Why Putting Off a Customer Experience Overhaul is Bad For Business
Organizations of all sizes must set priorities. Making smart decisions about where investments of time, money, and human resources go is part of what makes your company a success.
As business leaders, we have to consider many measures and objectives. Some can be more obvious than others. The ones that very visibly hit our revenues, expenses, or bottom line are the first we notice. Others are harder to quantify without significant resources and study.
Fortunately, there are many leading companies that have researched the effect of customer experience on their bottom lines. If your existing customer care set-up is on auto-pilot, you may just want to consider these findings.
Customer Experience Statistics that You Need to Know
According to a Walker Study, by 2020, customer experience is on pace to overtake price and product as the #1 brand differentiator. This is no momentary trend. It's been moving in this direction for over 20 years.
According to a Genesys Study, the right customer experience improves:
- Customer Retention by 42%
- Customer Satisfaction by 33%
- Cross-Selling by 32%
Based on data collected, Gartner expects 50% of companies to shift their focus toward customer experience innovation. Those who don't will find it progressively more difficult to compete for customer loyalty and sales.
According, to Esteban Kolsky, a Customer Experience Consultant and Influencer, research shows that 72% of customers share positive experiences. Sharing means more viable leads and gaining new customers without an excessive marketing budget.
And you've undoubtedly heard that acquiring a new customers costs your company 5X what it costs to keep one. You can't afford not to provide the right customer experience. That's not the return on investment you need to be competitive.
Creating the Right Customer Experience
Creating the right customer experience is multi-faceted. It means providing products and services that consistently work. Most importantly, it means being there for the customer when something goes wrong or when the customer has questions. Not being able to speak to someone or waiting in long queues for the next representative will instantly create the wrong experience. Bad experiences are the leading reason people leave brands they love.
But you can prevent this by having a customer care team that:
- Understands customer experience
- Uses industry-leading technologies and systems in place to meet demand
- Is ready to scale dynamically as needed to meet changing volumes
And is there to respond whenever they're needed.
While this may sound like a major overhaul for your company, there is a solution.
At Arise, our tech-enabled Platform-as-a-Service is already facilitating care to customers from companies great and small, from startup to Fortune 500. Arise has put in the research, established the right workflows and processes, invested in cutting-edge technology and most importantly, works with quality, customer-focused service providers, so that companies like yours can create a great experience. Providing the wrong experience means losing customers. Don’t leave your customers behind.
Contact us to learn more about cloud-based on-demand solutions to help you keep those customers satisfied and sharing their experiences.