Where do organizations see the biggest opportunities? That’s right, customer experience (CX) . And it’s no surprise that customer experience is so high on the agenda. 86% of customers are willing to pay more for a better experience. And companies with an annual turnover of around $1 billion can expect an average of an additional turnover of $700 million in three years when they invest in improving the customer experience. That’s a 70% increase in 36 months!
Companies that implement a successful CX strategy have more satisfied customers, less churn, and more revenue . In this article, I share 7 steps for
Chart showing the 'most exciting business opportunities' where CX is number 1.
The 2020 Digital Marketing Trends Report from usa telegram data Econsultancy and Adobe.
Just as a refresher: what exactly is 'customer experience'?
By customer experience, customer experience and CX we mean the interactions and experiences that your customers have with your company throughout the entire customer journey. From the first contact to becoming a satisfied and loyal customer.
CX is an essential part of Customer Relationship Management (CRM) . Why is this so important? Because a customer who has a positive experience with a company is more likely to become a loyal customer.
In fact, according to a global customer experience study conducted by Oracle , 74% of senior management believe that customer experience influences a customer’s willingness to become a loyal “ambassador.” So if you want your customers to stay loyal, you need to invest in their experience!Customer experience and loyalty research figures in a graph.
Wait a minute, isn't customer experience just the same as customer service?
No, and I’m happy to explain why. In most cases, a customer’s first contact with a business is an interaction with an employee (whether by visiting a store or by calling). This gives your business the opportunity to provide excellent customer service.
