When people discuss customer experience, they mean the traditional sales and marketing touchpoints that show the customer's journey. In the past few years, customer experience investment yielded good results like increased sales, customer acquisition, customer retention, and loyalty. But currently, with the advent of digitization, the world has changed.
The way customers interact with brands has changed and evolved. Even before the Covid-19 pandemic struck the world, digital media was already ruling our lives and businesses were able to create a great customer experience utilizing digital media. Currently, we are on the brink of a customer experience renaissance. It is not going away but it is actually a value proposition that is stalling because several fundamentals of customer experience are just no longer enough for ensuring growth.
Understanding customer experience
Customer experience can be described as the perception of a customer towards a brand. These perceptions can definitely lead to lifelong loyalty and steadfastness towards the particular brand.
In today's uncertain climate customer service and customer experience are the two very hot topics that every business is focused upon. From 2020, consumers are empowered like never before as the business has been able to deliver a great customer experience by driving revenue and loyalty in the long run. Therefore, downplaying the importance of customer service and experience in this difficult Covid-19 situation is no longer an option for businesses as the voices of the customer are getting louder every day. Therefore, investing effort and time into customer experience is usually the main focus of at least nine 68% of marketers as it is the only source of generating high revenue.
Know the reasons why customer experience is a matter of growing importance
1. Customer satisfaction is more crucial than ever
Companies worldwide have an average customer satisfaction of 86%. It is the key to exceeding your customer's expectations. Brands have to be dependable, accurate and have to offer the service that they have guaranteed. The opportunity thereby lies in their ability to deliver whatever they have promised and surprise them with extra support and care. A completely satisfied customer is said to be contributing 2.6 times more revenue than a somewhat satisfied or dissatisfied customer. Thus, the main goal is to create a constant customer experience by meeting all the touchpoints.
2. Customer advocacy is a powerful tool
Word of mouth is one of the best tools that a company can rely on. The fact is 84% of customers do not trust advertisements anymore. People now seek third-party validation while they make online purchases. They would look for online reviews before they would make a purchase or ask their friends to share their own experience of the product or services. That is the reason why customer advocacy is important for your business to prosper.
3. New Shoppers are likely to turn into your loyal customers
Creating an ultimate experience actually creates a long-lasting influence on your shopper. This also ensures that they keep returning to your business in the near future. A superior customer experience is often valued and can be considered a unique asset for a business. Acquiring a new customer can actually cause the business seven times more than maintaining an existing one. Therefore, investing in your existing customers can actually pay you well off. However, it's only a matter of time as you have to wait for the positive results. Also, if your customer is unhappy, then you have to try responding to the negative feedback politely and try to find out the best possible solutions to their issue.
4. Standing out in the crowd no longer matters
It is actually very difficult and harder to differentiate yourself from other businesses, especially when everyone is sharing the common strategy online that is great content. However, a competitive advantage is huge and thereby a customer experience could be a perfect tool that can help you to stand out in the crowd and outshine your competitors. Today, customer feedback has become the most precious tool which you can utilize to the fullest. 88% of customers now read reviews to determine the quality of a business and the customer experience that people are deriving out of it.
5. Bespoke content and experiences are the keys
In uncertain times, trusted relationships with your customers have now become extremely important. In a world where we are touched by hundreds of adverts and brands every day, building a strong relationship with your customer may be difficult but not impossible. Try personalizing their experiences. Make each one of your customers feel unique and special by sending a positive message that they are being cared for and are important to your business. By doing so, you are a step ahead in generating a better chance of building trust with them. This, therefore, creates a long-lasting and strong relationship with your customers.
Are you ready to deliver an exceptional customer experience?
There is no doubt that the key to any company or brand’s success is customer experience. And a great customer experience will always start with good customer service. Leaders who push beyond the customer experience strategies and redefine their organization with not just services or products they offer and sell, but actually the experiences that they deliver to the customers will definitely emerge as a stronger organization by igniting growth.
Pi Research and media is one such organization that has been pioneering in delivering a great customer experience. We have been understanding the need of companies for harnessing the power of customer data and embracing technological advances for creating an experience that responds to people's unmet new and ever-changing needs.