At the top of every business’ goals list is to exceed its customers’ expectations in order to retain them as long-term loyalists. That is the surest way of increasing your business revenue. As you would already know, a satisfied customer is actually in the front line when it comes to advertising your business through both the word of mouth and online reviews. That is why you must invest heavily in improving your customer experience, particularly with the modern customer who is very informed and who wants nothing short of a speedy, convenient, and “cool” shopping experience.
Customer experience, in simple language, is a measure of how satisfied customers are whenever they engage with your products or services either online or in your offline store. Market studies show that a business with a top-notch customer experience stands a 17% higher chance of growing consistently year after year as compared to those with a poor customer experience strategy.
Other studies show that businesses whose online customer experience is flawless stand a 68% improvement chance in regards to its online reputation within a period not exceeding five years. Also, statistics show that customers consider a company’s customer experience first before making purchasing decisions, unlike before when quality and prices advised customer decisions.
When all is said and done, are there other reasons why your business needs to invest in strong customer experience? In this post, we look at 4 reasons why customer experience is important for any business.
- Increasing revenue
As we have already established, a satisfied customer will keep coming back for more of your products and services. Research shows that loyal customers contribute to a 300 percent revenue increase over a period of three years. That is in sharp contrast with a dissatisfied customer base which can reduce your revenues by up to 14% within a calendar year.
These numbers are too compelling for any serious businessperson to ignore, particularly bearing in mind that improving customer experience is a simple thing to do. A simple act of taking feedbacks from clients and then using them to improve your services is all you need to satisfy the customer. It is more about showing a genuine effort of going a step further in order to solve the customer’s problem.
- Your competitor is keen on poaching your loyal customers
It doesn’t matter how long you have been with a given loyal customer, he or she will be tempted to leave for a better deal elsewhere. Unfortunately, your competitors know that loyal customers form the backbone of your entire business and if that backbone is destabilized, your business will come crumbling down. You, too, must be breathing on your competitor’s neck if you want to win some of their loyal customers over to your side. How, then, do you safeguard your customers from the poachers and how do you successfully poach customers from competitors? It is only through having the best customer experience.
- It is the genesis of brand advocacy and community marketing
Brand advocacy is a case where satisfied customers talk to different social media platforms to praise a business, its customer services, and the quality of its services and products. Others use the word of mouth to campaign for a brand to their peers and family members. That is a very effective campaign strategy for any business, both local and international. The opposite of this is where dissatisfied customers spread negative reviews about a company and its products to the extent that many prospective customers opt to shop elsewhere.
In either of the two scenarios above, the common denominator is customer experience. And with the increasing internet usage across the world, social standing and age notwithstanding, you cannot downplay the significance of good reviews online. They lead to increased shares and tweets for your social media content, as well as online traffic to your website. This is how your website gets good rankings on Google and other search engines. Good SEO ranking is one of the most effective strategies to acquire customers online.
- Putting a human face to your business
Gone are the days when you could run your business behind the curtains and only come out to distribute the final product to the customers. Today, clients want to interact with your business at a personal level, each step of the way. If you share backstage information with customers as well as give them a glimpse of the personal lives of staff members, you create a unique rapport with those customers. Humanizing your business is key to its future growth.