A focus on customer experience (CX) is essential for any business striving for sustainable growth. CX covers the breadth of experiences your customers have with your brand, from website visits to customer service interactions. By improving these touchpoints, you can deliver what your customers truly desire and achieve meaningful business growth. But where should you put your time and resources?
To understand why we need to invest in CX, let us first look at some of its key benefits. Studies show that 89% of consumers begin doing business with a competitor after experiencing poor customer service. In comparison, 95% of those with a positive experience will recommend the company to family or friends. Companies that prioritize CX also enjoy other excellent business outcomes, including:
1. Improved Customer Retention
Satisfied customers are more likely to continue doing business with a company, and they are also more likely to recommend a company to their friends and family. A study by Bain & Company found that companies that invest in customer experience see a 10% increase in customer retention.
2. Increased Sales
Investing in customer experience can also lead to increased sales. Happy customers are more likely to make repeat purchases from a company and are also more likely to purchase additional products or services. Additionally, satisfied customers are more likely to leave positive online reviews, helping to attract new customers. For example, in a recent study we conducted, we found that Amazon customers providing high CX scores spend 45% more than the average customer.
3. Reduced Operating Costs
Another benefit of investing in customer experience is that it can help to reduce operating costs. For example, companies that provide excellent customer service often find that they receive fewer customer complaints, which can save money on staff time and resources. Additionally, happy customers tend to be less price-sensitive, which can lead to increased profits.
4. Improved Employee Engagement
Investing in CX can also have a positive impact on employee engagement. Employees who feel valued and appreciated are more likely to be satisfied with their jobs and less likely to leave a company. Additionally, employees who feel like they are making a positive difference are more likely to be productive and engaged in their work. → Learn more about employee engagement HERE.
To create the ideal customer experience, you need to identify which areas are most critical for improvement and ensure you’re putting your time into areas that will deliver maximum reward for both your customers and the brand. More than ever, businesses have access to tools and technologies to help them build better relationships with their customers and boost their bottom line – automated chatbots provide 24/7 support with minimal effort; artificial intelligence-based analytics provide personalized recommendations; cloud-based solutions help reduce operational costs; machine learning helps anticipate future needs – the list goes on! Incorporating the right technologies into your organization will help ensure success in delivering a great CX while driving business growth.