Customer experience is paramount for a brand’s growth and success. It helps you differentiate your product or service from the rest. Businesses are now making it their top priority to deliver an exceptional customer experience that serves the best interests of their customers.
But, as with every other field, CX is evolving. The ever-changing buyer behavior and the rapid advancement of technology demand us to adopt new CX strategies continuously. Keeping up with the latest buzz in CX can help you remain in the good books of your customers.
Here are the top 3 customer experience trends you should adapt to your CX strategy before it’s too late!
1. Emotional experience as a key metric
Emotional Experience (EE) looks at how customers feel about the interactions with your business. It is the emotional perception customers harbor towards your brand. But why is it important?
Most of the decisions buyers make are propelled by their emotions. As a business, if you can make them feel how they want to feel, viola! You have made a sale!
For this, you need to know how they actually feel. Businesses can gain deep insights into customer expectations by tracking, measuring, and analyzing how customers feel throughout the buying journey. You can then fine-tune the journey and fix pain points to evoke feelings that are more likely to generate sales. You can increase engagement, build loyalty, and drive revenue higher.
EVI® is the metric used to measure emotional experience. It can be applied to any customer journey phase at the micro or macro level. EVI® helps you understand the rationale behind a buyer’s decision to purchase a product or withdraw halfway through. It is simple and easy to measure emotions. Learn how to calculate EVI® here.
2. Importance of high-quality, enriched CX data
Customer data is a treasure trove for businesses, no doubt. You can gather them via feedback forms, purchase details, website interactions, customer support, etc. But, the complex behavior of customers demands businesses to look beyond mainstream data sources and seek ways to enrich their primary data sets.
Enriched data provides more background. Enrichments will describe the customer’s age, life cycle stage, income level, socio-economic status, and many other characteristics. They can even include segment and attitudinal data modeled based on various demographic predictions. Highly enriched data help you build context and understand your customers well.
It offers a new road for personalization. You can build comprehensive profiles on different customer personas and segment them. These data will help you predict the intentions and behaviors of your current and future customers. You can target customers better and sell your products more effectively.
3. Linking CX data with financial performance
We all know that CX has a profound impact on the revenue scale of the business. But, how far do the rewards go? What’s the ROI of your CX efforts?
Translating your CX data, measurements, and results to numbers can help you determine the efficacy of your CX strategy. It will also show how CX measures are affecting the financial outcomes of the business. So, it’s time you link your KPIs with financial indicators of the business to examine how better customer experience leads to better sales.
For starters, you can correlate a single CX metric with growth or financial metric. For example, we can tie EVI scores with customer spending based on the financial data available. If the results show that an increase in the EVI® score by 10% can lead to a 20% increase in sales, it’s big news. It signifies that customers who feel happier during the customer journey are more likely to purchase and even recommend it to others, thus increasing the purchase rate.
Take a look at this article that describes effective ways to calculate the ROIs of your CX strategies.
Takeaway
These customer experience trends indicate that customers need more effort from brands to understand them. There’s more demand for personalized recommendations and loyalty programs. Emotional Experience is one of the most effective ways to tap into your customer’s thought process.
At Feedbackly, we help businesses delve into the realm of CX, benefit from customer feedback, and optimize their growth. Our tools can help you track and measure CX data, correlate them with other organizational data, and improve the overall performance of your business.
