The True Value of CX
How much emphasis are you placing on the customer experience?
Regardless of the products you sell, the prices of your services, or your rave reviews, your customers aren’t likely to continue giving you their business if you don’t also prioritize their experience.
Think of it this way: there are two stores with the same products right next door to each other. What makes you choose one over the other? It’s not the prices or the products themselves since those things are equal. Rather, your choice is based on other elements, such as speed of service, friendliness of service, and the impression you’re left with when you leave.
If you’re not convinced, these nine mind-blowing statistics might change your mind.
There’s no argument: businesses love to collect customer data. But not all customers like to give it up.
The way you ask for data helps to shape your customer’s experience, especially when it comes to optional vs required information:
- The majority of people (81%) have abandoned an online form after beginning to fill it out. (themanifest.com)
- 42% of people have received communications from a business they have not given permission to contact them (Chartered Institute of Marketing)
Side by side, these two points are relatable. Hesitating to provide data is a common occurrence, especially if a customer has had their data misused in the past. It’s important to build trust in the customer experience to and avoid funnel drop-outs.
Retaining customers should be a top priority for business. It costs several times more to gain new business than it does to keep your existing customers happy. However:
- The lack of alignment between sales and marketing teams results in 60% weaker financial performance, 59% poorer customer experience and a 58% reduction in customer retention. (The Payoffs of Improved Sales & Marketing Alignment)
To make matters worse:
- If a customer is not satisfied, 13% of them will tell 15 people that they are unhappy. On the other hand, 72% of customers will share a positive experience with six or more people (Kolsky)
The value of a good customer experience goes far beyond the actual purchase. Companies who want to boost profitability must prioritize customer retention just as much (if not more) as chasing new leads.
Customers should be able to buy from you with confidence. They need to know that help is just a phone call or click away. But it’s also important that once they get your attention, you’re also able to deliver timely, effective service—regardless of whether they made a purchase or are just seeking information.
- 89% of customers get frustrated because they need to repeat their issues to multiple representatives (Accenture)
- Artificial intelligence will be a mainstream customer experience investment in the next couple of years. 47% of organizations will use chatbots for customer care, and 40% will deploy virtual assistants (Gartner)
As technology evolves, businesses should look at opportunities to use it for scaling their operations.
Once customers become familiar with your brand, they start to develop expectations. If you want to keep them happy, you’ll need to know what those expectations look like and be able to deliver on them every time.
One of the biggest factors consumers look at is the content brands produce. They expect a personalized experience from brands, as well as relevant content that not only aligns with the brand, but also speaks directly to the customer:
- 88% of US marketers reported seeing measurable improvements due to personalization — with more than half seeing a lift greater than 10% (Evergage)
- 87% of surveyed consumers say that personally relevant branded content positively influences how they feel about a brand (One Spot)
- 86% of buyers will pay more for a better brand experience, but only 1% feel that vendors consistently meet expectations (Oracle)
In business, we’re all trying to provide a great customer experience and increase retention, and these stats can help to give you insight into your buyers’ perspectives.