Business people put all their efforts into building products 200 years ago, and then 100 years later split their efforts for products and marketing. Now, a new part of the business comes up. Customer experience is being more important by increasing the competition in the market.
Owners of big businesses that earn over 1 billion dollars annually are expected to double their revenue by investing in customer experience. If you are wondering how customer experience will impact your business, continue reading.
What is customer experience?
The name speaks itself; CX is customers’ experience from attracting, studying, interacting, and buying your products. Today, there are multiple options for customers. They can switch their brands easily.
After you build your product and run your campaigns, the customer experience starts! CX begins from brand awareness, brand consideration, purchase to the retention of customers and customer advocacy.
In 2020, 86% of customers paid more for a better customer experience. They consider CX as the best factor to differentiate brands over price and product. It sends an important message to business owners.
Why customer experience is important for business
I bring some general information about the importance of customer experience. Now I am going to go deep down and discuss more detailed. Follow me on the most significant reasons for the importance of customer experience.
Customer satisfaction is trending
Satisfaction is one of the best feedback that brands can rely on it. Lack of negative experience brings customer satisfaction to your company. More and more brands are trying to increase their customer satisfaction.
They do it for a simple reason. Assume that a not satisfied customer brings you 1$ of revenue. As statistics said, an almost happy customer brings 5$, and a delighted customer brings 14$ of income. It’s fantastic.
Customer advocates rock
FIRSTLY, when I want to buy something, I ask my friends, followers, and relatives about their experiences. I use their suggestions to choose the best product and customer service. Like most people (almost 84%), I don’t trust advertising anymore.
It’s the power of advocates. They talk about you, offer your products, and show them to others. Advocates use word of mouth to market their favorite brands.
What else a business wants from the market?
Increase brand recognition and brand loyalty
Attracting a new customer is way more expensive than keeping existing ones engaged. It is only cost-effective if you turn them into loyal customers; otherwise, it’s just wasting money.
Customers want to be loyal because brands are getting comprehensive and habituate their consumers to stay with them. For example, migrating Apple users to the android platform is not that easy.
Today, customers ask for a caring experience in the buying process other than product and price. They want to keep doing business with brands that make them happy and noble.
You need to guarantee customers that you try hard to provide the best product experience, price, customer service, marketing, communication, etc.
kind of free marketing
Marketing aims to provide credibility for your business. You offer value in your marketing campaign to build trust and earn more money. Good customer experience could act as a free marketing activity.
Brands need that customers talk about them on social, friends groups, and public. They need customers to say something positive about their products. Excellent customer experience makes almost 53% of customers submit positive reviews.
Customer service is a simple and free marketing activity, but you should be careful. In every market, there are two types of reviews. Negative reviews could damage your business, so you should try to solve problems for unsatisfied customers.
Stand out from competitors
It doesn’t matter you are in which industry. With the vast growth of businesses and startup culture, there is massive competition in any market. Companies fight for customer attention, generating leads, getting loyal customers by improving products, and decreasing prices in the red ocean.
Innovative companies always find a new way to stand out from their competitors and enter the blue ocean without fighting for customers. Formerly, being online, clean design, social media, and content was the factor that separate businesses from competitors.
Today you can rely on user experience and customer service. These two concepts help businesses to make loyal customers and beat old competitors. People in all teams should be familiar with concepts and improve their processes.
Customers constantly get distracted by millions of pieces of content, adverts, and new products every day. Many brands try to catch their eyes and make them pay attention to the business. What brands do they attract? Of course, the brands that they are aware and have created relationships with them.
The critical factors in building a solid relationship with your consumers are personalized content and improved experiences. Before making a relationship, you need to build trust. It only works when you provide a great CX for them.
Business people expect their investments to turn into tangible results. ROI is an important KPI to measure the success of your marketing activities. But increasing the marketing budget and doing complex works are not enough. Instead, focus on customer experience.
Fulfill customer wishes and provide services they worth it. For most businesses attracting prospects is not an issue, and the main goal is to make existing customers happy.
Work on your customers and forget about trying new marketing strategies that don’t work. Identify your target market and meet their needs to build a community of loyal customers as your advocates. Assign the rest of your marketing to them, and feel free.
No doubt, the customer experience is a bold concept these years. You need to consider CX in your general strategies. It helps to improve and develop your marketing, sales, and products.
Hubber offers free live chat for businesses to improve their customer experience. You can use our live chat software to communicate with customers and solve their problems.