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

Google said today it’s adding new AI-powered features such as a writing assistant and a wallpaper creator and providing easy access to Gemini chatbot to its Chromebook Plus line of…

Google adds AI-powered features to Chromebook

The dynamic duo behind the Grammy Award–winning music group the Chainsmokers, Alex Pall and Drew Taggart, are set to bring their entrepreneurial expertise to TechCrunch Disrupt 2024. Known for their…

The Chainsmokers light up Disrupt 2024

Big news today for LumApps, the French startup that has described itself as an “intranet superapp” with a platform for building and provisioning internal communications and apps for workforces. The…

LumApps, the French ‘intranet superapp,’ sells majority stake to Bridgepoint in a $650M deal

Nubank is taking its first tentative steps into the mobile network realm, as the NYSE-traded Brazilian neobank rolls out an eSIM (embedded SIM) service for travelers. The service will give…

More neobanks are becoming mobile networks — and Nubank wants a piece of the action

Infra.Market, an Indian startup that helps construction and real estate firms procure materials, has raised $50M from MARS Unicorn Fund.

MARS doubles down on India’s Infra.Market with new $50M investment

Small operations can lose customers by not offering financing, something the Berlin-based startup wants to change.

Cloover wants to speed solar adoption by helping installers finance new sales

India’s Adani Group is in discussions to venture into digital payments and e-commerce, according to a report.

Adani looks to battle Reliance, Walmart in India’s e-commerce, payments race, report says

Ledger, a French startup mostly known for its secure crypto hardware wallets, has started shipping new wallets nearly 18 months after announcing the latest Ledger Stax devices. The updated wallet…

Ledger starts shipping its high-end hardware crypto wallet

A data protection taskforce that’s spent over a year considering how the European Union’s data protection rulebook applies to OpenAI’s viral chatbot, ChatGPT, reported preliminary conclusions Friday. The top-line takeaway…

EU’s ChatGPT taskforce offers first look at detangling the AI chatbot’s privacy compliance

Here’s a shoutout to LatAm early-stage startup founders! We want YOU to apply for the Startup Battlefield 200 at TechCrunch Disrupt 2024. But you’d better hurry — time is running…

LatAm startups: Apply to Startup Battlefield 200

The countdown to early-bird savings for TechCrunch Disrupt, taking place October 28–30 in San Francisco, continues. You have just five days left to save up to $800 on the price…

5 days left to get your early-bird Disrupt passes

Venture investment into Spanish startups also held up quite well, with €2.2 billion raised across some 850 funding rounds.

Spanish startups reached €100 billion in aggregate value last year

James Khatiblou, the owner and CEO of Onyx Motorbikes, was watching his e-bike startup fall apart.  Onyx was being evicted from its warehouse in El Segundo, Los Angeles. The company’s…

Onyx Motorbikes was in trouble — and then its 37-year-old owner died

Iyo represents a third form factor in the push to deliver standalone generative AI devices: Bluetooth earbuds.

Iyo thinks its gen AI earbuds can succeed where Humane and Rabbit stumbled

Arati Prabhakar, profiled as part of TechCrunch’s Women in AI series, is director of the White House Office of Science and Technology Policy.

Women in AI: Arati Prabhakar thinks it’s crucial to get AI ‘right’

AniML, the French startup behind a new 3D capture app called Doly, wants to create the PhotoRoom of product videos, sort of. If you’re selling sneakers on an online marketplace…

Doly lets you generate 3D product videos from your iPhone

Elon Musk’s AI startup, xAI, has raised $6 billion in a new funding round, it said today, as Musk shores up capital to aggressively compete with rivals including OpenAI, Microsoft,…

Elon Musk’s xAI raises $6B from Valor, a16z, and Sequoia

Indian startup Zypp Electric plans to use fresh investment from Japanese oil and energy conglomerate ENEOS to take its EV rental service into Southeast Asia early next year, TechCrunch has…

Indian EV startup Zypp Electric secures backing to fund expansion to Southeast Asia

Last month, one of the Bay Area’s better-known early-stage venture capital firms, Uncork Capital, marked its 20th anniversary with a party in a renovated church in San Francisco’s SoMa neighborhood,…

A venture capital firm looks back on changing norms, from board seats to backing rival startups

The families of victims of the shooting at Robb Elementary School in Uvalde, Texas are suing Activision and Meta, as well as gun manufacturer Daniel Defense. The families bringing the…

Families of Uvalde shooting victims sue Activision and Meta

Like most Silicon Valley VCs, what Garry Tan sees is opportunities for new, huge, lucrative businesses.

Y Combinator’s Garry Tan supports some AI regulation but warns against AI monopolies

Everything in society can feel geared toward optimization – whether that’s standardized testing or artificial intelligence algorithms. We’re taught to know what outcome you want to achieve, and find the…

How Maven’s AI-run ‘serendipity network’ can make social media interesting again

Miriam Vogel, profiled as part of TechCrunch’s Women in AI series, is the CEO of the nonprofit responsible AI advocacy organization EqualAI.

Women in AI: Miriam Vogel stresses the need for responsible AI

Google has been taking heat for some of the inaccurate, funny, and downright weird answers that it’s been providing via AI Overviews in search. AI Overviews are the AI-generated search…

What are Google’s AI Overviews good for?

When it comes to the world of venture-backed startups, some issues are universal, and some are very dependent on where the startups and its backers are located. It’s something we…

The ups and downs of investing in Europe, with VCs Saul Klein and Raluca Ragab

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. OpenAI announced this week that…

Scarlett Johansson brought receipts to the OpenAI controversy

Accurate weather forecasts are critical to industries like agriculture, and they’re also important to help prevent and mitigate harm from inclement weather events or natural disasters. But getting forecasts right…

Deal Dive: Can blockchain make weather forecasts better? WeatherXM thinks so

pcTattletale’s website was briefly defaced and contained links containing files from the spyware maker’s servers, before going offline.

Spyware app pcTattletale was hacked and its website defaced

Synapse’s bankruptcy shows just how treacherous things are for the often-interdependent fintech world when one key player hits trouble. 

Synapse, backed by a16z, has collapsed, and 10 million consumers could be hurt

Sarah Myers West, profiled as part of TechCrunch’s Women in AI series, is managing director at the AI Now institute.

Women in AI: Sarah Myers West says we should ask, ‘Why build AI at all?’