If I ask you what marketers do to upscale their business, I bet you will guess “social media,” “using ads,” “video marketing,” or providing “mobile-first experience.” However, Econsultancy and Adobe’s report – Digital Trends – showed surprising results. It revealed that nowadays, marketers are prioritizing the optimization of customer experience (CX).
Since word of mouth travels faster, Convince and Convert highlighted that by 2020, several purchasing decisions will be customer experience-based instead of price. Furthermore, according to the Call Center Executive Priorities Report, 68% of marketers invest their effort and time into the customer experience.
Before diving into the role of customer experience, let’s understand what customer experience really is and why it is crucial for your business.
What is Customer Experience?
Think about when you shopped from a brand and had a fantastic experience as a customer – remember how that experience made you feel. You probably thought that you would visit the brand in the future again. But then, think about one of your worse experiences with a brand. Would you be willing to visit it again?
Positive customer experience is essential for your business success because a happy customer eventually becomes a loyal customer. Besides that, a good customer relationship helps reduce business costs and boost revenues.
Therefore, the customer experience is your customer’s impression of your brand. It is an aggregate of every interaction a customer has had with your business. Marketing teams do not focus solely on influencing the customer experience, but they help forge a whole journey for the customer with their company.
Moreover, customer experience highlights delivery service, loyalty, and maps out each touchpoint after engaging with your brand.
According to a survey report published by Dentsu Aegis, 83% of Chief Marketing Officers (CMO) believe that the key to a successful business lies in the customer experience being offered by the brand.
Customer experience is relational instead of being transactional. It shows your clients and prospects that your brand will provide them your products or services with ease and consistency while ensuring that each interaction with the customers will be meaningful and memorable.
Why is CX So Crucial?
Why is customer experience being heavily emphasized? What difference will it make to your brand? A study published by Deloitte and Touche remarked that the companies which had a customer-centric approach for their business model were likely to be 60% more profitable.
Marketing teams are under a lot of pressure to create a certain amount of traffic, and most of the time, they tend to neglect the importance of customer experience. However, this should not be the case. Marketers can generate extra traffic and a remarkable customer experience. This is essential to retain and sustain your business growth. It helps promote loyalty, trust, and encourages the customers towards your brand’s advocacy.
The power, today, resides in the hands of the customers. They have many options to choose from and will not hesitate to move to other businesses if they have a poor experience. It is essential to provide a fantastic experience to attract your customers and encourage them to continue doing business with you.
Figure 1: https://skylineentourage.com/wp-content/uploads/2018/05/attract-customers-giveaways-design.gif
How Customer Experience Plays a Role in Marketing Your Business
Here are a few things that can increase your customer’s happiness and improve your customer experience.
Provide Customer Satisfaction
Customer experience is a ticket to exceed your customers’ expectations. Your brand should be dependable, accurate, and should provide excellent and guaranteed services.
According to one survey, the average customer satisfaction rate of companies around the world is 86%. You should not only deliver what you promised and take extra care towards supporting your customers.
Customer’s Community Advocates for Your Brand
Word of mouth marketing(WOMM) is one of the most powerful tools many companies desire. Recent studies show that 84% of millennials do not trust advertisements anymore. It has become more important than ever that a company builds trust with its customers so that they end up recommending the brand to their peers.
People seek third-party validation before making an online purchase, and online reviews of your product play a large part in the customer’s decision. If a customer is highly satisfied with their experience with your brand, they end up writing positive reviews for your product. On the other hand, if they had an unremarkable experience, they may not give a good review, and it will certainly be seen and read by other competitors and potential customers alike. This makes a good customer experience all the more crucial for your company.
Figure 2: https://knowmax.ai/wp-content/uploads/2020/01/Customer-Experience-Strategies-for-2020-Featured-Image_01.jpg
You No Longer Have to Stand Out
It’s getting harder to differentiate yourself from other businesses when everyone is sharing amazing content online.Since the competition is vast, the customer experience is an excellent tool that can help you stand out from the rest. According to Decurtis, CIO at Dell, Jerry Gregoire says that today’s customer experience is the next competitive battleground.
Turn New Shoppers into Loyal Customers
When you provide a fantastic experience, it impresses purchasers, and they are willing to do business with you in the future. No matter what kind of business you have, a superior experience becomes a unique and valued asset. Outbound Engine highlights that getting a new customer can cost you seven times more than maintaining an existing customer.
Builds Trustworthy Relationships
When a normal customer is surrounded by hundreds of advertisements and brands every day, how can your company establish a strong relationship with them?
For this, the key to success is personalized experience and content. Your brand should market in such a way that each customer feels unique, special, and valued. You must build trust with them and forge a stronger and long-lasting relationship.
Keep in mind, CX is essential for your business to move from a me-centric to a you-centric marketing approach.
While, me-centric marketing usually emphasizes your brand, you-centric marketing tells the customer who you are, why you should be chosen, and why they should buy your product. This type of marketing focuses entirely on the customer and their experience of your product or service however they choose to engage. It also allows your customer to create a solid, memorable, and meaningful experience your business.