Thanks to the digital age, customers have millions and millions of options for products they want to buy. While making a purchase customers are offered multiple options for the simplest purchases. A variety of options for a similar product can lead to confusion when it comes to the decision making process. It can also make the overall buying process very lengthy.
Another issue that businesses face due to such availability is their ability to be projected as the most favourable brand. This is where customer experience comes up. The kind of customer experience customers go through can determine a lot of things. It can affect the growth and profitability of the business itself.
With such heavy competition, investing in customer support has become the need of the hour. Curating every customer’s journey with the brand to make sure that their process is smooth and hassle-free is important.
Whenever customers have to put in the effort while making a purchase with the brand, it makes the journey inconvenient. Businesses need to have strategies that require minimum customer effort. Making the customer journey easy can be challenging without smart customer management tools.
Reasons why customer experience matters
Customers are likely to stay
The way businesses make their customers feel significantly impacts a customer’s decision to stick to the brand or not. Having a bad experience can make the customer drop the brand and make no-repeat purchases after the bad experience. And this is exactly why improving customer experiences can help brands maintain good customer retention levels.
Improved profitability and growth
Positive customer experience goes a long way in creating brand loyalty. Customers can get used to a brand as a result of their positive customer experiences. This makes them much more likely to make various other purchases and stick to the brand.
As a result to which sales numbers go up and marketing strategies become successful. This in turn leads to an increase in growth and profitability.
Easier to onboard customers
Creating the best first impression is always a priority. Brands that are conscious about customer experiences are very likely to provide the best customer experience. A good first customer experience leads to better onboarding levels. Better onboarding levels lead to a wider customer base.
Provides a Competitive Advantage
Offering the best customer experience is essential. This can be done through investing in the right customer management technology like Chat360’s Intelligent Chatbots. These tools tend to provide a lot of businesses a competitive advantage over their immediate competitors.
Good customer satisfaction levels impact major business operations. And the kind of experiences a customer witnesses bad or good impact their satisfaction levels. Unsatisfied customers also negatively affect marketing strategies which might later lead to an increase in acquisition costs.
Important stats you should know –
- 65% of U.S. customers find a positive experience with a brand to be more influential than advertising. (PwC)
- 88% of online consumers are less likely to return to a site after a bad experience. (SWEOR)
- Differences in net promoter score explain 10-70% of the differences in revenue growth between direct competitors. (Bain & Company)
- 80% of consumers are more likely to make a purchase when the business offers personalized experiences. (Epsilon)
- Customers are willing to pay up to a 16% price premium for a great customer experience. (PwC)
- 32% of customers are willing to walk away from a brand they love because of just one bad experience. (PwC)
- Efforts to improve customer experience can decrease customer care costs by up to 33%. (Harvard Business Review)
- 80% of customers say the experience businesses provide is just as important as their products and services. (Salesforce)
- Customers who had the best past experiences spent 140% more than those who had the poorest experiences. (Harvard Business Review)
- Customers tell an average of 9 people about positive experiences, but an average of 16 people about negative experiences. (Deloitte)
Ways you can improve customer experience
- Providing quick customer assistance can lead to a very pleasant customer support experience.
- Facilitating Self-service portal options for customers who don’t want to wait in line to meet a customer service agent.
- Adding a hint of personalization to customer interactions can help businesses a lot. It helps them build a stronger bond with their customers which leads to better customer loyalty.
- Investing in customer management tools like Chat360’s AI Chatbots will help your business automate the entire customer management process efficiently.
- Investing in an AI chatbot can boost customer engagement levels. It can also improve customer retention and onboarding.
Maintaining good customer experiences is a task that requires continuous efforts and constant attention to various customer management operations. From Fintech businesses to the Healthcare industry chatbots like Chat360 have become a must-have. With companies like Chat360, businesses no longer have to rely on manual labour for handling customer care operations. Businesses now can rely on Intelligent Chatbots and CRMs.