Elevated CX metrics mean little without an associated increase in financial results.
74% of consumers will abandon a brand if they find the buying process too complicated. Only in the United States, customers who switch brands due to bad CX cost businesses $ 1.6 trillion a year in losses.
The implicit value of customer experience
While creating and implementing a customer experience discipline requires investment of time and resources, it should be valued as one of the most important strategies within a company.
But what is the profit? How can CX generate increases in sales and consumer data? Far beyond being seen as a means of convincing a person to buy a product or service, customer experience generates a relationship between consumer and brand.
Let’s think about the following: 70% of the shopping experience is determined by the way the customer feels they are being treated, this is before and after obtaining and using your product or service. A satisfied customer at all points of CX tends to gain loyalty. And loyal customers are 5 times more likely to forgive a mistake, they are 7 times more likely to try a new offer from your brand, they will recommend you with a friend or colleague 4 times more and they are 5 times more likely to buy back your product or service.
Measuring customer experience
If it can be managed, it can be measured
According to Sage, the ROI of CX is measured by the valuation of the Acquisition of new clients, the Retention of existing clients and the Efficiency in terms of the return of clients.
Therefore, it is possible to measure customer experience if the right metric is found for each customer. And this is achieved through data.
High-performing organizations in CX are 9.5 times more likely to integrate data from multiple sources, analyze customer interactions across all channels, and optimally engage customers across all channels.
72% of customer interactions will involve emerging technologies
In their daily interactions through electronic media and visits to physical spaces, each consumer generates large amounts of personal data on likes, interests and habits.
Skills to extract information and use it through technology are improving and advancing rapidly. Tools that involve mobile messaging and machine learning capabilities, such as Chatbots, are helping companies gather the information they need and then analyze large amounts of data. This allows each step to be adjusted and customized to deliver excellent CX and enhance brand loyalty.
CX and segmentation
Data collection and analysis help a brand segment customers into more homogeneous groups according to their characteristics and interests, which in turn makes it possible to provide a personalized experience, create a positive customer experience, improve retention. of customers and reduce their churn.
Satisfaction, loyalty and economic profitability
To justify the importance of CX, it is necessary to have evidence that there is a return on investment for those who adopt it.
In a customer experience management economic impact study conducted by Forrester, companies that focus on customer experience perform up to 80% better than companies that lag behind on CX. While research from Dimension Data, SaaS company, shows that 84% of companies that actively prioritize CX see an increase in revenue. And for its part, Deloitte and Touche, a global professional services network, says that companies that align with customer needs are 60% more profitable than companies that do not.
Economic profitability is one of the clearest benefits when applying a customer experience project. Even better, the financial benefits come with customer loyalty and satisfaction.
TELNORM stands out at integrating innovative systems that improve the customer experience. The selection and integration of the best solutions implemented by highly skilled professionals are the key behind 25 years of accompanying our clients into a successful digital transformation. Our goal: To help our Client’s Business move forward.
Let us help you, contact us.