“I’m not satisfied” is the feedback that no business owner wants to hear from its customers. The phrase speaks of bad customer experience. Poor experience leads to bad word-of-mouth publicity. This in turn shrinks your customer base. And when your grip over client-base loosens, profits drop. Thus Customer Experience has a direct impact on the organization’s profit. Let’s understand what Customer Experience is and how can companies leverage power to become successful.
We’ve known that to succeed a business needs good product/service and competitive pricing. Surprisingly, Market research is beginning to show a trend otherwise. According to this, success comes to those who succeed in creating a good experience around their product while driving customers closer to sales.
What is Customer Experience?
The customer experience (CX) is sum total of all that you make your potential buyer feel when he’s exploring your brand, product, your service, etc. on your website, social media, via advt. or an email, or wherever.
Customer experience is what a customer feels while exploring your product, service, way of communication, etc. This feeling or experience will make the customer decide if he’ll do business with you or go buy the exact same product from elsewhere!
Customer Experience means different things for different types of businesses. While some businesses consider repeat sales a sign of good customer experience, others look at feedbacks. Whatever measures the businesses may consider at an individual level; the bottom line is the same for everyone. “How happy do my customers feel to deal with me, my product, and my service”.
Buyers have proved time and again that they don’t mind shelling out extra money for a better customer experience. Companies, large, small, or start-ups need to wake up to this fact and get ready for the future.
Is your enterprise ready for it? Take Customer Experience Survey.
Why Good CX Matters
Growth & revenue are key drivers for any business to be successful, and good CX drives both. Good CX generates more business whereas poor or mediocre customer satisfaction ratings can be detrimental to your business. So companies that want to grow and increase revenue should prioritize and take steps to improve customer experience.
Here are the key factors affecting your Customer Satisfaction
Improving customer satisfaction helps businesses to hold on to existing customers, as well as upsell and cross-sell. All of these will lead to increased revenue. Let’s discuss how improving CX can make a difference for your business.
Creating A Good CX
Creating a good customer experience around your product is crucial because if you spend money and time to bring a customer to your website, product, or business. And you can’t afford to lose such a customer to a bad experience.
You got to remember that a customer with good experience will never go elsewhere, never leave you. Every client coming back or sending more clients your way increases your profitability. Since customer experience can do such and more it is essential to measure it.
Different Methods to Measure Customer Experience
To measure CX, steps that companies take include setting a goal, creating a customer survey based on the goal, timing it right to take it in front of the customer, and using the feedback to improve the CX score.
Let’s discuss some of the most effective methods to measure CX. These will help you to increase the loyalty of your customers. The popular customer experience matrix are, Net Promoter Score, customer satisfaction and customer effort score.
Net Promoter Score:
This score indicates how bright are the chances that your existing customers will recommend you to their friends.
To know your NPS, you got to survey your customers asking them how likely are they to recommend your product to their connections on a scale of 0-10. Customers whose rating is between 0-6 put you in a critical spot; 7-8 is neutral, and those who rate you 9-10 are customers who will recommend you. NPS is the score you get after subtracting the percentage of recommenders from critical customers.
This score gives you a clear indication of who your ambassadors are. Based on this you can start thinking as to how to improve the customer Experience score of neutral and crucial customers.
Customer Satisfaction (CSAT):
This is a great tool to measure customer satisfaction for a one-time interaction. Often used in customer service. Based on the need of your organization you can use it.
Generally, the customer is asked to rate his experience after completing a transaction or completing a deal based on speed, clarity, efficiency, etc. It is not time-consuming and if presented well, the client will not mind sharing his experience with you.
Customer Effort Score (CES):
CES is a transactional metric that helps a company to measure the simplicity of a standalone solution or to analyze its complexity. Again not time-consuming for a customer to answer.
Studying the overall feedback companies can arrive at a strategy to create an effortless experience by identifying and overcoming detractions.
To Create Flawless CX, Let Customer Feedback be a Part of Your Strategy
Customer feedback is a sum total of multiple avenues. From Surveys, you run to an email sent by the client, a review left by them, or when he calls your call centre, etc. Surveys you run to collect feedback from your customers are the most effective tool.
Customer feedbacks are very crucial because they help businesses to create impactful changes in their way of working, whether it is a website, product, or service.
Analyzing this data helps you to come up with a strategy to create positive changes in working style, change clients’ perceptions about your service or product, reduce areas of friction, make touchpoints more positive and interesting, etc. Companies that do not measure and analyze customer feedback miss out on the opportunity to improve customer experience to influence growth.
How to Make a Great Customer Experience?
Product & pricing apart, customer experience is what drives your business. So in order to improve customer lifetime value, create a relevant CX strategy. Understand your customer, his needs, what puts him off in your product, or on your website, etc. Based on the answers and feedback, create and execute a CX strategy. It could include offering better customer service, personalized service, and coordinated communication on various touchpoints; equipping staff with fast decision-making skills, etc.
If you’re facing client retention problems, though you acquire new clients a good CX strategy can improve customer retention. We can help you to discover creative ways to boost customer experience and reinvent your business approach to gain customers for life.
It costs a business ₹1 to retain a client and ₹5 to acquire a new one. The day you understand this and how good CX can help your business in the long run, you’ve hit the jackpot!
Creating a good customer experience will ensure they will buy from you and remain your loyal customer.
Focus on Improving your customer’s experience. Book a Demo now!