Setting up a business is not a pursuit for the faint of heart, yet an increasing number of Hong Kongers are giving up their nine-to-six working arrangements in favour of starting their own companies. However, taking a seed of an idea and growing it into a profitable venture is no simple task, even in a city with a burgeoning start-up ecosystem and a seemingly never-ending stream of talent and resources.
Although there is no single ingredient that gives a unicorn its horn, there is a clear correlation between start-up success and customer trust. Building meaningful relationships is fundamental for any business, but it’s particularly critical for a new enterprise targeting an audience that has never heard of it. Yet, according to a Hong Kong Trade Development Council (HKTDC) study last year, this is the biggest challenge that local start-ups face.
Optimise Customer Experience from Day One
In today’s fast-moving digital world, creating a personalized customer experience (CX) is the key to building trust. Recent Infobip research found that impersonal messages annoy 54% of people, are ignored by 47%, and are the reason why more than 1-in-5 switched brand allegiance during the COVID-19 lockdown. Customers don’t just desire hyper-personalised experiences – they expect them. Not addressing these demands is often the difference between success and failure for a start-up.
Digitisation and, more specifically, omnichannel communications, are the key to unlocking bespoke, round-the-clock CX to build trust and credibility. Today’s customers use more digital channels than ever before and demand consistent, integrated CX on each and every one.
Omnichannel communication is like multi-channel offerings in that they both deliver a company’s messages across various different touchpoints. Where they differ significantly, however, is the level of customisation and consistency that are being offered. By drawing on valuable data, such as habits, behaviours, and preferences, omnichannel tools can be used to create personalised and timely messages throughout every stage of the customer journey, enabling businesses to attract and retain customers.
Start-ups that adopt an omnichannel communication strategy are more likely to hit the ground running and get ahead of their competitors. In fact, research data shows how new business ventures that sow the seeds of trust early on with CX are significantly more likely to succeed and grow faster.
Seek expertise, not just capital
Understandably, optimising CX is usually not top-of-mind for start-up founders. If it is, then it’s difficult to know where to begin. If you’re in this situation, the best course of action is to find a partner or mentor.
However, all too often, start-up owners jump at the first investor that writes them a cheque or any incubator programme that accepts them, without carefully considering whether it’s the right partnership to propel their business forward. Ideally, you don’t want to bring just anyone on board and, instead, consider working with those who have extensive experience and know-how that can add value to your business’s unique situation.
If your focus is on getting new customers, then you should partner with an initiative or company that has deep expertise in the customer engagement space. More importantly, one that can provide you with the right services to communicate with customers and help build meaningful relationships.
Similarly, if you own a fintech company but lack the expertise to navigate the increasingly complex regulatory environment, then you should find a programme with experts that have done it themselves and can help you dot the compliance I’s and cross the legal T’s.
For start-ups in Hong Kong, however, the most common challenge faced is building personal connections that are needed to acquire new customers and keeping them engaged for the long-term, rather than a one-time click.
Having direct access to specialists can help solve this issue. Whether you partner with an incubator, accelerator, excubator, or angel investor, you must know where the gaps in your business are and are confident that they can help you fill them.
When you look back at your journey, from turning a hazy idea into a successful business, you’ll be able to identify a handful of decisions that kept you in the right lane. Your choice of partner to travel with will undoubtedly be one of the most critical decisions you ever make.
