It says a satisfied customer is a loyal customer who can help grow your revenues, therefore a good customer experience plays a vital role in your business’s success. A happy customer will promote your business and advocates for your brand, product or service. The way you think about customer service likely has deeply affected your entire business. This is just one explanation of why it is so critical to build and obsess over an outstanding customer experience.
What Is Customer Experience?
Customer Experience is the term used for the impression your customers have of your brand as a whole throughout all aspects of the buyers’ journey. It results in uplifting your brand and revenue cycle.
In a mood to have a coffee? You can order your cup of Starbucks coffee through Facebook Messenger and get notified when your order is ready for pick-up. Isn’t this amazing! This is a smooth Customer Experience, where the process is in flow with no outbreaks or roadblocks.
The two primary touchpoints that help build a good Customer Experience are people and product. When you are blown by the performance of the product or delighted by the attention a customer gives, that is the result of a Good Customer Experience.
The Most Valuable Currency Today is Attention.
Social Media channels work to keep users in-app with native ads and searches. Algorithms are built to favour paid content. Internet giants like Amazon have made their mobile app, to promote on-demand services that are convenient and cost-saving. That is why Customer Experience is more important than ever. It’s the only way to drive engagement and loyalty in today’s business landscape.
Today, however, several businesses aim to consolidate the knowledge necessary to create a consistently positive experience. The study says 81% of businesses say they're close to having a holistic view of their customers, while only 37% of consumers say they understand their favourite retailer understand them.
Importance Of Customer Experience
A remarkable Customer Experience is critical to the sustained growth of any business. A positive customer experience promotes loyalty, helps you retain customers, and encourages brand goodwill.
Today, customers have the power, not the sellers.
Who gave them this power? Us — with help from the World Wide Web.
Customers have many options to choose from at their fingertips plus the resources necessary to educate themselves and make purchases on their own make it even more useful for them.
This is why it's so important to provide a remarkable experience and make them want to continue doing business with you.
6 Key Advantages Of Customer Experience
Organizations are always seeking ways to improve the performance of their business. When the time or budget is limited, they must decide which areas of the business to invest in. When asked, Customer Experience (CX) is one of the most important areas to focus on for all organizations in any sector and field.
The 6 key advantages of Customer Experience explained in detail:
1.More Customer Acquisition
Word-of-mouth marketing is a traditional concept. The rise of digital and social media has made this form of marketing exceptionally powerful. Companies today rely on the goodwill of their customers to spread the word about their businesses.
Companies are leveraging their media presence to cultivate customer trust. They are ensuring consumers have a great experience from the initial stage itself. And they are trying to build a long-term relationship with their customers to get solid word-of-mouth recommendations.
2.Good Customer Engagement
Consumers trust businesses they already know. Hence, businesses encourage customer engagement more to increase interactions and build beneficial relationships with their customers.
Companies are reaching out to their existing customers with value-added propositions. They are using various platforms like emails and social media to engage with consumers and get more feedback. These real-time interactions create an atmosphere where consumers are willing to share their needs with companies. In turn, companies can provide improved products and services.
3.Increased Customer Conversions
An existing, satisfied customer is more likely to buy from you again as compared to a completely new prospect. So it’s a good idea to design a customer experience that can create a life-cycle of feedback and product offerings. It will increase conversion rates. However, the main objective should not be to increase revenue but companies should prioritize relationships with the customers as well.
4.Cut Down Cost of Service and Marketing
A CX-centric approach helps companies understand their customers better. It leads to less guesswork about what customers want, which can save up the marketing costs. In traditional marketing, companies often keep calling consumers to add new products or services without having any clue about their particular requirements.
A CX-centric approach can have built-in checkpoints helping companies take a more customer-centric approach in their business model. Companies collect data, create business analytics, and understand market dynamics. It lowers costs while increasing sales and customer satisfaction.
5.Improved Crisis Management
Trust and loyalty is a pillar of great customer experience. When customers trust a business, they are more likely to communicate any complaints directly. This enables a company to manage their brand reputation without public outrage or humiliation and they can even know what mistake they are making and accordingly solve it to give their customers the best experience possible.
A bad reputation can cause companies to lose potential investments and experience difficulties with customers. This is a nightmare for organizations. Honoring the trust of customers through an efficient and engaging process during a crisis is essential. It can help companies prosper in the long-term, even if there are short-term temporary setbacks initially.
6.Increased Customer Loyalty and Retention
Exceptional Customer Experience builds a foundation of loyalty and improves customer retention. People are looking for high-quality products and services at an optimal price. Customers are willing to pay more for the same products and services if they feel that the company is adding extra value through interactions. And companies that provide extra value are rewarded with long-term customer loyalty.
After learning about the value and main advantages of customer experience, let's talk about ways to build a better plan to boost customer loyalty, minimize churn and increase your sales.
1. Have a clear vision
2. Understand who your customers are
3. Build an emotional connection with your customers
4. Capture customer feedback in real-time
5. Use a quality framework for the development of your team
6. Act upon regular employee feedback
7. Measure the ROI from delivering a great customer
Conclusion
Customer expectations are higher than ever and word-of-mouth travels fast! And as the customer becomes even more empowered, it increases the importance of Customer Experience.
Customer Experience is an area that needs constant nurturing and care, and with a greater focus on Customer Experience Strategies, companies will notice the positive impact on customer loyalty, higher retention, and increased revenue growth.
