The Relationship Between Compliance and Customers
Feb. 20, 2023
It is said rules are meant to be
broken but when it’s about maintaining good relations with customers, rules
ought to be followed. Keeping your customers happy is the final goal and to
make this happen, companies are following various tactics to approach their
customers in the best possible way. Your business needs to be equally or even
more capable of reaching out to the customers with compliance.
Compliance here means, abiding by the rules and norms even if they are not in your company’s best interests. To be more specific this can also be called regulatory compliance. It only offers you two ways either to abide by them or get penalized and even shut down. So, you have to be vigilant with regulatory compliance.
Where’s the problem?
The problem occurs when regulatory compliance comes in between your customer’s satisfaction. There might be certain rules that you need to follow but can be a threat to your relationship with customers. But this isn’t the case always because if seen carefully, these rules and norms are created to keep you and your business on the right track.
How can remaining compliant make your customers happy?
One of the best examples to understand the importance of compliance is the advent of the cloud. Keeping your customer’s data safe and secure must be the priority of every organization and cloud computing made this happen at a much faster rate. Cloud technology is so successful because it is more specifically used for protecting the customer’s data. Regulatory compliance needs organizations to follow these specific rules to maintain security and keep their customers happy. It’s clear from this example that the strong need for fulfilling compliance ensures better services to your customers. Had it been less important, many organizations would not have practiced proper security measures leading to a lack of secured data, and unhappy and unsatisfied customers.
It is fragmentary compliance that leads to inconvenience to the customers as it results in complex business processes and delays in providing the relevant services. As you know customers today are digitally active, they expect to reach out to you on every channel they want to. But fragmentary compliance makes the process slow, hence, decreasing the number of loyal and trustworthy customers.
Why is customer experience important?
This should not even be a question because this is what every organization is concerned about. Customer experience involves the customer’s perspectives on how easy it is for them to deal with or interact with your organization. It is the combination of all the touch points and every way to interact whether it is rational or emotional.
There are certain reasons why you need to retain your existing customers because it is much more expensive to attract new customers than to serve your loyal ones. And how is this possible to retain? Simply, by giving them what they want and how they want. According to Eskaben Kolsky, former Gartner Analyst, ‘Customers today are looking for guaranteed best customer services instead of just a promise for the same and this around 55% of them are ready to pay more’.So, it’s important to develop great customer experience and organizations must find out ways to manage their existing compliance responsibilities.