Why Customer Experience Management is Critical in Business [Infographic]

Stacey Rudolph — August 10, 2019

— August 10, 2019

Customer experience and success are proving to be very critical in today’s business world. As a matter of fact, nearly all customer experience and success leaders believe that customer experience management has an impact on business. According to Invespcro, customer experience will overtake product and price by 2020 as the main differentiator. That means customers are now increasingly placing great premium on their experience with your business than even on price and product you are offering. If you have been thinking that only lowering prices is going to give you an edge over the competition, think again. It is worth noting that majority of consumers (89%) are in fact willing to purchase at higher price if they are receiving great customer experience. As a result, 84% of organizations are proactively working on improving their customer experience reports and 50% plan to spend more on customer experience.

Customer experience is contagious

Nothing spreads faster than good customer experience. Conversely bad customer experience can bring any business down no matter how big. Research has shown that of companies that offers good customer service generally outperform laggards by 80%. Never underestimate the power of a smiling customer. It results in more referrals and more purchases by the same customer. It is estimated that 52% of customers have made additional purchases simply because they received great customer service.

Listen to what they customers are saying

Part of offering great customer experience is by listening to what your customers are saying. Feedback is critical and organizations must learn to collect feedback from their customers. It has been observed that 70% of companies that excel in offering great customer experience normally use customer feedback. How do you collect customer feedback? Email surveys, product reviews, offering dedicated feedback forms, regularly calling your customers and offering live chat support are some of the ways you can get customer feedback. Never ignore what the customer is saying. It is by listening to their complaints, compliments, suggestions, critics and opinions that you get to provide them with what they need and want. It is never about organization offering what they think the customers want but offering what the customers know what they want.

Customer experience management is very effective when it comes to increasing brand visibility and incremental sales from existing customers. We create good customer experience by understanding what they customers want.

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