Top 5 Things you need to know about CX

I’m sure you’ve heard people say customer experience (CX) is important. But what’s the difference between customer service and customer experience? And why do customers care about the ‘experience’ so much all of a sudden?

The biggest change we have seen in the market over the last decade is the rise of the ‘empowered consumer’. With the kind of technology, connectivity & (most importantly) options available to a consumer, they have more choice than ever to find a brand/company that they want to buy from. By extension, they can leave that vendor with the same ease if they don’t like the quality of service being provided. 

This has changed the game in a big way! No longer is an interaction with a customer selling them a product and offering them a break-fix service. The stakes are much higher. 

Successful companies provide their customers with a way to interact with them, drive changes in their product/service, and build a stronger relationship with every interaction the customer has with the company. This forms the basis of customer experience.

Here are 5 things you need to know about customer experience and why it should be a core part of your company’s strategy:

  1. Companies think their CX is great. Newsflash: it’s not.
    In recent research conducted by Bain & Company, 80% of participating companies believed that their customer experience is great. Only 8% of their customers agreed with them
  2. There is no better advocate for your brand than your customer.
    Oracle found that 74% of senior executives survey said that customer experience affected how enthusiastic customers were about being brand advocates.
  3. FOMO is a thing.
    As millennials form more of the workforce & customer base they are 4x more likely to buy a product/service based on the overall experience that can be flaunted with their peers/colleagues (thus inducing the Fear Of Missing Out).
  4. Customers Pay More for a better experience.
    American Express found that 60% of the customers were willing to pay more for better customer experience.
  5. And they keep coming back.
    HBR study revealed that customers are three times more likely to re-purchase.

The first step to improving customer experience is measuring it. Check out our next blog post on how NOT to annoy your customers while measuring their experience. 

P.S. If you are looking for a non-invasive way of measuring customer experience across all channels, get in touch.

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