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Trends & Insights

Why Invest in Customer Experience?

May 19, 2021
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Nowadays, customer experience (CX) has become a vital part of any business strategy. Still, most companies have struggled to successfully execute a successful plan of action to confirm decent and consistent success in this crucial part of customer service.

There is no doubt that customer experience has changed the entire business environment, and choosing the right customer support team will lead your organization or brand to the next level.

A happy customer experience is a crucial factor to your business success because a satisfied customer is the one who is responsible for generating more revenue and promote your brand in the competitive world.

The primary reason why having a great customer experience is so significant because one negative customer experience can damage your brand or product image as a whole. This article will give you a brief note about customer experience, why you should invest in customer experience, and how to improve it.

What is Customer Experience?

Customer experience is the idea that attracts more customers while interacting with your brand, either good or bad.

Why should you invest in Customer Experience anyway?

In recent years, CX has become a significant hub for marketers and salespeople to invest. The primary reason for investing in CX because it helps to differentiate the brand or product. 

Here are some reasons why your company or organization should invest in customer experience:

  • Good Customer experience makes the customer to loyal your brand 
  • A great customer experience can help your brand stand out from the competition.

The benefits of investing in Customer Experience

These are the following proven benefits of investing in customer experience that explain why it is worth considering. Let's get started!

Make customers your long-term loyalists

A great customer experience can get you, long-term loyal customers. Loyal customers are valuable for your businesses and are the ones who can promote your brand with friends and family. Moreover, a loyal customer will lead to more sales and generate more revenue to boost your business.

Higher cross-sell and upsell potential

A company with good customer experience is more likely to increase sales because customers try out other products and services. It is no secret when a customer buys more, and the turnover rises automatically. However, business growth does not mean retaining customers. Businesses with a top-notch customer experience generate more revenue than their competitors.

Improve and maintain brand image

A company that is using CX can help you to enhance your brand's public imagand provides excellent protection if there is any slip-up in customer service. Moreover, a great customer experience will take your brand to the other level and be responsible for boosting sales and annual profit compared to the previous years. Today, Businesses with a top-notch customer experience are generating more sales and attracting new customers.

Happier and more productive workforce 

No matter how great your brand or how brilliant your idea is, your company must need an honest and committed staff to attract customers. A happier and more effective workforce is key to your business success. When your customer support team offers good customer service, they eventually get the customers' trust and motivate them to buy more of your products. Nowadays, highly motivated team members of your brand help to minimize the hiring and training costs. They also bring substantial benefits to the bottom line. If your business is just developing or you have several projects developing in parallel, you can use the services of an outsourcing call center.

Lower Customer Churn Rate

Today, most companies look forward to a higher customer lifetime value with a strong consumer experience strategy. This can achieve by minimizing the customer turnover or churn rate. It is a bitter truth that getting a new customer is more expensive instead of keeping them. Companies and organizations that invest time and resources in their customers' pleasure reward with more prolonged engagement.

A brand or company is likely to stay at the top of a customer's mind by using various platforms such as phone calls, email updates, or customer appreciation events. Whenever a customer needs to buy something, he prefers those floating brands in his mind and has an easier decision to make if they provide the best customer services compared to other brands.

Statistics that Prove the Value of CX

Customer experience statistics show the significant value of why any company should start focusing on it. In this digital era, almost every company prioritizes customer experience to take the business to the next level. On top of that, enhances the CX can lead to maximizing your business revenue. So, let's discuss the proven stats.

  • Almost many companies adopt the best customer experience approach than other companies left behind by nearly 80%.  (Qualtrics)
  • Companies that offer top-notch customer experience can generate revenue 4-8% in a precise way. (Bain)
  • If the company solves the customer issues in the first place, 70% of customers certainly rebuy its services in the future. (Glance)
  • Companies providing good services to the customers have probably 38% chances to recommend it to others. (Qualtrics XM Institute)
  • It seems that 88% of contact centers prefer to adopt CX to enhance business growth. (Deloitte)
  • Customers always prioritize those companies who have the highest star ratings, and it has given that almost half of the consumers don't agree to work with less than four-star ratings. (Neil Patel)
  • If any delay happens in e-commerce transactions, 16% of CSAT scores reduce in the first place. (Cisco)
  • Customers with a significant majority of 71%  always prefer those products or services they receive with the best customer support.(Convince & Convert Consulting)
  • Almost 65% of customers prefer those brands with a positive experience that is much influential rather than marketing or advertising. (PwC)
  • If your brand has an awful experience with a customer, it reduces the potential customers by 39% to stay away from your brand. (Zendesk)

How to improve CX (Clear Steps)?

Define the Customer Experience Environment

The first step you must have to take is to define the customer experience environment in your organization. This environment focuses on customer communication that includes the set of statements or principles. These principles define the organization's vision in order to deal with customers humbly and politely.  Further, your team must know about the principles and implement them in all areas of development accordingly.

Understand Customers Deeply

Once the customer experience principles are in place, the second step is to understand customers, behavior and needs. If your organization understands all the customer's hurdles or issues, you can simply handle the situation in a much precise way. The most pleasing way to do this is to segment your customers and create personas. For instance, specify each persona a name and personality to follow up the needs effectively.

Collect Real-Time Customer Feedback

Once your organization completes the customer's task perfectly, it's the right time to capture real-time feedback. You can simply do it using live chat tools, send follow-up emails, or various customer experience tools. However, getting insightful feedback is crucial because it shows the team's performance and its contribution to growing the business.

Improve the Customer Journey

Delivering a great customer experience is significant for any organization. And it is as important as giving the business services to customers. Undoubtedly, you can boost your business sales by improving the customer journey. This means that you need a crystal clear understanding of the end-to-end experiences with customers. To create a great customer experience, you must focus on a customer's journey and identify customer problems.

Conclusion

Whether you're admitting it or not, delivering the best customer experience enhances the business's growth. Without a doubt, every customer attracts those brands or organizations who are entirely professional and have 24/7 customer support. So, it is significant to invest in customer experience if you intend to generate more revenue. Further, improving the customer experience is not as simple as you think; it is a one-and-done initiative approach.

Almost all companies tend customer experience improvements, and few can afford it. It would be best to make sure that your company prioritizes its investments and efforts on improvements that will have the most significant impact on your customers' satisfaction. Mainly, it offers a seamless experience that includes tracking customers, analyzing and fixing fundamental causes of customer frustration like billing errors.

In short, we put together all the guide as mentioned above that explains why invests in customer experience and benefits of investing in customer experience. And if you still have mysterious thoughts about why it is necessary, follow up the above guide that focuses on fulfilling the customer needs by gaining its loyalty.

If you’ve made up your mind to choose our service, don’t wait for more contact us now. We’re here to entertain your business with a professional customer support team having expertise in significantly improving customer experience.

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