We have previously discussed the Bain and Company study that revealed 80% of the firms believed they provided a “superior experience” to their customers. But only 8% of those customers said the companies were really delivering a great customer experience.
Let’s explore the possibilities by looking at 9 possible outcomes of closing your customer experience gap.
The first possible outcome is higher customer retention.
According to Forrester, companies providing a superior customer experience see 1.7 times higher customer retention.
How would that stickiness impact your business?
Customer Service Savings
The second possible outcome is lower customer service costs.
Deloitte reports companies providing a superior customer experience see a 33% reduction in customer service costs.
We will reveal why that happens in a moment.
Customer Lifetime Value
The third possible outcome is higher customer lifetime value (CLV).
Forrester tells us companies providing a superior customer experience see 1.6 times higher CLV.
How much are your customers worth to you? How valuable could they be?
The fourth possible outcome is customers who are willing to pay more.
Yes, a better customer experience is valuable to customers. Forbes reports 52% of them will pay more to get it!
How much would you invest in your customer experience to increase your profit margins?
The fifth possible outcome is a preference for self-service.
Yes, Zen Desk reports 67% of customers prefer self-service rather than speaking with a company rep.
It’s true you will have to invest in improving your customer experience to create a phenomenal self-service experience for your customers.
But once you build it, do you see where you will reap those customer service savings while you are making your customers feel better too?
The sixth possible outcome is customer attrition.
The Customer Thermometer tells us 89% of customers will go to a competitor after having a poor customer experience.
They may be conservative. It could be far worse.
Poor Customer Service
The seventh possible outcome is losing trillions due to poor customer service.
Accenture has accounted for $1.6 trillion in losses annually by US companies.
Isn’t it time to save your bottom line by creating a great customer experience?
The eighth possible outcome is an astounding Compound Annual Growth Rate (CAGR).
17% CAGR, compared to 3% for customer experience laggards, according to the Harvard Business Review.
What could that mean to your business over five years, ten years or more? You’ll need a calculator for that one!
The ninth possible outcome is sharing.
The nice people at Nice Reply report 72% of customers with good customer experiences will tell six or more people.
What will you do with all of those warm referrals looking to become your customers? Hopefully you will give them a great experience too!