Is Customer Experience the “New Marketing”?!
Updated: Oct 9, 2019
Have you ever wonder that even though your product that you sell is excellent and the services you provide in your company is outstanding, but you don’t achieve your target profit or worse than that is that you lose!
By 2020 and beyond, the product price and features will not be the essential motive of the customer to buy the product or service, but rather than that it will be exceeded by its customer experience and how the customer feels about it. At this level, it would act as the key differentiator.
So in this blog, we will explain what the customer experience “CX” and its effect on the business nowadays and how you can increase your revenue growth with this concept.
1-What is the CX?
CX stands for customer experience and Forrester defined it as “How customers perceive their interactions with your company“
2-Why CX is important?
After the customer’s interaction with your brand, he/she will have a vision about it in their mind. Thus, if your company succeed in providing an extraordinary experience from the very beginning of the customer journey to the last point of communication, it is anticipated to have a satisfied and loyal client. However, if at any point it doesn’t meet their expectations or if the experience that gave was just enough, the customer will go somewhere else.
89% of consumers stop doing business with a company after experiencing poor customer service, according to RightNow Customer Experience Impact Report.
Thus, the worst-case scenario that could happen to you is if when the customers had poor experience it’s more likely that they will leave without complaining which is undesirable. Because that reputation will reach out to a friend, family, or the social media and that could affect your company negatively like what's happened to the United Airlines when they decided to forcibly expel a client from an overbooked flight, “in which $1.4 billion in value was wiped out overnight when a passenger’s experience went viral on social media.”
As a result, 88% of companies recently put CX in their top priority. Indeed, it's that significant. Additionally, based on Econsultancy and Adobe conducted their Annual Digital Trends report, CX topped the content marketing, video marketing and social!
Fortunately, it doesn't make a difference what sort of business you're in because improving the experience for your clients has been demonstrated to increase customer’s satisfaction, retention, and revenue.
3-How to improve your CX?
Communicating with your client means envisioning their needs and issues even before they emerge. So, here are some tips for you to stand out for your CX:
A- Begin with collecting and analyzing your customer’s feedback.
Collecting and analyzing your customer’s data can be accomplished through Mystery Shopping, Voice of the Customer, Surveys ...etc. It isn't a simple process to do but investing in those solutions enables you to deeply understand your customers' mindset and thus meet their expectations.The Temkin Group found that “companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience.”
B- Invest in multi-channel services.
Providing a consistent service quality across multi-channel offers you the chance to serve your customers in an assortment of ways that are convenient and powerful. For example, great mobiles services, fast response on social media, comprehensive FAQs page, using live chat all of these could elevate your company image if it applied properly. Hence, you should test it out to make sure the speed and the quality of responses are at the required level.
Customized and personalized interaction that what today's customers demand to feel special. You can use this strategy in different aspects and we will enlighten you with some ideas. Firstly, encourage your customers to create a user profile. To be more detailed, to personalize their customer experience and offer them special promotions on their birthdays or give them suggestions for their next purchases you have to get access to their data and observe their behavior through their profile. Note, make the process easy and simple.
Subsequently, let the customer be a part of the personalization. This way can assess to generate an exceptional experience for the customers. A great example is Nike shoes customizable feature which customers can edit the design and colors. In such a way that the customers can feel that they are part of production family which enhance the relationship between customers and the company.
To summarize, customer experience is the new marketing and the companies that deliver customer experience thoughtfully will attain loyal customers. Once you understand your customers nicely enough, you can use that information to personalize every interaction in multi-channel. If you make certain their interplay with your business is smooth, met your quality standard and consistently developing, you will accomplish brand loyalty and increase revenue. If not, your competitors will be more than happy for the satisfactory gift that you gave up; your customers.