So Why is CX So Hot Today?

So Why is CX So Hot Today?

Author: CXY

14 November 2018

So why has customer experience become such a hot topic today? Customer expectations are higher and word of mouth travels faster.

Purchasers are empowered like never before, and great customer experience drives loyalty and revenue.

Leaders in Customer Experience deliver, on average, 17% of revenue growth within 5 years, whereas poorer customer experience departments deliver 3% over the same period. Downplaying it's importance is no longer an option for businesses, as the voice of the customer continues to get louder and louder.

Building a great online reputation and investing in customer experience is now the main focus for 68% of companies; 

How important is it to be great at CX?

Are your customers satisfied with the customer Experience you are giving them?

A great customer experience will improve customer satisfaction! Companies across the world have an average customer satisfaction rate of 86% therefore Customer experience is key to exceeding your customers’ expectations.

Organisations have to be accurate, dependable and provide the service they guarantee. It may be worth pointing out here that this is actually customer service, meeting and delivering the expectations that we have guaranteed our customers. Customer Experience however is the opportunity that lies in the ability to deliver over and above what you promised and therefore surprises your customer with extra care and support in a personalised way. 

A totally satisfied customer contributes 2.6 times as much revenue as a somewhat satisfied customer does, and 14 times as much revenue as a somewhat dissatisfied customer.

The main goal is to create a consistent customer experience across all touch points to exceed your and your customers’ standards.

By keeping an eye on the entire customer journey, you’re making sure that the promise of a positive experience is kept and that you’re offering a superior experience and not just delivering a service. 

Great CX = Loyal Customers 

Creating an experience really impresses customers and ensures that they will keep doing business with you in the future. A superior experience becomes a valued and unique asset for any type of business.

Acquiring a new customer costs 7 times more than maintaining an existing one so investing in your existing customers will certainly pay off and it’s only a matter of time until you see positive results.

But what if your customer is unhappy? There are a few things that impact a company’s reputation more than the way it responds to complaints.

Customer service is an important part of developing brand loyalty, and the way you respond to unhappy consumers will determine what they say about you afterwards. Ideally, every business would rather have exclusively positive feedback, but unfortunately, that’s a pretty unrealistic goal.

The key to handling negative feedback is to emotionally shift your customer and get them to fall back in love with you, through creating a great experience out of what is currently a bad situation. The obvious is to respond politely and assure them that you’re trying your best to find a solution to their issue. Make your customer feel heard and cared for whilst you solve the problem. But that’s just customer service, what could you do to go above and beyond and create an amazing experience for them? A voucher in the post, simply a card saying sorry, a follow up call within 24hrs to make sure everything else is ok or a small box of chocolates in the post? It doesn’t take much and costs very little. 

In fact, did you know that 95% of people who had a bad experience are willing to give the company another go if they know their issue has been dealt with correctly and they have made them feel better? What’s more they share the experience in a positive way “did you know the following day i got a box of chocolates in the post saying sorry?”, often the problem is rarely discussed or if it is it's quickly dismissed and over ridden by the great experience created by that little box of chocolates. 

Let’s talk about CX

If you deliver great CX your customers will tell others who also want to come to you for an amazingly CXY experience. Word of mouth is one of the most powerful tools a company can wish for today. The truth is, 84% of customers do not trust adverts and traditional marketing anymore. People are now seeking third-party validation when making a purchase and that’s why customer advocacy is so important. By focusing on creating amazing customer experiences and embodying the desire for your business to go above and beyond, you’re creating an advocate out of every consumer.

A great example of how to do this is through Instagram, what if you’re an online clothing retailer how about asking customers to share photos of themselves in their outfits. This campaign would be a huge success, showing potential customers that the clothing is great and that existing customers support the brand.

Using advocates and user-generated content is an amazing way to engage customers, reinforce loyalty and recommend the company to other customers. Those who give the best CX stand out from the competition!
It is getting harder and harder to differentiate yourself from other businesses when everyone is sharing the same thing for roughly the same price but a competitive advantage is huge, and customer experience is the perfect tool to help you stand out from your competitors.

As Jerry Gregoire, CIO at Dell, says, “the customer experience is the next competitive battleground.”  This way, your customer will no longer compare only products and prices, but also and more increasingly the experience.

Customer feedback has become an invaluable tool. If customers couldn’t openly access other people’s experiences with a company, they would need to look elsewhere quickly to build confidence. 88% of customers read reviews to determine the quality of a business’s customer experience.

Embrace a customer-experience centric strategy, and stand out from your competitors by making sure today’s customers become tomorrow’s advocates, and sell your business for you. 

The best CX = Long term personal relationships 

In a world where we are being touched by hundreds of companies and adverts every day, how can you build a strong relationship with your customer?
Personalised content and experiences are key.

Making each one of your customers feel special and unique will send a positive message: they are cared for and important to your business. By doing so, you have a better chance at building trust with them, and therefore at creating a strong, long-lasting relationship. By giving personal CX you will have customers for life. 


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