Customer experience is the new muse that marketers have found and why not? It indeed is the most effective strategy when it comes to taking the company forward. According to a walker study, by the year 2020, customer experience will surpass price and product as the key differentiating factor for the brand. Therefore, it won’t be wrong to lay stress on this facet of the business. Above and beyond the traditional methods to decoy consumers, customer experience has to be the priority as this is the major conclusive force of all the hard labor, this is where things culminate and the consumer decides his/her vote. Especially in today’s time where customers are presented with a large buffet where there are myriad options to satisfy their limited appetite. Companies have understood the importance and pertinence of spending on this facet and according to Gartner, 50% of product investment will be redirected to customer experience innovation, by 2017.
Below are some important facts on customer experience –
- 91% of unhappy customers will not willingly do business with you again. Source: Lee Resources
- 67% of the customers mention bad experiences as the reason to churn, but only 1 out of 26 unhappy customers complain, rest they just leave. – Esteban Kolsky
- 2% increase in customer retention is equal to 10% decrease in cost. – Leading on the Edge of Chaos, EMMET MURPHY, AND MARK MURPHY
- Loyal customers are 5 times likely to repurchase, forgive, 7 times likely to try a new offering, 4 times likely to refer. – Temkin Group
- Improved customer experience can grow revenue by 5 to 10 percent and cost 15-20 percent less over a span of 3 years. – Help Scout
- 86% of buyer will pay more for a better customer experience but only 1% of customers feel that the vendor consistently meet their expectation. – Forbes
- 75% of online customers expect a response within 5 minutes. – Help Scout
- On average, loyal customers are worth up to 10 times as much as their first purchase. Source: White House Office of Consumer Affairs
- It takes 12 positive experiences to make up for one unresolved negative experience. Source: “Understanding Customers” by Ruby Newell-Legner
- 97% of global consumers cite customer service as important in their brand choice and loyalty – Help Scout
BENEFITS OF CREATING A GOOD CUSTOMER EXPERIENCE
PROMOTION – Companies spend tons of money and time trying to promote their brand, to reach a wider audience, to create an image that resonates with people and to be able to find acceptance amongst the public. But there can be no better way of promoting one’s brand than to shift the focus from the brand to the customers. By keeping the customers’ first place the companies can instantly create a space in their heart and When that happens the word is spread and this probably is the best form of promotion as the potential customer might not trust your advertisement but will believe his/her known faces when they say good things about your company.
CUSTOMER SATISFACTION – When customers are treated with care and diligence. When their needs are met and they are made to feel special, their satisfaction level do take a high. By giving customers a good experience you not only increase their satisfaction but your profits as well. Customers who are satisfied with the experience are known to come back and also recommend the offering to their friends and beloved.
LOYALTY – By providing great service to your customers you can build a bond that stays. According to Genesys, creating good customer experience can improve customer retention by up to 42% and cross-selling and up-selling by 32%. Also, according to a research, more than 40% of customers are willing to forgive a mistake if the brand delivers a personalized experience to them.
PROFIT – According to Kolsky, 55% of consumers are willing to pay more for guaranteed good experience. It is also true that selling to an existing customer is easier than selling to a new customer. According to marketing metrics probability of selling to existing customers is 60-70 percent and of new prospect is 5 to 20 percent. Also according to white house office of consumer affairs acquiring a new customer is 6-7 times more expensive than keeping an existing one and according to Bain and co. 5% retention in customers can increase the profitability by 75%.
EDGE OVER COMPETITORS – No matter the medium and ways of marketing a brand, if you don’t deliver a good experience to your customers all the travail will fail. Customers want great service and an overall great experience. It shouldn’t be seen as a threat but an opportunity to build some loyal followers. There probably are a lot of competitors selling the same product you are selling. So, how do you stand out? You deliver and deliver a great experience as at the end only that matters.
HOW TO CREATE A GREAT EXPERIENCE FOR CUSTOMERS?
BE ALL EARS – You can create a wholesome experience for your consumers by paying attention to the nuances and serving accordingly. By doing something extra from your side will go a long way to the customers’ heart. Being attentive can help you walk that extra mile. Like in case if you are selling online and it’s the birthday of your customer who has ordered from your website you can deliver a gift from your side to leave the customer delighted and impressed.
REMEMBER THEM – Nobody likes being forgotten while everybody loves being remembered. Always recognize your customers, you can greet them with their name like Mr. A or whatever everyone loves hearing their name. You have to make your customers realize that you remember them, though not in a way that is pretentious and forced but in a subtle and effortless manner. It could be as little as an expression like a smile. When your customers will feel recognized they’ll feel special and will enjoy the experience.
PECULIARITY – Every customer is different, having a different choice, different likes and different preferences. Know your customers and create a personalized experience for them. There’s no better way to convey your customers that you remember them and care about their choices than to deliver them accordingly.
IMPROVE COMMUNICATION – According to a survey conducted by American Express in 2011, 67% of customers hung up the phone out of frustration as they weren’t able to talk to the real person. Make it easy to reach you, the communication should be proper and effective.
LISTEN!! – It’s always good to be a good listener. Never ignore the power of customer feedback. Ask your customers for feedbacks and response and react to them. Work towards bettering the whole customer experience covering A to Z aspect of it. Reply to customer queries as quickly as possible and resolve them within a reasonable time-frame.
Customer experience is indeed the biggest factor to bringing in and keeping more customers. Earlier it was a saying now it’s a reality that the customer is king. Now, with a slew of options customers have become choosy and are choosing experience over product and service. To help businesses tap this potential opportunity by providing that experience which customers desire we designed our system named MAGNET (Attract More Customers), a product that will help you create a sumptuous experience for your customers. It will help you get more detailed information, smoothen the communication, save time and reduce human errors by automating tasks, do cross-selling, make reports, see analytics, make plans, handle customer queries in real-time, and increase employees efficiency.
Not only that you can subscribe to the services of S.I.M.P.L.E which is a complete enterprise system having all areas like purchase, sales, manufacturing, quality etc covered under its modules and also having MAGNET, H.U.M.A.N, SHOPKEEPER as part of it. To know more about S.I.M.P.L.E click here