What is the impact of customer engagement on the bottom line of your company?
The level of sociality in the world is increasing each day especially with the presence of online social platforms like Facebook and Twitter. People, particularly millennials, crave personal interactions and expect positive and personalized experiences. They want to be in. They like to have a fair share of what is going on at the moment.
The Critical Role Of Customer Service Training In Successful Customer Engagement
This very moment, you can surely feel the impact of creating positive experiences for your customers. You may have gathered data to support it which tells you if you need to exert more effort and allot higher budget to increase the customer engagement that you receive.
Customer engagement draws the market closer
To draw a clearer picture of the importance of customer engagement in your mind, take this case as an example:
Two competing companies released and posted similar products simultaneously on Facebook. Both products have unique features and a reasonable price that can appeal to the market. Even the actual posts are laudable because of its visually-appealing photos backed with powerful messages. They also boosted their content to make sure that it can reach as many people as possible.
However, there is one thing that sets them apart.
The first company responds to every comment or direct messages. The response sounds natural, personalized, and human-like. The other company, on the other hand, leaves the message as it was.
Which between the two companies do you think would acquire the higher number of customers?
To determine which among those two will have a higher conversion, here’s a research from the management consulting company Gallup:
“Fully-engaged customer represents 23 percent more revenue than average.”
Smart investment equals positive ROI
If you want to grow your business, you need to be smart about investing. This means that you have to put your money in the right place, using the right way.
The impact of customer experience in today’s business arena is not only a fad which will fade away easily. Customer experience is fast becoming a necessary element which will affect the bottom-line of your business. As a matter of fact, you will lose 40 percent of your customers to a competitor if your reputation for customer service isn’t good, a Zendesk study revealed.
Like the example above, the second company has an equal potential as the first company. But because it did not give customer inquiries enough attention, they have lost potential customers.
Delighting your customers is and turning them into your brand advocates creates an unbridled potential for your revenue. As an Inc. South Asia article stated, “In our experience, customers impact revenue in two ways: they’re both necessary to maintaining existing revenue, and the key to unlocking future revenue.”
Investing in customer engagement means that you have to do all the necessary steps to have a two-way action and communication between your business and your customers. It means that you are embracing them into your business. If you make them as part of your business, of every success, and every development you have in your business, their level of appreciation will skyrocket. In return, it will make them love your products, services, and your business itself.
