According to Trustpilot,1 a totally satisfied customer contributes 2.6x more revenue to your business than a somewhat satisfied customer – and 14x more revenue than a dissatisfied one. Many times, it isn’t even the product causing the difference in spending – it’s their experience with the brand. Even when customers had a bad encounter, 95% said they would give a brand another try if their situation was handled correctly.
Research by Invespcro2 shows that it costs 5x more to attract a new customer than to keep an existing one. So the goal is to keep your customers, keep them happy, and stay profitable? Sounds simple enough.
How can you ensure customers’ expectations are not only met – but exceeded?
We can look at Forrester’s “CX elite” and how they treat their customers.3 Chewy.com, Etsy, and Trader Joe's outperformed other brands by understanding the emotional needs of their customers and providing engaging experiences. They develop a loyal group of devotees who are willing to forgive mistakes and pay a premium for products and services – and retain their business over time.
These brands are excellent examples of how to remain dependable and consistent with your customer experience. Many contacting Chewy.com’s customer service are pleasantly surprised at the encounter and subsequent outcome. The opportunity is always there to surprise customers with extraordinary service and results. Chewy.com seems to have figured this out.
How can you use this knowledge to improve the customer experience?
Your Customers are Unique
Ask at every stage what customers want from your product or service (and really listen to their answers). Personalize experiences based on how customers use your product or service and make suggestions customized to their needs. Creating a tailor-made experience impresses and solidifies future business.
Help Customers Help Themselves
Customers are pleased when they can manage their own accounts or don’t have to call an agent to answer basic questions. They also don’t have the patience (or time) to sit on hold during “normal” business hours for live help. Invest in readily-available technology for virtual assistants, chatbots, and self-service portals. The tech is there – use it to your advantage. (Just be sure to allow for escalation when necessary!)
Engage on Social Media
When a customer interacts positively with a brand on social media, it creates a compelling marketing story for millions to witness. Never before have companies been able to quickly, effectively, and inexpensively connect with loyal and future customers all over the world. If you aren’t positioning the personal connection and influence that social media can bring to your brand, start now.
If Your Employees Aren’t Happy…
Much has been said about customers, but what about the employees who take care of those customers? For some brands, CX hinges on interactions between a customer and an employee. Imagine if your employee isn’t engaged with your brand, or is even dissatisfied with it? It's difficult to create a positive experience for a customer when an employee feels negatively. It’s also important to remember your employees are the face and voice of your brand. According to Frank Rauss, UX strategist and designer, when you prioritize the needs of your employees and your customers, it creates a more positive work environment.4 This leads to better customer engagement and experiences.
Maybe it is that simple: Give your customers and employees a voice, then really listen, respond and take action.
Creating Amazing Experiences is the Future of Telecom
It can be as easy as providing self-service options, customizing and personalizing, automating to simplify manual processes, and using low or no-code APIs for app integrations to improve employee and customer experiences.
If your business creates products using Cisco BroadWorks, odin is the solution for you. We’ve helped service providers across five continents with over five million hosted voice subscribers improve their customer and employee experiences (and so much more). To see the odin Platform in action or for more information, please contact us today.