Strategy

What Is “Customer Experience” and Why Is It Important To My Bottom Line?

August 29, 2017

  “Customer experience is the last source of sustainable differentiation and the new competitive battleground.” – Tiffani Bova, Gartner Vice President   Having an organized experience plan for your customers is […]

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Sarah Williams

Market Research for Online, Service-Based Business

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“Customer experience is the last source of sustainable differentiation and the new competitive battleground.” – Tiffani Bova, Gartner Vice President

 

Having an organized experience plan for your customers is a key element to your business’ success. Investing your resources into building a consistent, automated experience can have an impressive return back into your business through referrals, return customers, feedback and loyalty.

What is “Customer Experience?”

A common misunderstanding is that the customer experience is mostly customer service. While it is a core component, there are three other components as well that can lead you to success. All four contribute to a successful customer experience in all three stages of your customer’s buying process.

Ultimately, your Customer Experience is all of the contributing, linked events to your future, current or previous customer experiences with you and your business. It isn’t just when they’re buying. It begins from the moment they notice you to the moment they decide not to buy from you again.

 

The Three Stages

 

The Four Influencing Components

This all means that there’s a lot to think about when building your Customer Experience plan. No kidding – considering it involves your marketing plan, branding strategy, sales strategy, and business operations! While it may seem overwhelming, it doesn’t have to be. We’re here to help you with that, so use us.

It’ll be worth it. Literally. Money-back in your pocket. To make our point…

 

The Numbers

  • 55% of customers are willing to pay more for a guaranteed good experience. (Source)
  • 95% of consumers share bad experiences with other people. (Source)
  • Highly-engaged customers buy 90 percent more often and spend 60 percent more per transaction. (Source)
  • Increasing customer retention by just 5% can boost profits by 25-95% (OMG, WHAT?!) (Source)
  • 91% of people who are non-complainers simply leave. (Source)
  • Customers who are members of loyalty programs, such as frequent flier clubs, generate between 12 and 18 percent more revenue than non-members. (Source)
  • 65% of companies are able to successfully upsell or cross-sell to existing customers. (Source)
  • 30% of people share positive experiences on social media. (Source)

Has it sunk in yet? Investing in your own customer’s experience with your business can not only help you keep control over their perceptions of you throughout the process, but it can help you optimize your current and future customer base! Start making more money without putting in more work.

Our big pitch as a business is that by streamlining your business processes and taking the time to build a solid customer experience plan, you are able to actually reduce stress and repetitive business tasks in your life, while improving your customer’s lives as well – AND increasing referrals while you’re at it (i.e. getting more business – woohoo!).

If you’re interested in the beginning that process and taking your business to the next level, get in touch with us today.

 

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