Customers are the lifelines of every business. Building a good relationship with them is very important, as they make brands stand out from the competitors, bring in more value, and generate revenue. A report by Forrester and Adobe stated that “Experience-Driven businesses see over 1.5x higher YoY growth than other companies in customer retention, repeat purchase rates, and customer lifetime value.”
It takes strategic intent and substantial efforts in terms of time and money to invest in customer experience towards building customer loyalty and retention. It’s also hard to win back the trust of customers who have decided not to engage with the brand’s products or services after using them. No amount of promotion, advertisements, referral schemes, and other discount offers can make them come back. It cannot match the value and impact of the customers.
Companies need to invest in a good customer experience as it offers better insights into the expectations and psychology of the customers. Why is Customer Experience every company’s top priority and why should they invest in it? Let’s explore.
Reasons for investing in Customer Experience
The statistics data by Tempkin Group stated that “Companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience.”
Below are four reasons for companies to make this move.
- Maintaining good relationships with customers
A good customer relationship is one where a customer is delighted with the company’s products and services. Where companies listen to their grievances, their demands, connect with them on an emotional level, resolve their problems, and fulfill their requirements. Customers will be willing to spend more money for the customer assurance. Failing to provide any of these commitments can be detrimental.
Companies like Pepper Content, Apple, Rapido, Zomato, and many more have invested in methodologies, such as Artificial Intelligence technologies, different omnichannel, analytics, and social media listening tools to understand and know their customers better.
- Increase in sales
Superior Customer Experience is equivalent to generating more revenues, gaining more new customers, and maximizing the brand’s sales numbers. Introducing new products or services, expanding marketing reach, and investing in tools such as Omniscopy for its automation brilliance and out of the box technology leverage will drive higher conversion and increase profitability.
- Happy Employees and Productive Workforce
Employee Experience is directly related to Customer Experience. Companies have started providing tools, training programs, and support to their employees. Positive employee experience metrics have been successful in increasing employees being more engaged and increased productivity. Happy employees are able to perform and deliver a better customer experience. Happy employees mean happy customers. Tracking and improving internal digital experiences of employees with systems they use to deliver the customer experience demands within every organisation is an evidence of a service blueprint in action.
- Word of mouth
Word of mouth (WoM) is an important and probably the oldest marketing method. It also highlights the strengths and salient features of every brand and it’s service. A customer who frequently uses certain products or services will tell their family and friends if their experience with a brand was negative or positive. Anyone who has a bad experience with a company will propagate and warn others from using products and services of the said brand. It will hurt the brand and its image and getting back is an uphill task in such situations. All the more reason to invest in great digital experiences for all who interact internally and externally with a brand..
Customer Experience is an important asset. Companies and organizations must implement the necessary tools and take steps to invest in them. Ignoring this can harm businesses, its market potential, and overall growth. Lastly, tools like Omniscopy can not only be used to investigate learn and create great experience for present and future digital experiences, it can also go deep into understanding traditional digital businesses or those with legacy systems still in the process of moving to the cloud to learn about its traditional services and make sure errors and bad experiences are not carried forward in their strategy of digital migration. You’re welcome to meet our experts for a FREE session on how to invest minimally and build a game changing new digital presence for your brand and its products. Contact us at https://omniscopy.com/request-a-demo/