Customers have more choices than ever before. As a result, companies are constantly searching for ways to differentiate themselves and create a competitive advantage. One increasingly popular way to do this is by establishing a customer university, an educational program designed to help customers learn more about a company’s products and services. In this blog, we will explore the benefits of setting up a customer university and why you should consider doing the same.
According to a study by Brandon Hall Group, 70% of companies use customer education programs to increase customer satisfaction, and 52% use them to drive revenue. Another report by eLearning Industry found that 67% of consumers say they would be willing to pay more for products and services if the company provided high-quality educational content.
First, let’s define what we mean by a customer university. A customer university is an educational program offered by a company to its customers. The program is typically designed to teach customers about the company’s products and services, as well as provide them with relevant industry information and best practices. This can be achieved through a variety of formats, including online courses, webinars, workshops, and in-person events.
One of the primary benefits of establishing a customer university is improved customer engagement. By offering educational content that is relevant and valuable to your customers, you can create a deeper connection with them and increase their loyalty to your brand. This is particularly important in today’s age of social media, where customers have the power to amplify their experiences (both positive and negative) with a company to a wide audience.
In addition to improved customer engagement, a customer university can also lead to increased customer satisfaction. By providing customers with the information and skills they need to use your products and services effectively, you can reduce the likelihood of customer frustration and dissatisfaction. This can help to reduce churn and increase customer retention rates over time.
Another benefit of a customer university is the ability to gather valuable customer feedback. As customers engage with your educational content, they may provide feedback on their experiences with your products and services. This feedback can be used to improve your offerings, as well as to identify areas where additional education and support may be needed.
A customer university can also help to position your company as a thought leader in your industry. By providing customers with relevant and timely information about industry trends, best practices, and emerging technologies, you can establish your company as a trusted source of information and expertise. This can help to differentiate your company from competitors and create a stronger brand identity in the minds of your customers.
Finally, a customer university can be a powerful tool for driving revenue growth. By providing customers with the knowledge and skills they need to use your products and services effectively, you can increase the perceived value of your offerings and create upsell and cross-sell opportunities. This can help to increase average customer lifetime value and drive revenue growth over time.
So, how do you go about setting up a customer university? The first step is to identify the educational needs of your customers. This can be achieved through a variety of methods, including customer surveys, focus groups, and customer support interactions. Once you have a clear understanding of the educational needs of your customers, you can begin to design your educational program.
When designing your program, it’s important to keep the needs and preferences of your customers in mind. Consider factors such as their preferred learning styles, the amount of time they have available to dedicate to learning, and the specific topics they are most interested in. This will help you to create educational content that is engaging, relevant, and valuable to your customers.
In addition to designing your educational program, it’s important to think about how you will deliver your content. This can include a variety of formats, such as online courses, webinars, in-person workshops, and more. Consider which formats will be most effective for your customers, based on their learning styles and preferences.
Another key consideration when setting up a customer university is how you will measure the success of your program. This can include metrics such as customer satisfaction, engagement rates, and revenue growth. By tracking these metrics over time, you can identify areas where your program is succeeding and areas where improvements may be needed.
It’s also important to consider how you will promote your customer university to your customers. This can include email campaigns, social media posts, and other marketing efforts. Be sure to communicate the value and benefits of your educational program clearly and consistently to your customers.
A customer university can be a powerful tool for improving customer engagement, satisfaction, and loyalty. By providing customers with relevant and valuable educational content, you can establish your company as a thought leader in your industry and create upsell and cross-sell opportunities that can drive revenue growth over time. When designing your educational program, be sure to keep the needs and preferences of your customers in mind and measure the success of your program using relevant metrics. By doing so, you can create a customer university that delivers real value to your customers and your business.