While many company executives focus on product development and budget cuts, forgetting that the company success will largely depend on customer satisfaction. As we wrestle with Covid-19 pandemic and global recession, how companies interact with their customers is more vital than ever before making customer experience as the key ingredient that will determine the success of any company.
Most research carried out in 2020 such as Adobe Digital Trends, ranks customer experience at the top a head of digital marketing, video marketing and even social media. A survey by Deloitte in 2017 on Global Contact Center, found that 88 percent of companies now prioritize customer experience in their contact centres. Companies offering better customer experience earned between 4 and 8 percent more than their competitors as seen in SmartInsights and Temkin Group 2019. Brands that create a company culture focused on customers help their employees work together to achieve the same goal of making customers happy. If there’s one thing a company should focus on is, its obsessive attention to the customer experience, end-to-end.
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Customer experience impacts the way customers make buying decisions. In 2006, a study by McKinsey found that 70 percent of buying experiences are based on how the customer feels they are being treated, as published in their quarterly publication on “The Moment of Truth in Customer Service.” This means your company must focus on more than just providing a high-quality product, and consider the customer experience at every touchpoint with your brand.
Customer experience is vital to business success, with more than two-thirds of companies competing primarily on this factor. When you nail your company’s customer experience, you can establish your brand as the go-to provider, even in a tough market with established competitors. It may seem like an additional cost at a time when many companies are trimming their budgets, but investing in customer experience is vital to your long-term success.
Poor customer service is costing businesses billions dollars a year. 86 percent of people say they will gladly pay more for better customer services and are likely to abandon one that gave them a bad experience. Your customer services can either make or break your business. To make customers feel like they are No. 1, companies should try to create a deeply personal feeling between them and their brand, companies should work on response times to be as fast as humanly possible, ask questions about what customers need and get to know their customers before requesting a single bit of info from them as this will create and build trust.
Adding value to customers requires understanding them and what they need. Once you know what they need, you can start to deliver it, surprising them and creating an unbelievable experience. Make providing unbelievable service to your customers a priority, and you will see how these efforts not only become a highly effective sales strategy but an incredible way to improve your product and your company.
If a business is having to constantly find new customers, it’s going to struggle to create any long-lasting growth. Meanwhile, if another business can keep its customers happy, those customers will refer the business to new customers. A good referral from a happy customer is far more valuable to a business than the savviest marketing campaign.