We hear about customer experience regularly these days, but how does it drive business growth?
Our customers have always been central to the success of our businesses, so naturally, we want to look after them. However, in recent years, customers have been placing greater importance on the experience they have dealing with a company, and this has had wide-ranging consequences for businesses.
While poor customer experience can do untold damage to your business, good customer experience can stimulate growth in many areas. Positive customer interactions help sustain growth and keep your business moving in the right direction.
Retention
You work hard to build up your customer base, so you want to make the most of it. Ideally, when you earn a customer, you want them to come back time again and keep spending money with you.
The chances of it happening if you don’t offer a good customer experience are slim though. It’s not enough to offer a good service or product, and people want the whole package. 80% of people think the customer experience is equally important as the product or service.
People have lots of options when it comes to where they shop, and if you’re not offering the right experience, they will go to your competitors. However, if you can offer a great customer experience, they’re more likely to keep coming back to you.
Brand Advocacy
As we know, you work hard to get customers, spending lots of time and effort on marketing and other ways of drumming up business. When you’re getting your customer experience right though, you can benefit from the organic growth that comes with that.
When you build a relationship with people and inspire a strong connection between you and your company, they will become brand advocates for your business. These people spread the message about how great your business is and help you to attract new customers without you having to spend money on advertising.
Higher Returns
When you build a relationship with your customers, and they begin to trust you more, they are more willing to spend money with you. People are reluctant to spend money with companies they don’t know and trust, so businesses spend lots of money working to overcome these objections.
If your customer experience is on point, then you’re going to build this trust with more customers, and they’re going to feel more comfortable spending money with you. 67% of people say they would pay more for better customer experience, and that means increased revenues for your business.
Communication
When you have built that customer relationship, people want to relate to your brand. Businesses are constantly trying to find effective ways of communicating with potential customers, but when you’ve built the customer relationship, then often it’s the customer who wants to hear from you.
Good customer experience can help you open good communication channels with your customers that further increase their brand loyalty and increase their spend with your business.
