Your customers are constantly online and have come to expect a high level of service that every organization has to meet if they want to survive. Rather than by price or product, organizations are competing for audiences by improving their Customer Experience now.
Customer Experience is all about focusing your organization on the customer and creating positive experiences at every interaction with your brand. We explain in What Exactly is CX that CX concentrates on making life easier for customers, which involves having a deep knowledge of who they are and what their needs and pain points are.
Improving your organization’s Customer Experience might be a simple concept, but it requires a comprehensive strategy and a complex combination of technologies and expertise to be done properly.
So why focus on CX? The main reasons to invest in customer experience enhancements are:
- Improved customer retention/loyalty
- Improved differentiation from competition
- Improved revenue/growth
By taking the time to understand your customers and their pain points, your organization will be able to deliver innovative value to them and solve their problems more effectively. Easier customer processes generate growth and reduce the chance of losing customers. A study found that 86% of buyers will pay more for a better customer experience, and 72% of customers will share a positive experience with others. Additionally, enhanced personalization keeps audiences engaged. Studies have found that 44% of consumers will become repeat customers after personalized experiences.
A PwC study showed that 54% of US consumers say CX at most companies needs improvement. A study from Microsoft found that by the end of 2020, CX will overtake price and product as the key brand differentiator. Taken together, this is proof that CX is how your organization can rise above the competition. By starting your transformation towards improving your CX now, your organization stands to reap the benefits of higher customer retention and satisfaction.
If you’re ready to learn more about creating customer-centric enhancements to your CX, start with our CX eBook on the Three Rules for CX Success.