It’s the age of the customer and the world’s biggest brands are duking it out every day for a greater share of our hearts, minds, and wallets. Customers hold more decision power than ever in an era where information about any company’s products and services is just a mobile search away.
Market research shows that the Customer Experience Management (CEM) market is estimated to grow from USD 5.06 Billion in 2016 to USD 13.18 Billion by 2021, at a CAGR of 21.1%.” If you’re not investing in CX, it’s very likely that your competitors are.
The stage has been set – now let’s jump right into the top reasons to invest in customer experience (CX):
1. The ROI customer experience
Building customer loyalty and increasing revenue go hand in hand. When compared with customers who had negative experiences, those who had positive experiences were more likely to recommend, trust, try new products or services, purchase more, and forgive your company after a mistake.
2. What gets measured gets done
Measuring customer feedback is the first step to measuring up to your customers’ expectations. Whether you’re an advanced scorecard-driven enterprise or just beginning to think about CX, the most important thing to do is to start actively listening and measuring your customers’ feedback.
3. Time to set new customer experience goals
CX is not as fluffy as it may seem. There are real science and methodology for measuring and improving customer satisfaction (CSAT). There are many metrics to consider as part of your VoC program, but Bain & Company’s Net Promoter System and Forrester’s Customer Experience Index stand out as the gold standard top-line measures in the CX industry.
4. Elevate your operational performance
Operational performance and CSAT are inextricably linked. For example, it’s no coincidence that airlines with the best CX ratings also boast the highest percentage of on-time arrivals. The best CEM programs cause cross-functional customer-centric collaboration, which requires your company to break down organizational silos to be more valuable, efficient, and enjoyable to your customers.
5. Put the customer at the center of every decision
Your customers see you as one whole cohesive brand, regardless of how complex your organization, systems, and processes might be. When your customer interacts with your company, they don’t care about any bureaucracy, different divisions, and departments, or roles and hierarchies.
6. Plug-in and empower your employees
Ready to take your CX program to the next level? Tap into your company’s most valuable assets – your people. The more customer-facing employees with access to a real-time view of customer feedback, the more awareness, focus, and unity there are around your company’s CX mission and goals.
Investing in customer experience leads to happier customers, increased loyalty, and more referrals. Satisfied customers are more likely to return, boosting your sales and reputation.
A great customer experience can increase sales by encouraging repeat business and higher spending. Happy customers are also less likely to switch to competitors, protecting your revenue.
Yes, by improving customer experience, you reduce complaints and returns, which lowers service costs. It also helps retain existing customers, cutting down on marketing expenses for new ones.
Customer feedback highlights areas for improvement and shows what your customers value. Acting on feedback builds trust and ensures your business stays aligned with customer needs.
Providing exceptional customer experience helps you stand out in a crowded market. It differentiates your brand, creating loyal customers who choose you over competitors.
Learn how to measure credit union success with a few metrics. Partner with the best Call Center Services Provider to enhance your experience!
Read moreis the apt framework developed for deploying the right mix of People, Process & Technology in a business with a clear eye on increasing lead conversion, reducing customer acquisition & management cost, and winning customers for life.
Wow, this paragraph is fastidious, my younger sister is analyzing
An interesting discussion is definitely worth comment. I believe that you need to write more on this subject matter, it may not be a taboo matter but typically people do not discuss these issues. To the next! Cheers!!
Great article. I am going through some of these issues as well.. Belita Mac Marguerite
Hello to every one, the contents existing at this web page are really remarkable for people experience, well, keep up the good work fellows. Marylee Carver Noguchi
Hello there. I discovered your website by the use of Google whilst looking for a similar topic, your site came up. It appears to be great. I have bookmarked it in my google bookmarks to come back then. Pet Orbadiah Gipps
Youre so cool! I dont suppose Ive read anything in this way just before. So nice to get somebody with a few original thoughts on this subject. realy appreciation for beginning this up. this web site is something that is needed on the net, a person with some originality. helpful problem for bringing a new challenge towards web! Olimpia Miguel Elconin
Excellent site. Lots of helpful info here. I am sending it to several pals ans also sharing in delicious. And of course, thank you for your effort! Millisent Isidro Wunder
These kind of post are always inspiring and I prefer to read quality content so I happy to find many good point here in the post,writing is simply great,thank you for the post. Elisabeth Aldrich Suki
I was examining some of your posts on this website and I conceive this site is real instructive! Keep on posting. Lonna Jesus Creedon
Excellent read. I just passed this onto a colleague who was doing a little research on that. He just bought me lunch as I found it for him! Thus let me rephrase: Thanks for lunch! Tansy Halsey Jo-Anne
Of course, what a splendid site and informative posts, I definitely will bookmark your website. Best Regards! Fanya Ganny Nero
Hiya, I am really glad I have found this info. Nowadays bloggers publish only about gossip and net stuff and this is really frustrating. A good web site with interesting content, that is what I need. Thank you for making this site, and I will be visiting again. Do you do newsletters by email? Wendy Moritz Matilde
Fabulous, what a weblog it is! This blog provides useful facts to us, keep it up.| Reine Douglas Lipman
Hi there. I discovered your web site via Google at the same time as searching for a related matter, your website came up. It seems great. I have bookmarked it in my google bookmarks to come back then. Adrienne Stafford Violette