How do businesses differentiate themselves from their competitors? In the past, ‘price’ was the ultimate differentiator, determining whether a customer would choose one brand over the other. Research has found this not to be the case anymore, with customer experience (CX) becoming the new dealbreaker. In fact, 67% of customers cite a bad customer experience as the main reason for leaving a product or service behind.
In this blog, we explore what customer experience is, why it is important and the tips to create an effective strategy to generate a positive CX momentum in your business.
HubSpot defines customer experience as:
The impression your customers have of your brand as a whole throughout all aspects of the buyer's journey. It results in their view of your brand and impacts factors related to your bottom line including revenue.
In business, this comes down to any and all interactions that your target customer has with your brand. From what they hear from friends, the news or scrolling social media, through to their experience on your website, customer service platforms and purchasing outlets. Anywhere your brand ‘pops up’ in their life is a part of their overall customer experience.
Just one poor experience could spell the end for your brand’s reputation in the eyes of your customers. And this can have a detrimental long-term effect if these experiences are not identified and rectified. If one person can have a bad experience, what are the chances that, left unattended, another won’t?
There is a lot more to measuring customer experience than just sending out a one-question survey to your existing clients. This is because the customer experience incorporates any and all touchpoints a person may have with your brand.
The five more popular metrics for measuring CX are:
Once each of these metrics results is gathered, collated, organised and analysed, it’s time to consolidate them. Understanding how each of them fits on the customer journey and where the trigger points are that influence these metrics most will help paint a picture of where to start improving your overall customer experience. Even just starting with one area of opportunity can improve your CX down the track.
The proof is in the pudding: customers who have a positive CX are 54% more likely to make another purchase. Another purchase leads to greater profits and returns. Greater profits and returns lead to business scalability, growth and cost savings. Take this security company that, through the implementation of CX solutions such as robotic process automation (RPA), had an 80% reduction in bad debt write-offs equivalent to $100k - $150k per year and experienced manual labour savings of up to $80,000 annually.
Good customer experience examples include quick responses, actively acting on customer feedback, maintaining self-service options for customers, providing omnichannel support, implementing effective chat bots.
Bad customer experience examples include not meeting consumer expectations, taking too long to get back to a query, not offering compensation for issues with delivery, interrupting customers, not supporting social causes that are industry-relevant and mismanaging social media.
If you want to enhance your customer experience strategy here are a few pointers to help you get started:
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