How a good Customer Experience can improve your bottom line
There are many businesses in the world, which makes the competition have a larger share.
So, to survive in this viciously competitive business market, you have to stand out.
The best way to stand out as a brand is to improve customer experience.
After all, business is not about having the best products alone.
More than ever, it incorporates how you make a customer feel when dealing with you as a brand.
In summary, the customer experience (CX) the perception that a customer has about your brand.
A customer’s perception of your brand is what would determine their patronage/loyalty to your brand.
Thus, an exciting experience means a customer who would stay longer (retention!) and spread the word of your business which would, in turn, help you improve sales and your business bottom line.
What is Customer Experience?
Customer experience, as mentioned above, is how customers feel about their interaction with your business.
Those interactions are across all touchpoints – seeing your advertising, visiting your website, ordering for their product, reading reviews, their interactions with your customer service, invoicing, instructions, product quality and so on.
Customer experience is the impression a customer has through their entire journey with your business.
How Can You Achieve a Good Customer Experience?
There is no specific path to achieving customer experience, but there are some well-established ways including:
- Interacting with customers on social media platforms. Leaders at Proessaywriting, as an example, are firm believers that social media interaction is key to connecting with the customer emotionally. They add that a customer’s emotional connection is one their experience with you exponentially grows.
- Making customers feel important.
- Prioritizing customer satisfaction.
- Providing responsive customer care.
- Actioning feedback from customers.
- Make a point of listening to the customer.
- Make your website easy to navigate.
- Make self-care/self-service available to customers.
- Train your employees to empathise with customers and attend to their needs appropriately.
- Personalise your ads, your email marketing, and your whole service – the more personal you ca
- Rewarding customer loyalty.
- Using Big Data and Artificial intelligence to have better data capture of customers.
Things to Avoid to Embrace Customer Experience
- Avoid hiring rude employees. Hiring rude employees would undermine everything you hope to gain from customers. Your business would develop a reputation for being one of those cold companies who only care about their financial gain and not how customers feel. You don’t want this as it would interrupt your revenue generation.
- Having numerous unresolved complaints or feedback left unanswered.
- Not attending to customer requests on time whether it be by phone, email, live chat etc.
What is the ‘Bottom line‘?
The business’ bottom line is what is left when all expenses have been deducted from the revenue.
It is the profit a company has made or the business’s income.
4 Ways to Improve Your Bottom Line by Embracing Customer Experience
When you embrace customer experience, the following are how your bottom line can massively improve.
As mentioned above, your bottom line is your earnings or profit, and the following are how your bottom line will witness significant improvement if you improve CX;
1. Embracing Customer Experience Helps you Discover Customer Preferences
This involves tracking customer journeys to get data on customer behaviour and preference by using tools such as big data allowing you to have in-depth knowledge of the customer journey.
When you identify the customer’s preference both in terms of how they would like to be interacted with and their product preference, cater to it.
Make it your business’s mission to continue to provide what the customer wants both now and into the future.
When you provide what the customer wants, the customer also provides what you want – revenue.
2. Helps Improve your Customer Service
As opposed to what many think, customer experience and customer service are not the same.
Customer service deals with the proper communication between a customer and the business to solve a customer’s problem.
Customer experience has a broader application as it involves the totality of how the customer feels from their interactions with your business across any and all touchpoints.
So, customer experience incorporates customer service.
Customer experience can help you improve customer service as it allows you to know what the customer feels about how effective your customer service is.
You can collect the necessary data for this by making it easier for customers to provide feedback.
By actioning that feedback, you’ll need less customer service (e.g. you’ll have less problems) and this can only have a positive impact on your business through happier customers and less money required on customer support.
And those happier customers are more likely to recommend you leading to more customers, and when you get more customers, an increase in revenue follows!
3. Spend Less on Marketing
At different parts of this post, you would have seen ‘word of mouth’ a few times, and you know that a positive customer experience is the key to achieving this.
When a customer feels satisfied by your business, they take it upon themselves to help advertise for you.
They would gladly recommend you to their friends and loved ones by word of mouth, post positive reviews about you, and be eager to promote you however they can.
This is free advertising and enables you to reduce your advertising spend and commit more revenue into other areas of business.
Measures such as NPS have been used as a good guide to customer loyalty.
4. Embracing Customer Experience Improves Customer Loyalty and Retention
Extraordinary customer experience makes a customer loyal to you and decides to stick with you.
As much as customers are looking for good deals, they are also looking for a brand that would respect them.
Once you provide that respect, no matter how pricey your products are, they would continue to buy from you.
For instance, see how customers are still flocking to Apple even with how expensive their products are!
Further reading and support:
- Read: How to build a customer-centric organisation
- Read: 4 Common CX failures made by businesses
- Upskill: Search our courses on Customer Experience Management
- Search: A list of industry consultants who can assist you with your Customer Experience (CX)