American Businessman Sam Walton once said, “There is only one boss. The customer.”
Indeed, it is a fact. How many times in a month do you visit your favourite restaurant? And why do you go their frequently? The answer is simple, the customer services that they offer. A customer must feel like home.
Moreover, excellent customer service will benefit the business more than any other strategy. Hence, it is essential to invest in Customer Experience (CX) to grow your business.
According to the research, the company investing in CX drives revenue 4 to 8% higher than the other companies. This proves, there is no business without the customer.
The study also shows that 9 out of 10 customers will switch to other companies if you do not treat them well. Today, customers have more impact on the company’s revenue than three years before. Companies that invest in CX will have an almost 70% increase in revenue in the next 36 months. That’s a huge success.
Considering all the reports proving the impact of Customer Experiences on a business, top businessman recommends investing in CX.
What exactly is Customer Experience?
Glad you asked! Wikipedia defines CX as the product of an interaction between an organization and a customer throughout their relationship. Communication between a company and a customer includes services, discovery, awareness, and advocacy.
Moreover, CX is one of the integral parts of Customer Relationship Management (CRM). The reason behind this is quite straightforward. A customer who receives positive experience from the company is more likely to turn into a loyal customer.
A happy and satisfied customer becomes a loyal customer.
Let’s take two scenarios as an example.
- A person buys a product from an e-commerce website that assures delivery in 2 days. However, the customer receives nothing for another ten days and sends a complaint email. A person gets no response or service from the company and ends up losing trust. Here, the company not only lost this particular customer but many more due to negative feedback.
- Now consider a person who complained about the late delivery receives an email from the company explaining the technical issues with the order. The company also offered complimentary gift cards as an apology token for the late delivery.
In the above two examples, a second company will not only gain more customers but will become a trustworthy company.
Therefore, investing in Customer Experience is going to help in gaining more customers.
How vital is Maintaining the Customer Experience
From the above data, you now have an idea about the importance of investing in a CX. But how to maintain it?
In a particular interval, the company must analyze the feedback from customers. The company should pay attention to the customer’s comments, reviews, and problems. Studies and reports show that regular communication with your customers builds trust and loyalty. It will also show how much you care about your customers.
As an example, Lear capital is one of the top names in precious metal IRAs. It’s the top pick by many customers, which made the company to conduct more than $3 billion in transactions successfully.
Why is Lear Capital the top pick by the majority of the customers? The company invests in CX. They educate their customers to provide the best experience in precious metal IRA. All their transactions are in a timely manner.
However, their customers need to pay a fee of $180 for insurance, shipping, and quarterly financial statements. The minimum investment at Lear capital is $7500, which might not be ideal for some customers.
As Lear Capital is maintaining customer experience, it has many loyal customers.
How to achieve a better Customer Experience systematically?
As now you have understood the impact of CX, let’s talk about some ways to achieve it.
Have a clear vision about Customer Experience
The very first step is building a strategy for CX and having a clear vision about it. The simplest way to communicate your vision about CX to your employees is to create a set of statements.
These statements will have guiding principles to set the vision about CX. Every employee of the company must know, understand, and maintain the vision to provide the best customer experience.
Understand your Customers.
Steve Jobs once said, “Get closer to your customers that you tell them what they need before they realize it themselves.”
The next step is to understand your customers. As a service provider, your company must know what the customers are looking for. The best way to do so is to empathize with your customers by creating personas.
To make it more realistic, give a name and unique personality to each persona. This will not only help you understand customers’ needs but also to predict future requirements.
Emotional connection with the Customer
The key factor in achieving the best CX is connecting with your customers emotionally. A sweet and caring gesture form a company will create a family-like connection with the customers.
For example, a customer orders a cake for his recently adopted baby girl’s first birthday. A bakery sends a cake along with a small birthday cartoon card for his daughter. This sweet gesture will make a customer happy and loyal.
Get real-time feedback from Customers.
Regular communication with your customers is vital to know whether your service is “Amazing” or not. The ideal way to communicate with your customers is by taking real-time feedback.
Use some live chat tools to ask feedbacks from customers. A follow-up email, phone call, or messages will give you an idea of what customers think about your services and what they are expecting from the company.
Don’t just stop there. Analyze all the feedback, reviews, and comments and act upon them as quickly as possible. Reply to the comments or reviews of your customers and improve the services accordingly.
Measure the performance
The final step is measuring the performance of the company. How will you know if an investment in CX on a team level and a company level if paying off?
Analyze the revenue, the number of customers, how many customers purchased your services multiple times. A business result analysis using a tool will be the best and easy way to check the progress of the company.
With these five steps, your company will be able to provide the best Customer Experience. The success of the company depends on the customer’s happiness.