You might have heard about businesses that are one-hit wonders, they get the boom, earn billions, and then die a slow, painful death. The reason behind the failure of these businesses is that they attract customers with a good advertisement, and a huge marketing budget but the customer comes for a one-time purchase, gets discouraged by the service or product, and never returns.
A recent business study concludes that loyal customers spend 67% more on the business than occasional customers. To enhance customer loyalty, the only route is to work on customer experience. Forbes claims that premium customer experience is the only benchmark of your business success in today’s world. The product or the service is replicable but your customer experience will attach your customer to your product emotionally. In the long run, this will boost your business’ success and generate continuous revenue streams.
In a fierce industry with cutthroat competition, good customer service will always help you stand out from the rest of the industry. For instance, in such a competitive internet service industry, Optimum is offering exemplary customer service. No waiting queues, 24/7 availability, customer-friendly experience, and the best customer service for other language speakers especially native Spanish speakers. You can also find out more about their customer service at https://www.localcabledeals.com/optimum/customer-service.
Why do you need To Prioritize Customer Experience?
Customers are the blood of your business. When customers stop coming, the blood runs dry, revenue stops and the business dies. Positive customer experience has a fundamental role to play in keeping revenue circulation alive. It boosts customer satisfaction, helps with increasing revenue, and improves customer loyalty.
Most business owners consider customer service an additional cost or just an add-on, which is the reason they do not invest enough in customer service. This directly affects the experience of the user, stops the business from evolving and it gets outdated leading to the dissatisfaction of the customer.
Eventually, the customer feels neglected and moves on to other service providers with their money. Since customer service directly affects the customer journey, its value is high. Here are some of the ways customer experience impacts the business:
1. Increase Direct Sales
When customers feel protected by the brand, and already had a good experience with the brand, they usually spend more. Research claims high brand satisfaction via direct customer experience boosts the expenditure of the customer by 140% and increases the customer’s lifetime value as well.
2. Boost Brand Loyalty
When the experience is good with a brand, this eventually convince the customer to come back. Research about brand loyalty explains that it is much more cost-efficient to keep an existing customer rather than invest in bringing another one on board. Based on the comparison, getting the new customer on board cost 7% more than maintaining the existing customer. You will not only be saving money but also converting your customer into long-term business investments.
Enhancement in Client Retention
You can retain a customer by providing good customer service. A business’s ability to retain customers indicates its success, ensuring it will not fade away in obscurity.
7 Efficient Ways to Improve Customer Experience and Loyalty
Omni Channel Strategy
In the world of social media, staying connected with your customer via all channels is very important. Stay available on all channels rather than restricting your customers to just one. With this Omni channel approach, you can boost sales by improving your business’ reliability index.
Reward Your Customers
One of the best and most effective ways to enhance customer loyalty is by introducing a reward-based loyalty program. Big brands usually introduce revisit programs. Brands usually send messages and emails to customers who have already purchased in the last few months. Usually, loyalty reward program comes with discount coupons, or sale offers exclusively for loyal customer. Research by Bond, claims that loyalty programs boost customer loyalty by 71%.
Engage Your Customers
In the era of information bombardment, you are always replaceable. However, to stay relevant as a brand, you need to engage your customer without becoming annoying. Rather than bombarding your customer with useless promotion stuff, educate them and resolve their issues. A recent study by Conductor claims that you can boost your sales by 13% if you keep your endorsement educational.
Use Artificial Intelligence
Artificial intelligence is a game changer in the customer support industry. It bridges the communication gap, offering speedy communication without any lag. With IA, you can cut your customer support staff to half while boosting your response time, which creates a win-win situation.
People appreciate cultural representation in brands and businesses. This is the reason more businesses are hiring people from diverse ethnicities and cultures as their brand ambassadors. Within customer service, the language barrier is one of the biggest issues, but if you offer customer support in a different language this will make your customers feel included, helping you bring people who value community.
Get Customer Feedback
Feedback from the customer offers you a unique opportunity to grow as a business. This keeps you updated about the changing consumer market and consumer expectations. Also, it gets you ready for the change to come. After each interaction with the customer, it is advised to ask for direct feedback and then use this as the blueprint to upgrade your business.
Stay Connected Throughout the Customer Lifecycle
Throughout the customer lifecycle, your customer expects you to give him some special attention. This eventually boosts sales and helps with ROI as well. Keeping in touch with your customers throughout the customer journey will not only make them feel connected but will eventually boost sales and customer loyalty.
In the digital era where every service and product has an overwhelming amount of competitors, good customer service helps you stay connected to your customer. This is not only a good way for increasing customer retention, but it is also considered a long-term investment for your business.