A recent study in the UK shows that students now need two degrees to get higher pay.
The simple reason for this is the sheer number of students that get a bachelor’s degree. In fact, students with a postgraduate degree now earn, on average, 40% more than students with a bachelor’s degree.
On the other hand, the difference between the earnings of individuals with and without a degree is at a 21%.
In other words, spend a year more in uni and the jump is quite significant. And, we can learn a lot from this situation in business too. Going a step further pays exponentially.
(I am aware of the growing sentiment against university education. But, I hold the position that if you are going to do something, do it well. Otherwise, spend your time well elsewhere. We talk more about this topic in our video below).
Considering Customer Experience
Customer Experience is the collective term for the interaction between your business and your clients. And, understanding the importance of this customer experience can be the 21% difference between having a degree and not having a degree.
In other words, there is a significant difference between doing a business and learning about your target audience before doing a business. Simply, you need to understand the kind of feeling and associations you generate through your business to go further. You need to develop a favourable customer experience.
If you are interested in the topic of generating the right feelings through your business, you may also like:
- To Associate or Not to Associate – That is the Question
- When Your Client Tries to Step on You – Machiavellianism in Business
Coming back to the topic, this interaction behind customer experience stretches through the whole duration of the relationship. And, therefore, you need to think about how your customer experience is going to transform over this time.
Considering Customer Experience Transformation
Customer Experience Transformation was the main idea behind this blog. And, the need for understanding customer experience transformation comes through a personal observation.
We have seen it time and time again that businesses treat customer experience as a linear process. But, in reality, customer needs and hence, the required journey transforms over time.
What is considered adequate today could become the bare minimum tomorrow. And, therefore, it is important to keep a track of market needs and change accordingly.
This could be your 40% jump of a second degree. The trick is to push a little further and personalise to the needs of your target audience.