In today’s viral world, word of mouth – either good or bad – travels faster and consumer expectations are higher. Customers and clients want to be treated well, respected, and get the product or service they want in a timely manner. Recent studies show why it’s more important than ever to deliver a positive experience:
Whether it’s customer service, product quality or how customers feel about companies they do business with, customer experience is the top decider in whether or not a customer will keep doing business with you. Did you know that a totally satisfied customer contributes 2.6x as much revenue as a somewhat satisfied customer, and 14x as much revenue as a somewhat dissatisfied customer?
It’s also crucial to make sure you don’t forget about your current customer base – acquiring a new customer costs 7x more than maintaining existing ones*. The voice of the consumer is only getting louder, with more channels – like social media – for them to share their experiences (either positive or negative). Few things impact your reputation more than how your respond to negative feedback. Make sure you respond politely and make them feel heard – even if you need to take that conversation offline. 95% of people who had a bad experience are willing to give a company another chance if their issue has been handled correctly and promptly. It’s no surprise that on average, companies with exceptional customer experience deliver an average of 17% revenue growth within 5 years, while those with poorer customer experiences deliver only 3% over the same period.
With higher customer expectations and fast word of mouth, the importance of customer service is increased. Competitors may deliver similar products and services to yours, but may not deliver the same quality customer experience. Everything your company does plays a role in the customer experience. Focusing on that experience can be the single most important decision you can make in today’s competitive business climate.
Sources *InfoQuestCRM **Marketeer ***QuestionPro.com ****eConsultancy.com