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.
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.
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.
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.
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.
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.
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.
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Providing a stellar customer experience has been a cornerstone of business practically since spending and consumption have existed. However, now that the business landscape is growing increasingly competitive and companies are competing for customers’ attention more than ever before, delivering a great customer experience is even more important to increase conversions.
Here are some ways you can boost your conversions by keeping customers satisfied.
A significant part of increasing conversions is promoting customer loyalty — and, concurrently, customer lifetime value. Customer experience is closely linked with this, as 64% of companies rate customer experience as the best tactic for improving customer lifetime value.
By shifting your focus on how to boost customer lifetime value, you’ll establish the right mindset to make customer experience work to increase conversions. Gear your strategies towards boosting the value of your customers, and the customer experience part will fall into place more naturally.
Data Source- Forbes