There’s plenty of data showing that investing in Customer Experience (CX) leads to better customer retention. But did you know that a CX-focused business also benefits your organization and the business as a whole? Customer-centric companies are 60% more profitable than business that are not as serious about providing good CX, and that’s reason enough to strive to improve the customer experience. But promoting good customer experiences isn’t just about being competitive, attracting new customers, and increasing sales.
Investing in CX and promoting a workplace culture that is CX-oriented also results in many advantages and benefits that aren’t immediately showcased by sales figures. Consider these benefits of investing in customer experience and you’ll quickly realize how practical such an endeavor really is.
Good CX means happier customers. Happier customers are loyal customers, and loyal customers are five times more likely to continue purchasing from your company, as well as four times more likely to refer a friend to the company. This means your marketing team will not need to invest as much on acquisition. And since it can be 5 times more expensive to sell to a new customer versus an existing one, this can be a significant savings to your marketing budget.
Maintain a Strong Customer Base
US businesses have lost up to a total of $1.6 trillion due to poor customer experiences. How much have you lost? Investing in CX and not only will you be able to keep and maintain existing customers, you’ll also convert more customers, and encourage new ones to do business with you. This is proven by the fact that 73% of consumers say a good experience is what influences their brand loyalty decision.
Nearly every interaction you have with your customer, be it physical or digital, is an opportunity to delight and win them for life. For example, Zoe, our resident chatbot, can be deployed on your website or mobile app (iOS and Android), allowing your support and sales teams to not only connect with your customers directly but also take payments. Better yet, the chat thread follows the customer around no matter what device or platform they're on—this way, both they and your team will always know where to pick up the conversation.
Even with the countless tools available for many customers, there's still too much friction when it comes to purchasing something online. We've solved that and numerous other pain points. To see how you can leverage a chatbot, connect with one of our CX Advisors for a free demo, and see how transformative they can be.
American consumers will pay 17% more to purchase from a company that delivers a positive consumer experience and excellent service. Continue to focus on your customers and providing a superior CX experience, and you’ll bring in 5.7 times more revenue than your competitors that focus their marketing efforts elsewhere. It’s simple—great CX will convert more customers!
Get Everyone Involved
Too many businesses put the responsibilities of CX primarily on their support team. But when you invest into CX throughout the entire organization, you’ll gain additional benefits and improve your ability to really WOW the customer. Consider these stats and see why a CX-focused initiative is vitally important for business success today.
- Companies that excel at customer experience see employee engagement increase by 20% on average.
- Companies with engaged employees outperform the competition by 147%.
- 59% of companies with a CEO who that is directly involved in the customer experience report higher revenues that other business that are not as customer-focused.
Investing in CX is really all about continuing to make your customers happy and keep them happy. Consumers say that the top reason they switch brands is because they feel unappreciated. Investing in CX now, and consistently measuring and fine-tuning your efforts, will ensure that you can keep up with new industry trends and changing consumer wants and needs. Look to the customer to help you develop your CX strategy—delivering a positive customer experience at every point along the sales funnel can be easily achieved if you make effective use of data analytics.
A CX-centric approach also enables you to better understand your customers, because you’ll be more focused on listening to their feedback. That means your support staff will also be more prepared to adequately and successfully handle any customer complaints and maintain a strong brand reputation.
Build a foundation of strong CX from the top down, and you’ll reap the rewards both within your organization and from your customer base. To get that journey going, book your free demo and see how integrating TABLE into your workflow is easier than you might think.