Customer experience management is a top priority that every business should consider. There is no doubt that improving customer experience can help you improve your business performance, however, calculating the value of CX may not be as straightforward as calculating the ROI of other business investments. Even when there is obvious proof of benefit, executives frequently opt not to invest in improving Customer Experience.

We argue in this post that organizations simply cannot thrive without a customer-centric strategy.

In a world where commodity traps abound, too many comparable items and choice crises influence consumer behavior, it becomes critical to stand out as a brand in order to flourish. The only way out of this bind is to exceed consumer expectations and improve the customer experience.

Increasing importance of customer experience

Let’s look at a few statistics that, according to Forbes, might help you understand why it's critical to work on boosting your CX game.

Companies that focus on the customer experience generate revenue that is 4 to 8% more than the rest of their sectors. The customer experience (CX) is the new battleground in marketing.

“According to the 2017 Gartner Customer Experience in Marketing Survey, more than two-thirds of CX marketers think their organizations compete primarily on the basis of CX. In two years, 81 percent intend to compete primarily or entirely on the basis of customer experience.”

The fight for customers has never been fiercer, with total retail sales in the United States expected to reach $5.68 trillion by 2021. Consumers want shops to provide highly tailored shopping experiences, and they are eager to spend more money when brands provide focused recommendations.

To be more specific, customer experience can be defined as your consumer’s perception of your product or service in exchange for it. Consumers form opinions about your brand or company based on how you treat them. These impressions influence their actions, which in turn influences their allegiance. It’s simple- the better you treat your consumers, the more likely they are to write positive comments because you have earned their trust and loyalty.

Customer satisfaction is essential for a successful business, pleased customers provide good feedback and aid in the development of a solid foundation. Working on personalizing your services or product to better your client’s experience leads to increased customer retention, satisfaction, and ROI, regardless of which industry you’re in or what kind of business you’re in.

Brands that provide a good customer experience generate 5.7 times more revenue than competitors who fall short. A positive experience is important to 73% of consumers when it comes to influencing their brand loyalty. 

77% of customers believe that inefficient customer service reduces their quality of life.

Adding a human touch to your services allows your clients to feel heard and connected to the brand in which they’ve invested. It’s easy to get lost in the sea of options available on the market. The experience you provide is what keeps your clients grounded and loyal.

Brands frequently suffer significant losses as a result of their lack of empathy for their customer base - they may offer better products than their competitors, but if their after-sale services or in-store experience are lacking, they frequently lose more than just business.

Simply put, if you are thoughtful enough to care about your clients, they will return the favor in some fashion.

At Dropthought, we believe that in order to create a long-term relationship with a consumer, we must value their opinion. We believe in developing a situation-based and feedback-driven client engagement strategy that will not only assist businesses in maximizing the data obtained but also serve as a long-term opportunity to keep consumers happy and income flowing.

Throughout their customer experience, your customers can submit feedback and comments about your customer service staff, product onboarding, and more via surveys. You will be able to keep your present customers, identify essential customer experiences, and increase income by doing so.