Let’s begin with breaking down the term ROI i.e., Return on Investment that plays a significant role in today’s Mobile Era. The ROI can be further defined as the ratio between the Cost of Investment (resulting from Investment of one or more resources) and the Net Profit. In simple words, a higher ROI means that the particular investment is gaining comparatively as a favorable event to its cost.
We as users now look for Speed and Value in every field of business with the obvious convenience factor. This has led to another evolution of each sector being digitalized as per these customer requirements. So, if you are a Service Provider and your end-users are not getting their expectation been met with your products and services than your customers will likely start looking for a similar service provide like you who can meet their expectation with his/her products and services.
We at ChromeInfotech, constantly thrive to meet the client’s expectations from the reality of the App Development Services that our high-skilled team of developers, testers, and designers are delivering. Below-mentioned are some of the main areas that can make or break the chances of having a higher profitability and ROI for your business:
Customer is the King of the Market
Over the years, the saying ‘Customer is King’ has just gained more and more popularity further leading the ‘Customer Experience’ a key factor in the businesses.
Start from identifying who your actual customer is because once you have identified the targeted audience for your specific product/services then you will be able to work on the other custom-focused strategizes to convert them into your long-term potential customers.
The mobile and web applications that we use today for our daily chores get quickly replaced once a new app with similar functionality hit the market. To stop this thing happening to your app or service ask yourself the question ‘What is my app helping my target audience achieve?’.
Need for Customer Experience
The customer experience crucially affects the business among the various different sectors of the industry. According to results of many surveys conducted over the past decade, it can be said that “Profitability is directly proportional to the Customer Experience”. This means the greater the customer experience, the greater will be the profitability of the business, thus leading to a greater ROI.
Some of the many important points to know about your end-users is that –
- Customers favor a great experience that means their stick loyal to a brand if they receive a much positive experience with that specific brand.
- Nowadays the customers are willing to pay extra bucks in order to experience a greater customer experience. This, in fact, improves the conversions on the ‘Upsell Opportunities’ for the brand itself.
- Whether good or bad experience, people always share their personal experience with the people they know like friends and family. So, if they had a nice customer experience from your brand, they are more likely to share this further with their people and that’s how the ‘Goodwill’ of a brand is created.
Holistic Approach to Journey Mapping
A year or two back, the ‘Customer Journey Mapping Techniques’ were the talk of the town and were specifically played attention to. It is known that a successful customer relationship leads to the customer trusting the organization by purchasing other products and services that are offered by that organization. Hence, the total number of the ‘Customer & Organization Touchpoints’ increases, making the consistent quality management an on-going challenge.
A tool for the plotting of an entire set of ‘Actionable/Measurable’ touchpoints and customer experiences in the context of the engagement with a specific product or service, can be defined as the main aim of a Customer Journey Map. To deal with multiple business units within the organization and to its own services and products, the Holistic approach is required that can focus on the Functional Relation between the parts as well as the whole.
Some of the key advantages of Holistic Journey Mapping Techniques are that they provide a consistent & tangible UX Framework, used to unify management of overall customer experience, and essential for conducting management within a single framework of a spectrum that ranges from a Global CX to a particular UX touchpoint of an app.
Scope of Emerging Technology
Virtual Reality, Voice Assistants, Internet of Things, AR, and many other technologies that are in the emerging stage with rapid speed. Every day or other we now come across a new form of how these emerging technologies are shaping our day-to-day lifestyle. Voice Assistants by huge MNCs like Apple, Google, and Amazon are changing the game by offering Personalized responses, screens, voice payments, integration with Home Assistant devices, Push Notification, and Hearables.
With the IoT i.e. the Internet of Things, our interaction with technology is developing more high-level and efficient at the same time. Now with ‘Android Things’ the complexities are starting to break into a simpler process with respect to the APIs. Oculus, a known player in the field of VR is one of the most talked about Virtual Reality Headset available in the market. The VR technology can act as a boon in the Healthcare sector including Research Organizations that can use it in therapy and for other medical treatments as well.
ROI is used as an indicator to show showcase the comparison between the various different investments done within a portfolio. Usually, the investment with the greatest Return on Investment is prioritized even though the spread of the ROI over the entire time duration should be taken into account. Here at ChromeInfotech, as one of the Top App Development Companies, our main objective revolves around delivering the high-quality IT solution to our clients that can further help them in establishing a greater online presence for their brand and help them maximize their revenue.