Over the recent years customer experience has dramatically grown in value to supersede product quality and price. Companies that deliver outstanding customer experience can truly win over the competition, retain more loyal customers and improve their bottom line. So what’s trending in the world of CX today?
Since customer expectations are changing just as rapidly as technology advancements, improving customer experience has become an ongoing goal for most companies. Dimension Data found that over 82% of companies recognize the customer experience as a competitive differentiator. According to another survey by Harvard Business Review, 86% of business leaders agree that CX is vital for success. >>>
In the abundance of more or less similar products, customer service has become by far the most influential brand differentiator these days. According to the recent study, almost 90% of buyers are ready to pay more for a better customer experience, which proves the importance of this aspect of the business.
In such circumstances, companies are eager to find better methods to analyze customer service and this is exactly where data science steps in. By definition, big data represents large sets of information that may be analyzed computationally to reveal patterns, trends, and associations, especially relating to human behavior and interactions. In this article, we will show you 5 ways how big data improves customer service. >>>
As per an Accenture report, – only 23% of B2B companies achieve impressive returns on their customer experience investments. In addition to that, only 20% generate low or no return, indicating that an alarming 57% are not exactly benefitting from the CX strategies. This brings us to a very pertinent question- Does CX really matter in a B2B segment?
To begin with, a customer centric approach is the way forward and it is equally relevant in both B2B and B2C settings. Buyers are more informed, and they look forward to greater engagement and transparency. However, the approach, rationale and implementation of CX strategies vastly vary between the two domains. >>>
To connect with new customers don’t try to get inside their heads. Get inside their hearts. Create an emotional connection. – Bill Quiseng
Some of the world’s most successful business leaders know that attracting customers and winning their loyalty isn’t merely about the product or service. It’s more about offering an experience that creates an emotional connection between the customer and the brand. In fact, the Temkin Group found that while all three components of customer experience – success, effort, and emotion – have a strong effect on loyalty, emotion turns out to be the most important element.
When companies connect with customers’ emotions, the payoff can be huge. According to the Harvard Business Review, consumers who are emotionally connected with a brand are anywhere from 25% to 100% more valuable in terms of revenue and profitability than those who are “merely” highly satisfied with it. >>>
New customer welcome letters have been utilized by many businesses that hold customer relations in high regard. It is considered as good customer relations, and it enhances personal relationships between business and their customers. Writing new customer welcome letters promotes friendly exchanges with the customer, and it sets the tone for subsequent communications with the customer. It also fosters customer engagement. When a business writes this letter, it manages the customer’s expectations and introduces them to what the business is going to offer in terms of products and services. All pertinent information that relates to the core business of the company is disclosed. >>>
Think of something you like to do regularly, whether it’s jogging, reading, or eating ice cream. What keeps you coming back? Chances are it feels good, and the emotions you associate with the activity make you want to do it again. In short, positive emotions lead to loyalty.
It seems like a simple equation, but how a brand should go about inspiring positive emotions in customers is a complex question. Emerging studies in behavioral science are telling us more and more about the relationship between emotions and decision-making. In the meantime, there are a few simple things any brand can do to spark positive, loyalty-inspiring emotions in customers. >>>
It’s probably needless to say that loyal customers are the biggest assets of any business. Studies show that only a 5% increase in your loyal customer base can result in increases of revenue and profits up to 85% or more. Take a look at some more customer loyalty stats that might surprise you:
The cost of bringing a new customer up to the same level of profitability as an old one is up to 16x more. (SocialAnnex)
Existing customers are 50% more likely to try new products, and spend 31% more than new customers. (The Nielsen Survey)
68% of Millennials say they wouldn’t be loyal to a brand if it doesn’t have a good loyalty program. (The Bond Loyalty Report)
62% of Millennials report that brand engagement is more likely to make them a loyal customer. (USC Dornsife)
62% of consumers don’t believe that the brands they’re most loyal to are doing enough to reward them. (ClickFox)
So how much do you care about your loyal customers? And what’s even more important – do your customers really know how much you appreciate them? >>>
According to a Walker study, by the year 2020 customer experience will overtake price and product as the key brand differentiator. That is why it is important to stay connected with your customers and keep them informed about your company innovations and events.
You may attract new customers with help of great content. However, to keep them you need to offer exceptional customer experience. Over the next five years 41% of B2B and 47% of B2C organizations will try to differentiate from competition with help of great customer service. Superb customer experience generates a positive buzz among other customers and their friends. In this blog post I would like to offer you 6 strategies you may take to stay connected with your customers and create positive customer experience. >>>
Spend a lot of time talking to customers face to face. You’d be amazed how many companies don’t listen to their customers. ~ Ross Perot.
To build a successful business, whatever it is, you need to have a clear understanding of who your customers are. So how sure are you that you truly know your customers and what they really expect from your business and customer service? Do you know them at least as well as they know your brand?
Answering those questions might be challenging as today’s consumers are much more sophisticated, much more educated and more demanding as they used to be a while ago. In fact, 72% of them now expect a customer service agent to know their contact information, product information and service history as soon as they engage and without being asked. >>>
The key to any business success is building trust and establishing strong relationships with customers as those are the main factors that contribute to customer loyalty and generate more sales. Very often though, we unknowingly create barriers that discourage customers from doing business with us, sometimes simply because we don’t realize they exist.
Assuming that your products or services are absolutely great, do you know what can drive your customers away and prevent you from building long-lasting relationships with them? >>>