How Prioritizing Customer Experience Boosts Revenue by 4-8%
Customer experience has become a key factor for business growth in today’s competitive market in United States. Businesses all across the region are now prioritizing Customer Experience in US to maintain better customer relationship which results in better customer loyalty and prominent brand reputation.
According to a report published on Forbes, businesses have boosted their revenue to up to 4-8% by offering better customer experience (CX) and gained better interactions by offering unique needs and preferences of each customer. But that’s not all, there are more benefits to it and here is how it works. In this article, we are going to explore how prioritizing customer experience boosts revenue for businesses along with some strategies to improve personalized customer experience (CX).
What is Customer Experience?
Before we discuss the benefits of Customer Experience (CX) for a business, let’s understand this term and how it applies to any business. Customer Experience (CX) is a term that defines how a customer feels about your business throughout their journey of making a purchase. Primarily, Customer Experience (CX) is all about the perception of your targeted audience towards your brand and its products or services.Is Customer Experience Same as Customer Service?
In most the cases, the Customer Experience (CX) begins when a customer comes in contact with a company’s employee by speaking to them on the phone or interacting with them in person. This is the point where the Customer Services plays a vital role to understand and navigate to the customer’s queries. To maintain reliability and affordability, many businesses hire Customer Support representatives from an outsourcing company as it saves them from the trouble of hiring a dedicated in-house team. As a result, many businesses and startups get multichannel support for providing reliable assistance. But keep in mind that Customer Service is only one aspect of the whole Customer experience journey. For example, if someone wants to book a hotel for a vacation over the phone, a friendly customer support agent with adequate information would be more helpful. On the other hand, if a customer wants to book their hotel room online, then the customer experience is evaluated at the hotel’s website end.Benefits of Prioritizing Customer Experience for Businesses
Customer Experience (CX) impacts various areas of a business which earns different benefits to outperform their competitors in a diverse market. By creating more value for the customers through a great customer experience, here are some benefits you can earn in terms of sustainable growth:Better Customer Retention
If your targeted audience gets a positive custom experience, then they will certainly return to business again with better satisfaction. In this way, businesses can turn their visitors into customers by offering them value they are looking for through reliable customer experience. Hence, businesses don’t have to face the challenge of increasing customer value.Increased Customer Acquisition
A satisfied customer will more likely refer your business via word of mouth or testimonials which ultimately brings more buyers and boosts your revenue substantially. Moreover, your business can build a strong reputation through satisfied customer experience which makes it even easier for new customers to trust the brand.Brand Loyalty Development
When a business provides reliable Customer Experience, it makes the audience feel valued which is why many customers develop a connection with a brand to buy from them more often. As a result, your business revenue increases due to repeated purchases and you get a stable revenue from retained customers.Enhanced Operational Efficiency
A strategically developed Customer Experience reduces the conviction points for a business by streamlining their interaction with your brand and its products or services. As a result, the purchasing journey of your customer becomes more enhanced while reducing the friction points that might deviate your customers from retention.Additional Purchases
Customers with satisfied experience would more likely explore other products and services offered by a brand to make additional purchases. For example, if you are getting quality gaming consoles from a store through a satisfied customer experience, then you would more likely purchase accessories and other items for your console since you get quality products.Reduced Marketing Costs
Satisfied customers are more like your free marketing source. New entrants in a competitive market have to spend a major chunk of their budget for marketing to get recognized. But if your brand offers a user-centric customer experience, then your business can more likely retain customers for long term, who will put the good word for your business too. As a result, you will get better customer retention, and free marketing through existing customers, without spending too much on marketing.5 Proven Strategies for Enhancing Customer Experience
Behind every successful Customer Experience (CX) strategy is the power of personalization that drives the business toward growth and stability. Based on this concept, here are 5 proven strategies to enhance Customer Experience for your business.Collect and Analyze Data
Creating a personalized Customer Experience (CX) heavily depends on valuable insights like customer data that tells you a lot about customer’s behavior, preferences, and needs. Business can gather this data from various sources like purchase history, customer reviews, and browsing behavior.Audience Segmentation
Once you have collected valuable insights and data on your customers, you have to divide your audience into different segments based on their characteristics. In this way, crafting a unique customer experience and marketing strategy becomes much easier when you target a specific customer base according to their specific customer needs.Publish Dynamic Content
Dynamic content allows businesses to develop to create personalized web experience which involves displaying different types of content to different types of audiences. Such dynamic content development may involve personalized product recommendations, tailor made promotions, or unique landing pages.Learning From Customer Feedback
Customer feedback is more like a suggestion for improvements that can help a business to enhance its operational efficiency. By understanding customer feedback, businesses can enhance their customer experience to address the needs and requirements of their customers and provide a satisfactory experience.Personalized Customer Support
For a new business it may seem like a challenge to offer personalized customer support, but it will always bring worthy results. By offering customer experience through multiple channels like social media apps, in-app messaging, calls, and emails, you can develop a better communication bridge with your audience. In these interactions, you can always refer to previous purchase history and tailored recommendations for your customers.How Titans Talent Services Can Help to Enhance Customer Experience for Your Business?
Titans Talent Services offers on demand customer support specialists that deliver promising customer experience by understanding your business and your targeted audience. Our talented customer service team maintains empathy, professionalism, and efficiency to help build brand loyalty with your customers by providing the following services:- Email, phone, and chat support.
- Feedback collection from your customers.
- Customer-focused approach with ensured professionalism.
- Reliable outbound and inbound customer support.
- Account management and order processing services.
