The most valuable tools you have are your customers. The most common questions are always, “How do I keep them?”, “How do I get them to purchase?”, and “How to I find more customers?”
Every business knows that Customer Experience is important to their growth, profitability, sustainability, longevity, and competitive advantage, yet few know what they need to do for their business in order to create a great Customer Experience.
The best service providers will keep their customers 50% longer than their competitors.
Nearly three-quarters of all customer purchases are made by repeat purchasers.
The cost of acquiring a new customer is nearly five times that of keeping an existing client.
Only 14% of customers who switch providers do so because they were unhappy with the quality of the product – however most all of them make the move to another provider because of they were dissatisfied with the poor service they received.
[Emotional Value: Creating Strong Bonds with Your Customers]
Most businesses tend to do one thing wrong that can hurt them financially. They place the importance of marketing, and sales before Customer Experience. Time and again businesses find themselves struggling to maintain their competitive market share and can’t understand why after spending valuable money on marketing and sales, they’re no closer to growing their business.
Attention to marketing isn’t a bad thing, but when executed the wrong way or too prematurely, it can be costly. More often than not, businesses don’t know that their focus should first be placed on customer experience. The problem is that 90% of businesses don’t even understand what true Customer Experience is.
Smiling more, greeting people, a friendly hello, and saying thank you does not always equate to a good Customer Experience. And when they can’t retain customers or lose customers, they don’t understand why.
Customer Experience is an organic strategy that can be developed.
It’s also the most inexpensive and cost effective way to maximize profitability, customer retention, and massive growth.
If your strategy is to win, you need to have certain things in place if you want the desired results. Your focus should be on understanding what, how, and why your customers buy, what brings them back, and more importantly, what their expectations of that process is.
If you think about customer experience like your own experiences, we all have certain expectations with any buying process:
- It should fast
- It should be easy
- It must be simple
- It should provide the fewest number of steps possible
- It should be pleasurable
- And all in a manner customers like
Businesses tend to focus on one or two areas of service while neglecting the entire experience. To be truly effective, you must consider how the whole experience will play out for the customer in order to have the best results.
Customer Service is only one component of the complete Customer Experience. Training your staff how to behave can be another costly mistake business owners continue to make, financially destroying their businesses’ future.
The experience doesn’t just begin once a customer or client steps into the business. CX is a science. It begins long before the customer intends to buy, and long after the sale. This is another missed opportunity that costs businesses billions in sales, revenue, and repeat business.
In order to fully understand how and what to focus on for your business to be successful, you must understand the why of the customer. In other words, why he behaves a particular way, how he reacts, and how it reflects on his entire experience. In the science of shopping, experts understand the true value of the complete, competitive customer experience.
If you can learn to understand this, you can control the market. Having worked many with major retailers, Results Mastery knows how to work with businesses to create a system where the customer’s experience is specific to the businesses’ unique market position, brand, and style, thereby creating a process for increased frequency, repeat visits, better retention, and referral-based customer loyalty.