The goal of every company is to provide customers with an exceptional experience that generates a good impact on their journey. A positive experience not only increases customer loyalty, but can also generate recommendations and greater spending on the products and services that the company offers, not only in quantity, but in the value of the product or service itself, since they are willing to pay more, according to studies by Pwc, in its report Experience is everything: Here's how to get it right (CX), it is evident that on average 43% of consumers are willing to pay a higher value, if they have a good experience with the company. However, many companies seem to let their customers down on this fundamental aspect.
This is because they focus on acquiring cutting-edge technology and flashy designs to attract more customers and lower costs, but neglect more important aspects such as the customer experience.We are in a time where supply far exceeds demand, it becomes a struggle for companies to acquire new customers and even more, to sustain them over time, so in this analysis we will detail some ways to provide a good customer experience to promote customer loyalty.
In order to provide a good customer experience, many departments in companies, such as customer service, marketing, IT, among others, come into play. In order to offer an excellent CX, there must be a synergy between all departments to achieve this goal, here are some of the factors that characterize a good experience:
A single bad experience can have a significant impact on the customer relationship. Even if customers love a brand or product, according to studies conducted by Zendex, 59% of customers would stop doing business with a company after having bad experiences.
In Latin America, this percentage increases. It is critical that companies focus on delivering an exceptional experience at every customer interaction along the customer journey, as losing customers can have serious consequences for the business.
"A brand is no longer what we tell the consumer it is, but what consumers tell each other it is." Scott D. Cook
While many companies believe that only eye-catching design and cutting-edge technology are the key elements of a good customer experience, they are not actually as important in this regard as they may think. Customers expect the technology companies use to work well, and they expect website design to be intuitive and mobile apps to be sleek, yet easy to use.
However, these aspects don't matter much if the company doesn't meet expectations for speed, convenience and providing the right information. It is critical that companies focus on delivering the essentials, such as fast and efficient service, customer service where agents are friendly and have great consistency throughout the customer journey. These elements are what really make the difference in the customer experience. This is not to say that you should undervalue the other strategies that companies use, but it is true that you should have a greater focus on these.
Human interaction is crucial to the customer experience; customers want more human contact. To achieve this, the technology that supports human interaction needs to be unobtrusive and work seamlessly across all platforms.
Currently, there is a disconnect between customer expectations and the way employees deliver service. According to studies by McKinsey & Company, only 38% of consumers in the U.S. and 46% in other countries feel that employees understand their needs, an alarming statistic about customer service, which is a cornerstone of the customer experience.
It is important that automated solutions, too, reflect that more human interaction to improve each customer's experience. This will enable employees to provide better service and receive the necessary support from technology.
Generation Z, comprising those born a little more than 2 decades ago, represent the current state of society, one that values speed and knowledge in a different way. As such, today immediacy is expected, and seamless transition between devices is a basic expectation.
Speaking as such Generation Z is at a key moment in their lives, forming loyalty towards brands. 40% of them feel more loyal to brands compared to the previous year. Therefore, it is important to understand their needs and adapt to them in order to attract this demographic group, which occupies a large percentage of potential customers.
73% (Mckinsey & Company, 2022) of customers consider experience as a very important factor in their purchasing decisions, only slightly behind price and product quality. Customers are willing to pay more for an experience that matches their needs and expectations.
Despite this, only 10% of companies consider improving customer experience as a priority in their digital strategy. This is a problem, as 54% of consumers in the U.S. believe that the customer experience at most companies needs improvement.
Therefore, it can be seen that companies spend a lot of effort in getting customers and for this they implement strategies that strengthen the marketing and sales process, but they do not have the same effort in generating that captivating experience as a strategy.
Customers have increasing demands and expectations. Technologies and enhancements that increase speed, convenience, friendliness and awareness are opportunities for companies to improve the way customers interact with and spend on their brand.
Customers generate revenue and employees drive the experience. Reducing friction for consumers and empowering employees to deliver optimal customer satisfaction is critical. This requires new ways of working, a focus on the employee experience and a sophisticated understanding of human-machine relationships.
Digital experience refers to the elements of the customer experience that occur with the support of process automation and data analytics. This facilitates interactions that are comprehensive, predictive, prioritized and focused on customer value.
It is essential that companies provide a positive digital experience, as customers increasingly use mobile devices to interact with them. A bad digital experience can seriously damage a company's image and lead customers to look for alternatives.
Customers are 86% more likely to buy again (Gartnert, How Service Leaders Can Increase Customer Loyalty) when companies offer customer value-based interactions, the same study notes that good customer experiences make consumers 82% more likely to become loyal to the company and 97% more likely to recommend the product or service purchased.
Companies that want to stand out in today's market must have a customer-centric mindset, customer needs, customer desires, must function around them and must have intensive planning to achieve these results.
To achieve this, the digital experience must be exceptional, as most interactions between the customer and companies are virtual, such as through social media, dedicated customer spaces or chat.
The COVID-19 pandemic has changed the way companies engage with customers. Many have had to adapt quickly to meet customer needs in terms of safety, convenience and new ways of delivering their products and services.
During times of crisis, it is critical to provide customers with an experience that demonstrates empathy and concern for their safety and well-being. This means adapting to changing customer preferences and being prepared for success once the crisis has passed.
To provide a better CX or customer experience, it is important to keep in mind the development of strategies, which can be provided by specialists in the field, such as Venditori, however, you can start with implementing these recommendations:
Customer experience is essential to the success of today's businesses. Customers value speed, convenience, friendliness and consistency of service. Providing an exceptional experience can lead to increased revenue, loyalty and customer referrals.
It is important for companies to focus on the bottom line and understand customer needs and expectations. In addition, it is critical to provide a positive digital experience and adapt to changes in customer behavior, especially during times of crisis such as the COVID-19 pandemic.
This is why customer experience should be a priority for all companies, as it can make a difference in customer satisfaction and loyalty, as well as in the long-term success of the company.
Remember, at Venditori we specialize in helping companies improve their customer experience through RevOps, implementation of Worflows, growth strategies and marketing. Contact us to learn more and find out how we can help you deliver an exceptional customer experience.
