f you’re a business owner, then you’ll know that keeping customers happy all the time isn’t an easy feat. Still, it’s certainly worth the effort. In fact, enveloping your supporters in a top-notch service is probably one of the only definite ways to ensure the success of your brand – so, it’s not something you want falling by the wayside.
In this article, we’ll discuss why customer experience (also known as CX) is important and how it can nourish customer relationships, with increased revenue being your reward.
Did you know?
Did you know that 73% of consumaers mention customer experience as an important factor when it comes to their purchasing decisions? This statistic was reached via a survey conducted by PCW.
Is customer service the same as customer experience?
While some may consider customer service as being synonymous with CX, the former is just one spoke on a wheel. Excellent service forms part of customer expectations and plays a role in developing a satisfying experience.
Why Is Customer Experience Important for a Business?
Before we discuss why customer experience is so vital to a small business, let’s take a quick step back and discuss what CX is, exactly.
According to Forbes, CX includes many elements, with the core being the perception that consumers have on a brand. From offering a quality product or service to making browsing, purchasing and aftersales pleasant, it’s up to you to engage with your customers so that they have positive interactions with your business.
Why?
Because almost 65% of buyers agree that the entire experience that’s associated with a product or service is more important than the price of the product or service itself. So, if you want to make sure you keep old customers happy while generating new leads, then this is certainly the way forward!
Reasons Why CX Is Important Include:
- Brand recognition and loyalty. If you can create an outstanding customer journey, then you have defined your business as one that’s loyal to the needs of shoppers. If you can meet your shoppers’ expectations in this way, they’re likely to remain loyal to you too.
- It’s an affordable way to grow your customer base. You don’t need to spend thousands of your hard-earned cash on marketing if you simply look after those who do turn to support you. By satisfying customers, you secure their return while promoting word of mouth marketing, which is still the best form of marketing to date!
- You stand out from competitors. A superior CX is an easy way to set your business apart from the rest. This gives flooded markets an opportunity to promote themselves as a unique and worthy entity.
- It can increase your return on investment. A happy customer is one who will come back for more…and more! They will also share their amazing experience with others, which, again, leads to MORE revenue. All this without having to struggle with redundant marketing plans!
How Does Customer Experience Impact Sales?
84% of companies that work to improve their customer experience report an increase in their revenue, CISION PR Newswire reports.
Business owners want to make sales, right? To do this, they need customers. If statistics show that the majority of shoppers are on the lookout for a meaningful and probably personal touch, then satisfying customers in this regard is a no brainer.
Happy customers equal a booming business!
On the other hand, if your visitors have a bad experience when engaging with your brand, the outcome could be detrimental. It’s a ripple effect, really. If one customer finds fault with your business, their next actions can deter other consumers from following through with a purchase. This is were negative word of mouth sets in.
The gist of it is that you’re going to get what you give. So give it your ALL!
The next question is – How Do You Offer Your Shoppers an Ultimate Customer Centric Culture?
What Is a Customer Experience Strategy?
A CX strategy paves the way forward, much like a marketing plan. It’s a method for small business owners to form a customer-centric culture built on the concept of increasing ROI.
A detailed strategy should include:
- A vision that fits in with your brand. That is, you need to determine how you can satisfy your customers while keeping in line with your brand’s values and goals.
- Reaching a clear understanding of who your customers are. To surpass your shoppers’ expectations, you’ll need to know who they are and what’s going to make them happy.
- An emotional connection. Customers become loyal because they are emotionally attached and they will remember how they felt each time they engaged with your brand. Your strategy should include ways in which you can emotionally connect with your consumer base.
- Understanding the importance of customer feedback. The only way you can tell if you are providing a WOW experience is to ask your customers how they feel after they have purchased a product or service from you. Feedback can be gathered using digital surveys or you can pop individuals a quick text message to ask if they are satisfied and if there is anything you can improve on.
- A plan of action. You can use feedback from both customers and employees to formulise the steps you’ll put in place for an “out-of-this-world” interaction with your business. From streamlining shopping experiences to adding personal touches, there are several ways to make your brand a cut above the rest.
- Measuring the ROI. If your ROI is skyrocketing, then you’ll know you’re doing something right. If you’re just not generating as much revenue as expected, you may need to revisit your strategy.
How Do We Measure Customer Experience for Brands?
CX measurement can be complex. How do you factually tell what’s working and what’s not? You can gather customer feedback and tally your sales for an idea of which direction you’re heading in, but how do you get your hands on raw figures?
The answer is TECHNOLOGY.
Metrics software has been developed to do the math for you. The metrics delivered using this software help to determine the ultimate measure of customer success.
Examples of commonly used metrics for small businesses include:
Why Prioritise Customer Satisfaction in 2021 and Beyond?
Referring to a Study by Walker:
CX is predicted to continue to overtake price and product as the key brand differentiator in 2020 and into to 2021 and beyond.
Customer expectations are on the rise. Couple this with the fact that interactions during every step of the journey are expected to change with the rapid evolution of technology; you may have a complex recipe to follow moving forward. But follow this recipe you must.
It’s time to become “customer committed”. Why? Because there’s no shortage of choices when it comes to products and services. This means that consumers are basing their purchasing decisions on the type of experience you offer with 2021’s focus being: speed, ease, and personalisation.