Customer experience is a top priority to businesses for the next five years.
More precisely, 45.9% of companies, according to a recent survey (SuperOffice), said that the customer experience is in their top five priorities.
Followed closely by the product/service with 33.6%, and then pricing at 20.5%.
Why is customer experience so important?
The reason is simple; the companies that focus on customer experience reduce churn and increase revenues – leading to higher profits.
For example, American Express found that 86% of customers are willing to pay more for a better experience.
Meanwhile, the Temkin Group has released a study that companies that earn US$1 billion annually can expect to earn, on average, an additional US$700 million within three years of investing in customer experience.
Above all, that’s a 70% increase in revenue within 36 months.
Because of that, for us, focusing on customer experience may be the single most important investment an organisation can make in today’s competitive business climate.
How old is that idea?
The importance of customer experience isn’t something new.
In 2011 Bloomberg Businessweek published a survey that revealed that “delivering a great customer experience” has become the new imperative: 80% of the companies polled rated customer experience as a top strategic objective.
The logical conclusion is that you need to invest in customer experience to increase revenue.
Keeping this in mind, we have developed a bespoke approach to CX consulting designed to deliver outstanding results and memorable customer experiences, all whilst being measurable at the same time.
Where to from here?
After all indicators, you are sure that you need to improve the customer experience, but not certain how.
CX Loop potentiates that Customer Experience is not about resolving your customer’s problems; it’s about proactively ensuring your customers never experience problems in the first place.
After all, for an excellent customer experience, you need a great customer experience strategy.
What is a customer experience strategy?
According to one definition, “if customer experience (CX) refers to the sum of every interaction a customer has with a business, both pre-and post-sale, the customer experience strategy defines the actionable plans in place to deliver a positive, meaningful experience across those interactions”.
In other words, that means that your successful customer experience strategy should consider several important factors, including, but not limited to:
- Competitive insight
- Consumer research
- Marketplace data
- Internal process/system
- Mission & Vision
Creating a customer experience strategy
When defining your customer experience strategy, the standard position is to ensure that you include all departments, not just the people in customer-facing roles.
Moreover, you can improve the customer experience and relationships by incorporating feedback and insight across the company.
Through work on various projects, we developed the tools, experience and expertise to help companies build their Customer Experience strategy and implement it across their business.
Moreover, we can help design a forward-looking strategy with actionable milestones.
What are the elements of the Customer Experience Strategy?
We bring you some of the latest divisions of the customer experience strategy:
Firstly, look at your existing core Business Strategy.
From our extensive experience, we know that the business landscape evolves by leaps and bounds. Those who do it successfully are those with individual employees, teams, and departments who can keep pace with the organisation’s changes and thrive in the long run.
Secondly, create a Customer Journey Map.
The goal of these steps is to outline all the interactions between a customer and your business, mainly to find out any pain points.
Thirdly, training your Customer Experience Staff.
From our extensive experience, we know that the business landscape evolves by leaps and bounds. But moreover, that happens only when individual employees, teams, and departments can keep pace with the organisation’s changes and thrive in the long run.
Because of that, we partnered with CX Prime, bringing to market and delivering practical and contemporary Customer Experience Training.
However, creating a customer experience strategy does not end your journey. Instead, that is the start of your customer experience initiative.
For more contact us.
Phone: 1300 846 246