Customer Experience is at an all-time high. It has been seen that firms with powerful implementation of customer experience strategy achieve greater customer satisfaction, a fall in customer churning and an increase in revenue. Furthermore, as per a research conducted by American Express, 60% of customers are willing to pay more for a better experience.
Customer experience (CX) is defined by all the interactions between a customer and an organization during their business relationship. An interaction can consist of awareness finding, responsiveness, support, purchase and service.
Customer experience strategy today has become an inseparable part of the customer relationship management because it ensures the loyalty of a customer who gets an awesome experience the very first time. In fact, a study by Oracle found that 74% of senior executives believe that customer experience impacts the willingness of a customer to be a loyal advocate. The CX statistics don't end there, if you want your customers to stay loyal to your brand, you have to invest and build their experience!
In simple terms, happy and satisfied customers remain loyal. Now most of the larger organisations know how to leverage customer experience and keep it on the highest priority but still struggle with the right customer experience strategy. According to a survey done by Bain & Company, 80% of companies rated their CX as superior while only 8% of their customers believed that they are receiving an awesome experience. The Temkin Group's recent 2016 Customer Experience Rating study displayed a significant decline in customer experience of good and excellent companies which dropped from 37% in 2015 to only 18% in 2016 – it’s lowest rating since 2011.
It is because of the growing Customer expectations that are unmatched with the speed with which customer experience strategies are implemented. Let’s take a look at 5 factors that create a great customer experience strategy and help you improve customer satisfaction remarkably.
The key to success of your customer experience strategy lies in the better first call resolution at the ground level. If your organisation understands your customers well, know about their needs and issues then it would be easier for your customer care agents to connect and empathise with the situations that customers face. It is essential to create an emotional connect with your audience from omnichannel system of communication to create a personalised experience for your customer and make him/her witness awesomeness the first time they connect with you. This is possible when the agents are aware of the customer interactions irrespective of the channel they use to interact.
Whether you believe it or not, your customers are very intelligent. They have growing expectations and an ever-increasing communication channels through which they are continuously looking for the best experiences. If your organisation is following an omnichannel way of communication, it is extremely important to make sure that you give them the best of experiences through any of the channels they choose to communicate. The channel should be so strong and data driven that any agent who handles the customer knows the profile, needs and strings of last communication to give him an unmatched experience within no time. But, consistency needs to be maintained across the channels used. So the customers are invited to the organisation through any of the channels but consistent communication will provide a superior experience
How can you ensure if you are giving a wow experience to your customer? You must ask and it is mostly done by capturing feedback in real time. It’s important to allocate customer feedback to a particular customer support agent, to show every team member the difference that they are making to the business.
Capturing the real-time customer feedback helps you to know what they think about your brand in comparison to the customer experience strategy principles defined in your organisation. This gap helps you to identify the areas of improvement, training needs and other support related issues that could be worked upon. This system might not be effective in a short term but creates an excellent framework for team and organisational development that can help you in creating wow experiences for your customers based on their needs.
So how do you know if all the strategies and investment that you have made till now are actually paying off and getting business for you? The answer is by measuring the Return on Investment on customer experience. Measuring customer experience is one of the major challenges faced by firms these days. In order to overcome these challenges many companies use the “Net Promoter Score” or NPS, to collect information by asking a single straightforward question:
"Would you recommend this company to a friend or relative?"
NPS or net promoter score is an extremely appropriate benchmark for a customer experience metric that is easy to implement and measures the ROI it brings to the company. Whether you use NPS or not, it is important to implement an ROI metric to measure the leverage of customer experience.
Do you think you are able to give your customers everything that they need to be happy? Maybe, but the above mentioned factors help you optimise your offerings. If your customers are not happy as they should be, this is the best time to put these strategies to use to bring your customer relationship back on track and give them an unmatched customer experience. C-Zentrix is a trusted partner for organisations who are in the process of transforming their customer experience strategy.
Author Bio: C-Zentrix is one of the leading global players in the customer experience space. We have been the path leaders for pas twelve years and have introduced revolutionizing technology in the CX space.