This week, we explore five methods to enrich your brand’s CX, inspired by the book Rich Dad Poor Dad.

Rich brand, poor brand

Five takeaways adapted from the bestselling book Rich Dad Poor Dad that will change the way you see CX.

Christopher Moriarty

Creative

Brand Expression

5 minute read

In his book Rich Dad Poor Dad1, Robert Kiyosaki draws life lessons from the two father figures in his life (one rich, one poor) and examines how their differing approaches to finance can be applied to the world of business decision-making. But here, we’ll be taking those same lessons and applying them to the art of CX. What makes a brand ‘rich’ or ‘poor’? It’s not actually about their financial situation, but their behaviour.
In short
  • Through the lens of the book Rich Dad Poor Dad, we examine how brands can create better CX.
  • ‘Poor’ brands stick to their tried-and-true methods and don’t take suggestions, insulating themselves from customers and innovation alike.
  • In contrast, ‘rich’ brands see room for improvement; they’re both responsive and self-aware.
1. Fortune favours the brave and bold

When you want to be noticed by a greater number of potential customers, 'business as usual’ won’t help you stand out from the crowd. You need to get brave and bold if you want to deliver a memorable customer experience. Start by thinking about the kind of journey your customers would design for themselves2.

‘Poor’ Brands rely on old customer journeys designed only to benefit the financial needs of the business.

‘Rich’ Brands create new customer journeys designed to benefit the needs of their varied customers in ways that pay greater dividends.

Don’t be afraid to stray from the standard path and invest in creating a fun, easy and enjoyable end-to-end journey your customers will remember and recommend.

2. Perfect the art of minding your own business

Don’t try to copy what your competitor is doing. Your focus should be on delivering the best experience for customers in a way that only you can. When you make the customer experience representative of your core brand ideals, you give customers a good sense of what they can come to expect from a relationship with you in the long-term3. Make a practical promise, and then deliver on it.

‘Poor’ Brands make promises that their CX does not deliver on.

‘Rich’ Brands create a series of CX touchpoints that deliver on the inherent promise of the brand.

Make sure to set customers’ expectations from the outset, and you’ll be on the path to a good relationship.

“‘Poor’ Brands rely on old customer journeys designed only to benefit the financial needs of the business.”

3. Old ideas are liabilities and new ideas are assets

When you embrace change and invest in new ways of thinking, you begin to welcome exciting opportunities you might normally have ignored. As a business, especially when it comes to customer interaction, there is almost always room for improvement. Every touchpoint should be representative of your brand's current positioning and relationship to your customers.

 

‘Poor’ Brands rely on aging survey-based measurement systems that don’t speak to their customers’ needs. 

'Rich’ Brands collect smartphone and interaction data to yield deeper insights, while harnessing predictive analytics to anticipate behaviours and connect more closely with their customers, thereby identifying CX issues and opportunities in real time.

 

Your organisation should always be challenging itself to do better. Cast off your old habits and give some thought to what's outside your comfort zone.

4. Develop your communication skills

The ability to effectively communicate ideas to your customers and have them be understood is one of the most important skills of running a business. The other key skill is the ability and willingness to listen and to hear. Because CX is more than just a blast of messages from you to your customers.

Instead, it's an ongoing two-way conversation that lasts for as long as you want to maintain the health of that relationship. You should constantly be honing your communication skills, and taking feedback from your customers as to where you might be tripping them up on their journey4. If they’re not picking up what you’re putting down, that’s not on them, that’s on you to express the idea in a way they can more easily understand. Brands have to invest in the customer experience if they want to begin a relationship that leads to customer loyalty.


‘Poor’ Brands make a one-off statement, refuse to elaborate, and leave the chat, ignoring their customers.
‘Rich’ Brands start an ongoing conversation with customers, because the more you can understand about who they are and what they want, the better you can assist them.

Good CX is a dialogue, not a monologue. Another important communication tool you need is the ability to listen to your team. Let them tell you about their experiences with your customers and listen to any suggestions they may have to help improve the customer experience.

5. Get out of your own way
Point number five is... another five points. Robert Kiyosaki outlines five main reasons that hold most businesses back, or in this case, might be contributing to your business delivering poor CX:

Fear, Cynicism, Laziness, Bad habits, and Arrogance.

The one thing they all have in common is you. It’s quite possible that you might be the stumbling block you need to overcome in order for your business to start delivering quality CX. Maybe you need to get out of your own way and trust your team more. You should strive to work with people smarter than you and let them make you and your business better.

If you can conquer all of these obstacles, and the impact they have on your business decisions, then your customers' experiences will improve dramatically.

When you build a pleasant customer experience, tailored to their needs, you’ll create happy customers. And happy customers become loyal customers, giving you a much better chance of becoming a Rich Brand.

on brand authenticity 
When it comes to delivering an amazing experience for your customers, copying what competitors are doing can often be the wrong move. Even if it feels like a risk, it’s much more worthwhile to stay authentic to your brand and stand out from the crowd – you’ll find your most loyal customers this way.

Written by Christopher Moriarty, 52 Words by Angelica Martin, editing by Abby Clarke, key visual by Patrick Brennan, page built by Kate Pendergast
References

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