How To Make Customer Experience Translate To Revenue Growth

Quick Facts

  • Advertising is losing its power of persuasion.
  • Businesses are directly affected by customer review, which in turn is driven by customer experience.
  • Companies with better customer experience outperform others.
  • A fantastic customer experience is an advertisement in itself.

“Customer experience is the next competitive battleground. It’s where business is going to be won or lost. In today’s era, the customer is the king and the biggest game changer for any business. In fact, companies who deliver an exceptional consumer experience achieve higher customer satisfaction rates, decreased customer churn and enhanced revenue.”

The best way to define customer experience is as the impression you leave with your customer, resulting in how they think of your brand across every stage of the customer journey.

There is a lot of chatter in the business circle about customer experience (CX) as a potential stimulant for revenue growth and one may wonder why has it become such a hot topic today – It is simply because consumer expectations are higher and the digital world we are in makes customer reviews and word of mouth travel faster. Purchasers have now become empowered like never before and great customer experience drives this loyalty and revenue that every business owner so much desires. Downplaying its importance is no longer an option for businesses, as the voice of the customer continues to get louder.

Because businesses do not focus that much on these end-to-end customer journeys, you end up with an extremely cumbersome experience for customers, which is actually not optimised for the customer but optimised for the business. What businesses should be advocating now is this shift in perspective, so that the customer becomes the center of attention again.

A fantastic customer experience is important for the following reasons:

Improves customer satisfaction

Customer experience is key to exceeding your customers’ expectations. The opportunity lies in the ability to deliver what you promised and surprise your customer with extra care and support. By keeping an eye on the entire customer journey, you’re making sure that the promise of a positive experience is kept and that you’re offering a superior service.

Turns new customers into loyal customers

Creating an experience really impresses purchasers and ensures that they will keep doing business with you in the future. A superior experience becomes a valued and unique asset for any type of business. There are a few things that impact a brand’s reputation more than the way it responds to complaints. Customer service is an important part of developing brand loyalty, and the way you respond to unhappy consumers will determine what they say about you afterwards.

Increases customer advocacy

Word of mouth is one of the most powerful tools a company can wish for today. The truth is that a lot of consumers do not trust adverts anymore. People are now seeking third-party validation when making purchases.

By focusing on creating amazing customer experiences and embodying the desire for your business to go above and beyond, you’re creating an advocate out of every consumer. Hence, making your customer experience an advertisement in itself.

Helps you stand out from competition

In today’s business world, it is getting difficult to differentiate yourself from other businesses when everyone is sharing the same thing online: great content. But a competitive advantage is huge, and customer experience is the perfect tool to help you stand out from your competitors.

As Jerry Gregoire, CIO at Dell, says, “The customer experience is the next competitive battleground.”

This way, your consumer will no longer compare only products and prices, but also service and user experience. Embrace a customer-centric strategy, and stand out from your competitors by making sure today’s customers become tomorrow’s brand advocates.

Builds trust and creates personal relationships

In a world where we are being touched by hundreds of brands and adverts every day, how can you build a strong relationship with your consumers?

Personalized content and experiences are key. Making each one of your customers feel special and unique will send a positive message: they are cared for and important to your business. By doing so, you have a better chance at building trust with them, and therefore at creating a strong, long-lasting relationship.

A positive customer experience not only results in making your customer happy, but it can also lead to additional revenue. The best marketing money can buy is a customer who will promote your business — because they’ll refer their friends and family to you, free of charge.

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