How to Retain More Customers with Better CX?

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In one of our latest articles, we discussed strategies to attract customers with a strong Customer Experience (CX) program. But, you would already know that attracting customers is not sufficient for the success of the business. It’s equally or more important to focus on retaining them.

Statistics show that increasing customer retention by just 5% can boost your profits by 25-125%. At the same time, poor customer experience is one of the major reasons why customers stop doing business with a brand.

In this guide, we are going to discuss how offering better CX through customer feedback can help businesses win the hearts of their valued customers. The key is to utilize a reliable feedback platform that not only helps you collect and analyze data but also takes actions based on them.

Here’s how to do it exactly!

1. Collect Customer Feedback

Your customers’ feedback is an invaluable asset for your business. It’s the best way to understand the position of your business in relation to customer experience. Understanding the true perception of your customers will help you determine the success of your current CX strategy as well.

So, gather feedback from customers on touchpoints that play an important role in customer retention, especially in the stages of purchase and post-purchase. For this purpose, you have to map the customer journey of your business and identify all the touchpoints related to each phase. Then, pick the prominent touchpoints that need to perform at the optimum level for high customer retention.

Thereafter, design surveys and feedback forms tailored to the individual experience delivered by each touchpoint. You can send them out to your customers via email, social media, website, and many other sources. Collecting feedback also shows that you value customers’ opinions and thoughts!

2. Analyze with Metadata

Before you begin to analyze the gathered data, it’s important to have a strong grasp of knowledge about your current clientele. For this, make sure that you have enriched your customer feedback with metadata – operational and financial data that you have gathered about your customers. Metadata can be industry, purchase size, location, etc. Utilizing customer-specific information helps you learn what are the exact aspects that can make them loyal to your business.

Your next step is to analyze the gathered responses and derive automated reports. Now that your feedback is enriched with customer purchase or profile information, it will provide you valuable insights into target segment preferences and expectations and you can evaluate whether your business is offering them.

Moreover, you will understand specific pain points that your target segment faces throughout their customer journey. The use of metadata to categorize the mammoth amount of data you have received is highly useful in the analysis process. You can reason out why your customers have responded in a certain way if you understand the context of their responses.

3. Take Action

Now that you have aced the art of analyzing feedback and understanding your customers comprehensively, you can set to take action. There’s no point in investing so many resources and effort into gathering feedback if you aren’t planning to do something about it in the near future.

Prompt action is necessary to fix the flaws in your customer journey and satisfy your customers to the optimum level. There is no use of customer feedback that is only collected and stored. For making the data actionable instantly when it is given, set up rules that automatically trigger support tickets and send notifications to selected team members. Like this, you can focus solely on taking action and retaining your customers.

Furthermore, collected feedback is not only useful for fixing what went wrong. It is an amazing opportunity for finding the hottest leads and upsell. A well-done upsell offer feels like a gift, makes your customers happier, and improves their experience. With Feedbackly, you can also automate your upsell offers so that you can just sit back and relax while your feedback is put to work for you.

Retaining existing customers and turning them loyal is a combination of great experiences created on every interaction point with your brand – your services, products, and delighting gifts.

By providing an amazing customer experience, your brand will also be portrayed as a business that prioritizes customers’ needs above anything else. So, in addition to retaining your loyal customers, you will also be able to attract new ones.