It’s no secret that customer experience is key to business success. In today’s ultra-competitive market, it’s essential to go above and beyond to wow customers and keep them coming back for more. A 2019 Acquia-commissioned global survey revealed that 76% of customers would switch to a competitor if they had just one bad experience.
Similarly, statistics from Review42 show that up to 90% of customers are willing to pay more for a better customer experience. Brainnest, a leading business management and training agency, understands the significance of good customer experience to business growth.
They are offering various training and consultancy solutions to help entrepreneurs and organizations across the globe take their customer experience to the next level. Before we see how Brainnest is helping businesses tackle their customer experience challenge, it would be best if you understood what customer experience is and why it is important. Keep reading.
What is Customer Experience?
Brainnest defines customer experience as a customer’s overall impression of a brand throughout their interaction with the brand. Customers go through various touchpoints when interacting with brands across their buying journey.
As a customer, you will encounter these touchpoints before, during, and after purchase. Each touchpoint is equally important, and a single bad experience at any of them can undermine a brand’s effort to deliver a gratifying customer experience.
Therefore, taking care of each touchpoint in the buyer’s journey is critical to ensure your customer experience is as great as possible. Now that you understand what customer experience entails let’s explore why it is important.
5 Reasons Why Customer Experience is Important
Promotes Customer Retention
Retaining customers is often more difficult than customer acquisition. If a customer has a great experience with a business, they are more likely to return. The more loyal customers you have, the higher the chances of your brand growing to its full potential.
Studies have revealed that customers with a history of good experiences with your brand are 50% more likely to try your new product and are willing to pay 30% more on average for that product than first-time customers.
Improved Customer Lifetime Value (CLV)
Customer lifetime value (CLV) is a critical metric for entrepreneurs and organizations. It denotes a company’s total revenue from a single customer account. When this value grows, it means customers are shopping more frequently or spending more money at a business.
Upholding great customer experience is an excellent way to improve your customer lifetime value. If customers have a great experience with your business, the chances are that they will spend money on your business again and again.
Even if they don’t return, they would at least share their positive experience with others, helping you build a strong customer base.
More Engaged Workforce
A recent survey showed that organizations that deliver great customer experience have 1.5 times more engaged staff than organizations that don’t. An engaged workforce is integral to any business’s success.
Besides being loyal and dedicated, engaged employees are great team players. They will align themselves with your business goals. According to studies, organizations with highly engaged employees outperform their competitors by 147%.
It’s also worth noting that customer experience and employee experience complement each other. A highly engaged staff positively impacts the customer experience. They proactively look for new strategies and implement them to deliver top-notch customer experience.
Providing great customer experience is one of the most effective ways to increase revenue and positively impact your bottom line.
A 2020 report on the current global state of Experience Management by the XM Institute showed that 80% of organizations with significantly above-average customer experiences have a better financial performance than their competitors.
Moreover, customer retention statistics from 99Firms show that American companies lose an estimated $136.8 billion annually due to preventable customer losses. The bottom line is that positive or negative customer experiences directly impact your organization’s revenue and growth.
Positive customer experience is a major factor influencing people’s buying decisions. According to a report by PwC US, 73% of consumers say a good experience is a key factor influencing their brand loyalties.
Also, customer-centric businesses are 60% more profitable than those that don’t focus on customers. Another recent study revealed that 70% of customers are willing to pay an average of 13% more with businesses they believe offer a great experience.
The quality of customer experience is essential for brand loyalty and profitability. Therefore, offering a better customer experience than competitors can set you apart in the market. If your customers feel valued, they are more likely to spend with your business, even if your competitor offers better deals.
How Brainnest Helps Businesses Create Outstanding Customer Experiences
If you want to improve your customer experience and grow your business but don’t know where to start, you can consult a customer experience specialist. That’s where Brainnest comes in.
Brainnest is a business management and training company established in 2020. With headquarters in Bremen, Germany, the firm offers management advisory and consulting services to various industries in over nine countries across the globe.
Customer experience consultancy is one of their services, as they understand that delivering great customer experiences is essential to success in today’s competitive world. Brainnest has the expertise and resources to help entrepreneurs and businesses figure out what matters most to customers to deliver delightful experiences while optimizing processes and minimizing costs.
The firm bases its customer experience consulting on the latest research, proven industry practices, and extensive experience gained by serving hundreds of businesses and brands in various industries across the globe.
Brainnest goes beyond just offering a list of non-actionable recommendations to clients. The firm’s customer experience experts walk with clients through every step of their customer experience transformation process. They aim to help clients implement a solid customer experience strategy that delivers desired results.