What helps a business flourish? Satisfied customers!
Which is what makes Customer Experience (CX) one of the most important organizational pillars for growth, and why smart business leaders make it a top consideration in their plans for future growth.
Taking the time to develop the right customer experience management strategy for your unique business needs can help maximize customer retention, boost referrals, and therefore increase revenues.
As more of the world moves online, brands and businesses are quickly realizing the importance of a robust customer experience management system that complements their overall business strategy. One study found that the companies which committed to developing and implementing a customer experience management strategy, improved their revenues by as much as 8% above market.
The first step to building a customer experience management strategy is to understand the difference between customer service and customer experience.
While customer service is just one part of the overall customer experience, CX envelopes the entire life cycle of the customer, starting from awareness and purchase, and moving on to retention and advocacy, thereby building a loyal base of happy customers who help enhance business revenue.
Which is why CX is generally defined as - The holistic approach companies take to proactively build interpersonal relationships with customers over time that lead to brand advocates.
A customer experience management strategy is the framework used by an organization to measure, analyze, and optimize customer experience, and ultimately track its impact on company revenue. Any CXM strategy’s first priority should be to gather hard data on customer experience across multiple parameters, and link this data to its impact on the organization’s broader business goals.
Many businesses make the mistake of not connecting their CX efforts to their bottom line, which could result in lack of strategy and a struggle in the future to justify the cost for a continued and sustained customer experience management system to the stakeholders.
By truly committing to CX efforts, the business will get visibility on what customers like, prefer, need, or even dislike, helping businesses understand what to change at every stage of the customer journey. An enhanced customer experience makes a world of a difference, as this study suggests that happy customers tend to stay for longer and spend 140% more.
Being strategic about CX involves putting the right tools in place to measure customer sentiments and preferences. While tracking Net Promoter Scores in B2C contexts can be pretty straightforward, B2B businesses often struggle to keep up with customer sentiments across different accounts, without the right tools.
Without a concrete CXM strategy, an organization can’t understand the financial impact of its CX efforts. This means that the worth of the CX program can’t be proven beyond doubt, and the company will not gain any valuable insights into the best opportunities for growth.
The right CXM strategy can tell you with impressive accuracy, which accounts are most at risk of churn and which accounts can potentially boost referrals. For example, if 80% of revenue is being generated from 20% of customers, understanding the value of each of these accounts is absolutely crucial for the growth of the business, and a robust CXM strategy is the only way to do it.
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