It wasn’t too long ago when every business claimed that the key to winning customers was in the quality of the product or service they deliver. But, things have changed. Now, an even more important success factor has appeared. That factor? Customer experience (CX).
What is CX?
CX is your customers’ perception of how your company treats them. These perceptions affect their behaviors and build memories and feelings to drive their loyalty.
In other words – if they like you and continue to like you, they are going to do business with you for a long time and recommend you to others. So it’s easy to see why it’s important for so many companies to focus on CX.
But in order for your customers to like you, you need to get to know them. You need to invest in the long-term relationship (also known as relationship marketing), because when you understand who they are, you are able to deliver a personalized experience across the entire customer journey.
Gaining this in-depth knowledge about customers isn’t something that just happens. You need to collect and analyze customer data and extract valuable insights with speed and precision.
The good news is that it doesn’t matter what kind of business you’re in – improving the experience for your customers has been proven (time and time again) to increase retention, satisfaction and revenue.
Providing the Best Customer Experience
We recently asked business professionals to share their number one priority for the next five years. The results? Customer experience (or CX) came in first (beating product and pricing). A good customer experience means your customers will spend more, so it’s no surprise that customer experience is the number one priority.
Investing in CX initiatives has the potential to double your revenue within 36 months. So, where is this revenue growth coming from? The customer’s wallet. A good customer experience means your customers will spend more. In fact, 86% of buyers are willing to pay more for a great customer experience.
The more expensive the item, the more they are willing to pay. For example, customers are willing to pay a price premium of up to 13% (and as high as 18%) for luxury and indulgence services, simply by receiving a great customer experience.
CX also influences on-the-spot purchasing, too – as 49% of buyers have made impulse purchases after receiving a more personalized experience.
But the most convincing reason why CX has become so important is this: If CX is to play an important part in your 2022 plans (and it should!), use this article to stay ahead of the top customer experience statistics in the upcoming year.
At Ember, our solution has helped companies use mobile solutions to amplify sales, marketing and customer service, all improving CX and ROI.
Connect with the Ember team today and ignite your business.