Customer experience is as important as ever in order to have a sustainable and profitable business. CX is critical for any organization and it is becoming an increasingly important part of the sales and marketing process. Research indicates that CX is critical in determining long term success, with some citing it as a top-growth engine that impacts revenue loss from poor customer experience. This is true for every industry, from retail to hospitality to manufacturing. A poor customer experience can result in loss of revenue, profit, brand value and even customers. Customers are more loyal to brands when the brand is consistently providing positive experiences and quick delivery.
In today’s competitive business environment, it is crucial to have a positive customer experience. Poor experiences may lead to customers leaving and the company losing out on revenue. This can happen when there is either too much wait time or when the service itself is not up to par. Previous good experience with the company will make them more likely to purchase again in the future. Consumers prioritize positive experiences above all else, so it’s important that brands are able to provide this for their customers and retain their business in the long run.
Customer experience is no longer a nice-to-have option. Customer experience is a must-have. studies shows that CX can slow or boost the success of a business, and it’s not just about the latest web design trend or flashy marketing campaign. Today, customers want more than ever before. They want access to your company 24/7 and through multiple channels like email, chat, social media, phone and text messages. They expect higher quality customer service with personalized experiences that are catered to their needs and wants. And they demand results from every interaction we have with them from the online purchase process all the way to returns and exchanges in store.
Customers are more mobile and self-sufficient, thanks to the power of technology, which is why it's important that businesses plan their customer experience with them in mind.
Self-service tools that allow customers to easily browse through your product catalog and purchase items on their own are essential for retailers in this era of self-sufficient consumers. Self-service customer requires less contact from your staff. A self-service first policy is necessary in order to meet these evolving customer demands and preferences.
Automation has already improved the customer journey by helping to provide accurate answers to their queries via chatbots on social media or messaging apps like Facebook Messenger, WhatsApp etc.
There is no doubt that customer experience has become a key factor in the success of any business. CX is not just the responsibility of customer service reps to provide a good customer experience. All employees from different departments have to understand the importance of CX, and work towards improving it. The snowball effect of good and bad CX experiences can impact your business in both direct and indirect ways. So it’s important that every employee understands the importance of providing a great customer experience for your customers. That’s why it’s important to implement best practices for customer experience that can help your company thrive.
Understanding how customers react to their experiences is vital for businesses looking to bridge the current CX gap and better understand customers expectations
|Customer experience is important ?||86% of CX professionals are competing with other businesses by developing a strong customer experience.||87% business leaders see customer experience as the quickest way to grow their business, even though 1 in 3 feel ready to address it.||
CX Management market reached $11.34B in 2022 and is expected to grow 16.2% every year from 2022 to 2029
|Challenges for Business||49% of consumers reject a brand if have bad customer experience after first sale||
Businesses lost $35.3B every year due to customer churn caused by controllable customer experience issues i.e fair treatment
83% of Executives believe that unimproved CX, exposes business to revenue and market share risk.
|Positive experiences||Customers; care more about having a good experience than price||65% consumers thinks good experience with a product can be more influential than advertising it||Top two criteria of consumer before making a new purchase:
i “previous good CX with the brand”
ii speed of availability/delivery
|Companies are leaving an estimated $402B each year on the table for making seemingly trivial CX mistakes.||72% of customers share a positive experience with 6 or more people after buying||13% of consumer share bad experience with 15 or even more||
Loyal customers are reliable, and they have a 5x likely chance of re-purchasing and referring friends.
|Social media in CX||First choice of Gen Z to engage with brands||68% of US consumers use, or would like to use, social media to engage with brands before making a purchase.||Encourage empathy for your product/service/overall brand||best source of UGC||
110% rise in consumers who picked social media as their favourite route for resolving customer care issues
|General||Customer experience is the new battlefield||To compete, 88% of companies now prioritize customer experience in their contact centers||companies investment in the omni-channel experience has jumped from 20% to more than 80%.||Mobile customer experience is priority||57% of customers are reluctant to recommend a business with a poorly designed website on mobile||Companies that prioritise their consumers are 60% more profitable than those that don't.||Companies that provide above-average customer service outperform their rivals financially in 73% of cases.||52% of marketers adapt their strategies and tactics based on customer interactions and feedback.||75% of marketers say they will be responsible for the end-to-end experience over the customer’s lifetime.||62% of marketing leaders said use of online customer data at their firms increased in the last two years, and 70% said they expect to use more online data in the next two years.||84% of companies who claim to be customer-centric are now focusing on the mobile customer experience.||
90% of customers report having a poor experience when seeking customer support on mobile devices.
|How To improve||Build an omni channel strategy||provide top-notch customer service||Train your rep team to facilitate customer||Use oF AI||offer self-service options||Implement customer feedback||Take social proof seriously||Keep your brand messaging clear||Implement customer loyalty programs||Optimize your customer journey||Build a customer-centric culture||
Make use of customer analytics