What is the relationship between Customer Experience and Success?
We believe customer experience is one of if not the key to business success. Yes, it is possible to not have the greatest customer experience and still enjoy business success. It is just much harder and more difficult to sustain.
Let’s take a look at nine reasons to invest is creating a phemomenal customer experience:
1. Keep More Customers Longer
Forrester reports that businesses providing a great customer experience have 1,7 times higher customer retention. What would keeping more customers longer do for your business success?
2. Increase Customer Lifetime Value
Forrester also reports that businesses with a superior customer experience enjoy 1.6 times higher customer lifetime value. Every business knows how hard it is to acquire a new customer. Once you have a customer, earning their repaet business through a phenomenal customer experience has a tremendous impact on your business success.
3. Customers Will Pay You More
What’s the value of a phenomenal customer experience? According to Forbes, 52% of customers are willing to pay more for it. What impact would that increase in gross profit margins have n the success of your business?
4. Let Them Do It Themselves
There is a great chance that your customers are part of the DIY (Do It Yourself) crowd. In fact, Zen Desk reports that 67% of customers prefer self-service over speaking withn a company representative. Check out how that can deliver success for your business with the next impact of a great customer experience.
5. Lower Customer Service Costs
Think about it … if your customers prefer to do it themselves … and you deliver that customer experience for them … you get to reduce your costs. Deloitte has accounted for 33% lower customer service costs when you deliver a phenomenal customer experience. That is one strong correllation between customer experience and business success!
6. Cost of Poor Customer Service
Conversely, poor customer service costs US companies $1.6 TRILLION annually according to Accenture. That’s a big price to pay for failing to transform your customer experience.
7. Bye, Bye Customer!
What happens when you deliver a poor experience to a customer? Taking the temperature at Customer Thermometer, 89% of customers with a poor customer experience are going to a competitor, often immediately.
8. Tell A Friend
Conversely, 72% of customers will not only tell a friend about their great experience, they will tell six friends or more, according to the nice people at Nice Reply. That’s a lot of free word of mouth advertising for just doing what you should do in delivering a phenomenal customer experience.
9. Phenomenal Growth
What’s the reward for delivering a phenomenal customer experience? Quite simply, phenomenal business growth. The Harvard Business Review reports a 17% compound annual growth rate for businesses delivering a phenomenal customer experience, compared to just a 3% CAGR for customer experience laggards.
Customer Experience Transformation
Aurelius Transformation, LLC
Phoenix, Arizona | Vancouver, Washington