As the digital world is growing so is online business. A great customer experience is any key to business success. Delivering satisfying customer experiences can drive loyalty and help to boost revenue in long run.
Today, 59% of all consumers feel companies have lost touch with the human element of customer experience. And there is a mismatch between customer expectations and how employees deliver. It is important for any company to measure customer service performance.
What is Customer experience?
Customer experience is the result of a customer’s encounter with your company. It begins when people visit your website, speak with your executives, purchase the product, and use the product.
Customer experience encompasses all aspects of a company’s offering, such as advertisements, packaging, product and service functionality, convenience of use, and dependability, among others. However, few of those in authority have given any thought to how their individual acts affect the consumer experience.
Top 5 Reasons Why Customer Experience Is Important?
1) It can help you attract new customers: In a world when consumers have limitless options, a pleasant customer experience might be the determining factor in whether they choose to do business with you. If your consumers had a positive experience, they are more likely to recommend you to their friends and family, which can lead to new business.
2) Marketing costs are reduced when customers have a positive experience: Those businesses which invest time in improving customer experience will help cut costs, and help expansion of the company.As a result, when it comes to customer experience, brands are all too often trapped in an either/or mindset.
3) It has the potential to increase your profits: According to a Forrester Research report, organisations who succeed at customer experience can expect a 10% rise in profits. This is because satisfied clients are more inclined to spend more money with you and to suggest your company to others.
4) Customer Lifetime Value (CLV) is driven by an excellent customer experience: CLV (Customer Long Term Value) means how much profit a company can make from one customer over time. To grow CLV, the customer needs to shop more frequently. This can happen only when a customer has a great experience with the product and the employee.
5) It will help build brand loyalty: A customer proves it loyalty by purchasing the product from the same company again and again. A study reveals that 52% of consumers continue to use a brand even after finding a cheaper deal elsewhere. Such is the strength of great customer experience.
To conclude, customer experience is critical because it may help businesses acquire new consumers, retain existing customers, increase profitability, generate brand loyalty, and differentiate themselves from the competitors. Businesses that focus on offering an excellent customer experience might get a competitive advantage that will help them prosper in today’s market.
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