Why customer experience is important

Why customer experience is important?

“Customer experience is the next competitive battleground.
It’s where business is going to be won or lost.
-Tom Knighton

If you are also thinking on the same lines as mentioned above then you are absolutely right. In today’s era customer is the king and has become the biggest game changer for any business. Customer experience has become the biggest priority for any business to be successful. If the customer likes your brand, he’ll continue with your brand and will spread a positive word of mouth. This will result in brand popularity.

 What is “Customer Experience”?

Customer experience generally defines how a customer perceives interaction with your company or brand. Each and every single interaction contributes to the customer experience whether a customer coming in contact with your brand via in-store or online. In today’s world customer is highly educated and empowered. They have multiple options to switch to other brands if your brand or company doesn’t fulfill the needs which they are seeking.

As per Gartner survey, 89 percent of companies expect to compete mostly on the basis of CX in 2016, versus 36 percent just five years ago. As per Forrester research, 80-90% customers that have a bad experience will leave, with a little chance of returning.

Why Customer Experience? Why Now?

Products and services alone are not sufficient to create brand recognition or to gain competitive advantage. Competitors can deliver product parity in terms of quality and prices. The thing that makes you stand out of the crowd is the customer experience which you provide to your customers.
Here are the top 10 reasons behind the importance of customer experience.

1.Improve customer satisfaction: According to McKinsey report, companies focused on maximizing satisfaction, with regard to the entire customer journey, have the potential to increase customer satisfaction by 20%. The organization should ensure that it provides a consistent customer experience across all the touchpoints, thereby, giving a seamless experience throughout the customer journey.

2.Improve customer retention: A superior customer experience acts as a blessing for the customer and is a point of differentiation from its competitors. This results in customer loyalty. A good customer experience for customer ensures that the customer will have a long association with the brand and a positive word of mouth among people.

3.Reduces customer churn: Price is not the only main reason for customer churn. Infact it is poor quality of customer service which is responsible for customer churn. According to a CEI Survey, 86% of buyers will pay more for a better customer experience.

4.Creates a competitive advantage: A superior customer experience can turn out to be a big competitive advantage. The two key differentiators for the company can be low prices or superior customer experience.

5.Boost Sales: Customers are willing to more money to the company that delivers superior customer experience. This ultimately boosts sales and revenue.

How to improve Customer Experience?
Here are various tools which can improve customer experience:

1. Mobile Support: Customers use mobile devices to search online for customer and product support. So it becomes necessary that the website should be mobile responsive and should provide a good customer experience.

2. Live Chat: Another tool which can be effective to improve customer experience is live chat. Most of the customers prefer live chat which allows them to contact company and receive an immediate response.

3. Self Service resources: Most of the people prefer to gather knowledge from self-service resources. Self-services resources are posted online to provide support information to customers which they can search and use. These resources include knowledge base and FAQ’s of customers.

4. Social Support: Customer experience is often shared on social media in form of likes, comments or shares. Social support application helps the marketing and customer service department to keep an eye on the conversations going on social media. The social support application monitors all the comments, complaints etc. The complaints in the form of text are directly converted into tickets which are further sent to agents which resolve customer’s issues.

5. Omni-channel Support: Customer experience can also be improved by providing Omni-channel support. A support platform which allows a customer to contact through different channels be it via phone, social media, email or live chat. It also allows them to pick the conversation from where they left off. Any conversation can be picked on any channel.

Liferay DXP also offers an environment which provides omni-channel experience and optimizes customer experience.

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For Liferay services, email us on marketing@knowarth.com