Do you know Return on Investments (ROI) of your business largely depends on the Customer Experience you are providing?
Day by Day Customer Experience (CX) is becoming one of the most crucial factors for deciding the ROI & marketers are also shifting their attention to it. It’s happening across the vertical.
Now one question may arise in your mind how suddenly CX has become so popular & why all of a sudden people have started talking about it so pro-actively?
Nops, neither it’s a new word nor it’s a sudden craze. It was always there from much before the term “Customer Experience” got it’s popularity but in a bit different form/ blend.
Not convinced? Ok; Just tell me one thing, haven’t you listened these phrases like Customer Satisfaction, Customer is God, think what customers want, Customer Delight etc.?
So that’s what it is. Focusing on Customers need, Delivering what they want & giving them fabulous support so that they come again! These were always there integrated with the core philosophy of business.
Recently I had participated in a Digital Marketing Summit in Kolkata. In one of the panel discussion, some eminent marketers were discussing various sides of Customer Experience (CX) & how it impacts the ROI.
After the discussion ends, during the QA session, one of the fellow Marketer from the audience asked: “How can ROI be dependent on Customer Experience & How do you gauge/ measure customer experience“?
If you are into this profession then it may seem a bit silly but it’s not. This question can come into anyone’s mind & it’s a valid one.
But my point is, if you can think a bit in back & forth you will get the answer, even both the answers.
Ok, let me tell you from a normal person’s perspective who is a new entrant in this marketing game, specifically into digital marketing.
So, what’s the term Customer Experience actually signifies?
Customer Experience (CX) is the practice of designing and reacting to customer interactions to meet or exceed customer expectations and, thus, increase customer satisfaction, loyalty and advocacy.
On a simpler note, what lasting impression you create on your customers’ mind so that they become your loyal follower & come again for your service by choosing you among hundreds/ thousands of competitors, that’s what the power of creating a solid Customer Experience.
If your customer turns into the a loyal fan of your product/ service then not only him but with his word of mouth publicity or advocacy several others will also start to prefer you.
Because always remember, there is no better alternative than a simple word of mouth publicity.
A strong feedback or review can work like a magic in your customer acquisition which is not even possible by direct marketing sometimes.
You can spend thousands of dollar into your marketing activities but whenever someone goes to purchase or avail a service/ product, he always asks someone close to him first.
Do you know for what?
Nothing but for a simple suggestion which turns into a serious recommendation for him & which can even navigate his buying decision. A great customer experience (cx) always boost that.
That much influence an effective CX has. It not only converts your first-time buyers into your loyal customers but eventually transforms them into your brand’s trusted promoter/ advocate.
Which directly affects on new Customer Acquisition, jump in Sales & improve Revenue.
That’s how the overall (Return On Investment) ROI gets impacted! Highly effective Customer Experience can Increase your ROI in manifold.
84% of organizations working to improve CX have experienced an increase in revenue
So, the Reason & Data both are in your hands. Let me know what is your view on this.