Although CX has been repeatedly indicated as a top priority in the business industry at present, the statistics present a different story. While companies are beginning to realize its importance, only 24% take the effort to measure the impact of CX, and just 1 out of 10 companies actually do it right!
Thinking what could be the big deal? Hear us out.
The potential loss of revenue from the absence of a strategic plan to deliver good CX is $200bn every year, and that is a staggering amount! It also means that customers have begun to look for the best experience when they do business, but companies aren’t prepared to deliver it yet.
If you are among the 76% of brands that haven’t paid attention to CX, it’s important to know that your company is operating below its capacity at present. It’s not just the revenue loss that’s causing it. CX is diversely linked to many other aspects of your business, both explicitly and implicitly.
Here’s the dose of truth with groundbreaking statistics to help you identify the immense potential that lies within Customer Experience. Here’s why customers should be your best friend.
CX as a means of doubling your revenue
All these times, you might have been focused on developing a fabulous product, creating killer marketing content, or setting the best price in the market to drive your revenue up. But, a study by Walker has predicted that CX will overtake the product and price in the near future.
Ultimately, it all comes down to how customers feel about your brand and if they are willing to engage with you in the first place. So, focus on prioritizing customers above anything else and combine every strategy with customer experience. According to research, 86% of customers are willing to pay a higher price for great customer experience, and the likelihood of impulsive purchases among buyers tend to be great when you provide good CX.
CX as a means of gaining competitive edge
Almost any business faces fierce competition today due to factors like the expansion of SMEs, globalization, and the growth of the use of the internet. In such a case, gaining a competitive advantage is tough. But, without unique elements, it’s hard to retain customers and survive in the market.
Did you know that businesses that use CX as a tool outperform their competitors?
When you start paying attention to customer requirements from their perception whether in the form of tailor-made service, loyalty scheme benefits, or informative marketing content that matters, you are building a loyal customer base. They are more likely to stick with you for future purchases as well. Customers are more inclined towards brands that make them feel acknowledged and special. Your brand gains more visibility and market share as the customer base expands. Your brand is defined by your treatment towards customers more than your product or price.
CX as a form of growth
When you provide a good customer experience, it doesn’t end from the customer. The word-of-mouth goes around, and it’s one of the most powerful forms of marketing that’s also free! In fact, a study has revealed that 72% of customers will share their positive experiences with others. In another study by Sitel Group, 49% claimed that they share their positive experience with a brand on social media.
Think of the immense potential you gain from unlocking the power of CX. With 74% of customers identifying word-of-mouth as the key influencer in their purchase decisions, customer happiness is the tool to gain more popularity in the market today. It gives you more recognition and credibility as a customer-centric brand. Customer Experience not only helps you lower churn rates but also aids you in attracting new clients. It helps you grow organically amidst competition, and it’s high time you utilize the opportunity.
CX as a means of attracting and retaining top talent
No CX strategy would be half as effective without the effort of the employees. So, investing in Customer Experience requires any business to invest in Employee Experience as well by paying attention to employee engagement, satisfaction, and reward schemes for performance. Helping employees enhance their careers, along with your CX-led growth is critical for success.
As a company develops a positive reputation among its customers, it is more likely to attract and retain top talent. This is because employees prefer to work with companies that support their values and ethics. Companies that focus on a people-centric culture, transparency and rewarding schemes for its members appeal more to employees.