge they lose from outgoing team members.

Deloitte’s recent report on the future of work after Covid-19 estimates that 75% of firms feel knowledge management is crucial to their success with this shift, but only 9% feel ready. Be part of that 9%.

Don’t be multi-channel, be where your customers are

Image Credits: Wix Answers

Companies that want to come out on top have to support their customers where they are. A lot of brands often talk about multi-channel support as a strategy. But multi-channel is just features of your offering. The strategy is (or should be) to support your customers wherever they are. Today, context is king. Brands have to sell, support, and engage customers at the right time, in the right place and with the right message.

Top brands recognize that the support world is evolving from archaic tools to modern systems that enable them to be where customers already are rather than waiting for customers to come to them. Companies that stay ahead of the curve will use help widgets. Help widgets can serve several functions. They can provide easy access to knowledge in the context of a user’s workflow. And they can also give users a quick way to get in touch with support via talk, live chat, WhatsApp, and social media wherever they happen to be in the product or website. 

Redesign your support processes to come out more financially sound

Image Credits: Wix Answers

Building a strong business that can weather the next storm will depend on what systems and practices you put in place today. Chamath Palihapitiya, billionaire investor and founder of Social Capital, speaks about his belief that zero-based budgeting is making a comeback in 2020 as companies are forced to take a more clear-headed approach to expenses — a line-by-line analysis of every function within an organization that examines cost vs. needs.

To provide exceptional customer experiences that are financially viable in today’s business environment, companies need to find solutions that move away from old, clunky support models. Many support software providers still use a layered approach in which disparate products and development-heavy integrations are added on that don’t speak to each other and are costly. 

To succeed, companies will need to find solutions designed from the ground up solely to address what today’s customers want and expect in a support experience. 

The Wix Answers unified customer support solution integrates ticketing, call center, live chat, social media, and knowledge base into one platform. Wix Answers help support teams use knowledge in strategic and proactive ways to enhance the customer experience. With an SEO-powered help center and widgets that support customers wherever they are, Wix Answers makes it easy for more customers to help themselves, freeing up support teams to offer the best customer experience possible regardless of unexpected challenges.

More TechCrunch

Welcome back to TechCrunch’s Week in Review — TechCrunch’s newsletter recapping the week’s biggest news. Want it in your inbox every Saturday? Sign up here. Over the past eight years,…

Fisker collapsed under the weight of its founder’s promises

What is AI? We’ve put together this non-technical guide to give anyone a fighting chance to understand how and why today’s AI works.

WTF is AI?

President Joe Biden has vetoed H.J.Res. 109, a congressional resolution that would have overturned the Securities and Exchange Commission’s current approach to banks and crypto. Specifically, the resolution targeted the…

President Biden vetoes crypto custody bill

How large a role humanoids will play in that ecosystem is, perhaps, the biggest question on everyone’s mind at the moment.

Industries may be ready for humanoid robots, but are the robots ready for them?

VCs are clamoring to invest in hot AI companies, willing to pay exorbitant share prices for coveted spots on their cap tables. Even so, most aren’t able to get into…

VCs are selling shares of hot AI companies like Anthropic and xAI to small investors in a wild SPV market

The fashion industry has a huge problem: Despite many returned items being unworn or undamaged, a lot, if not the majority, end up in the trash. An estimated 9.5 billion…

Deal Dive: How (Re)vive grew 10x last year by helping retailers recycle and sell returned items

Tumblr officially shut down “Tips,” an opt-in feature where creators could receive one-time payments from their followers.  As of today, the tipping icon has automatically disappeared from all posts and…

You can no longer use Tumblr’s tipping feature 

Generative AI improvements are increasingly being made through data curation and collection — not architectural — improvements. Big Tech has an advantage.

AI training data has a price tag that only Big Tech can afford

Keeping up with an industry as fast-moving as AI is a tall order. So until an AI can do it for you, here’s a handy roundup of recent stories in the world…

This Week in AI: Can we (and could we ever) trust OpenAI?

Jasper Health, a cancer care platform startup, laid off a substantial part of its workforce, TechCrunch has learned.

General Catalyst-backed Jasper Health lays off staff

Live Nation says its Ticketmaster subsidiary was hacked. A hacker claims to be selling 560 million customer records.

Live Nation confirms Ticketmaster was hacked, says personal information stolen in data breach

An autonomous pod. A solid-state battery-powered sports car. An electric pickup truck. A convertible grand tourer EV with up to 600 miles of range. A “fully connected mobility device” for…

Inside EV startup Fisker’s collapse: how the company crumbled under its founders’ whims

Late Friday afternoon, a time window companies usually reserve for unflattering disclosures, AI startup Hugging Face said that its security team earlier this week detected “unauthorized access” to Spaces, Hugging…

Hugging Face says it detected ‘unauthorized access’ to its AI model hosting platform

Using stalkerware is creepy, unethical, potentially illegal, and puts your data and that of your loved ones in danger.

Hacked, leaked, exposed: Why you should never use stalkerware apps

The design brief was simple: each grind and dry cycle had to be completed before breakfast. Here’s how Mill made it happen.

Mill’s redesigned food waste bin really is faster and quieter than before

Google is embarrassed about its AI Overviews, too. After a deluge of dunks and memes over the past week, which cracked on the poor quality and outright misinformation that arose…

Google admits its AI Overviews need work, but we’re all helping it beta test

Welcome to Startups Weekly — Haje‘s weekly recap of everything you can’t miss from the world of startups. Sign up here to get it in your inbox every Friday. In…

Startups Weekly: Musk raises $6B for AI and the fintech dominoes are falling

The product, which ZeroMark calls a “fire control system,” has two components: a small computer that has sensors, like lidar and electro-optical, and a motorized buttstock.

a16z-backed ZeroMark wants to give soldiers guns that don’t miss against drones

The RAW Dating App aims to shake up the dating scheme by shedding the fake, TikTok-ified, heavily filtered photos and replacing them with a more genuine, unvarnished experience. The app…

Pitch Deck Teardown: RAW Dating App’s $3M angel deck

Yes, we’re calling it “ThreadsDeck” now. At least that’s the tag many are using to describe the new user interface for Instagram’s X competitor, Threads, which resembles the column-based format…

‘ThreadsDeck’ arrived just in time for the Trump verdict

Japanese crypto exchange DMM Bitcoin confirmed on Friday that it had been the victim of a hack resulting in the theft of 4,502.9 bitcoin, or about $305 million.  According to…

Hackers steal $305M from DMM Bitcoin crypto exchange

This is not a drill! Today marks the final day to secure your early-bird tickets for TechCrunch Disrupt 2024 at a significantly reduced rate. At midnight tonight, May 31, ticket…

Disrupt 2024 early-bird prices end at midnight

Instagram is testing a way for creators to experiment with reels without committing to having them displayed on their profiles, giving the social network a possible edge over TikTok and…

Instagram tests ‘trial reels’ that don’t display to a creator’s followers

U.S. federal regulators have requested more information from Zoox, Amazon’s self-driving unit, as part of an investigation into rear-end crash risks posed by unexpected braking. The National Highway Traffic Safety…

Feds tell Zoox to send more info about autonomous vehicles suddenly braking

You thought the hottest rap battle of the summer was between Kendrick Lamar and Drake. You were wrong. It’s between Canva and an enterprise CIO. At its Canva Create event…

Canva’s rap battle is part of a long legacy of Silicon Valley cringe

Voice cloning startup ElevenLabs introduced a new tool for users to generate sound effects through prompts today after announcing the project back in February.

ElevenLabs debuts AI-powered tool to generate sound effects

We caught up with Antler founder and CEO Magnus Grimeland about the startup scene in Asia, the current tech startup trends in the region and investment approaches during the rise…

VC firm Antler’s CEO says Asia presents ‘biggest opportunity’ in the world for growth

Temu is to face Europe’s strictest rules after being designated as a “very large online platform” under the Digital Services Act (DSA).

Chinese e-commerce marketplace Temu faces stricter EU rules as a ‘very large online platform’

Meta has been banned from launching features on Facebook and Instagram that would have collected data on voters in Spain using the social networks ahead of next month’s European Elections.…

Spain bans Meta from launching election features on Facebook, Instagram over privacy fears

Stripe, the world’s most valuable fintech startup, said on Friday that it will temporarily move to an invite-only model for new account sign-ups in India, calling the move “a tough…

Stripe curbs its India ambitions over regulatory situation