In today’s customer-centric world, customer experience is everything. This shouldn’t come as a surprise. Business owners who are paying attention have seen the rise in the importance of relevant brand feedback and reviews on social media. Yet, while many organizations generally accept that CX has a role in business success, the correlation is not always appreciated.
The Correlation Between Customer Experience and Sales Success
Customer experience (CX) describes a customer’s journey. This journey begins the moment a customer learns of a product or service, and after. It involves everything from how you treat them to how you market to them. Thus, customer experience is the customer’s perception of how their interaction with the brand goes.
It should be no surprise that positive customer experiences correlate with increased sales. During customer interactions, customers will either praise or criticize the products or services. Those who praise it are more likely to be brand advocates who tell others about how great their customer experience is. These brand advocates are also more likely to make repeat purchases.
Retaining Customers With the Power of Promotions
Promotions are a great way to reinforce loyalty and increase customer lifetime value. When you couple discounts or promotions with a solid customer experience, you are likely to see increased customer satisfaction and retention. These increases will then drive business success.
One of the reasons promotions are so effective is they encourage customers to interact with a brand in new ways. They also allow companies to get feedback on new products or services before distribution.
Giveaways are a strategy you can use to distribute samples, gifts, discounts, coupons, and other benefits to customers. This is an excellent way for customer service reps to help nurture relationships while encouraging product trials that may lead to purchases.
Building Sustainable Revenue Sources Through Long-Term Relationships
Whether in customer service, marketing, or sales, building relationships should be at the forefront of your priorities. Customers are often considered “assets” for a business to continue to generate revenue. But many companies don’t provide service that maintains long-term customer relationships, and by default, their long-term revenue sources.
To build lasting relationships with your customers, building loyalty and trust is critical. However, getting there requires customer experience (CX) initiatives. By focusing on what is essential to your customers, you’ll establish real brand loyalty. A few ways businesses can actively improve their CX are by:
- Personalizing individual brand experiences
- Offering referral incentives
- Keeping brand messaging clear and consistent
- Regularly engaging with your customers
- Using customer journey mapping
The Importance of Real-World Perspective and Industry Knowledge
Building an impactful customer experience requires a deep understanding of how your products or services work and your customer’s expectations. Yet, it can be challenging to get the perspective you need to make better-informed decisions about your business without building a network with other business leaders.
Customer experience professionals who work directly with customers but don’t have business degrees can sometimes limit their perspective of how customer-facing processes relate to the rest of the business. Getting an MBA is one way to expand one’s understanding of how different aspects of customer experience fit into a customer journey and how companies can stay relevant to the growing demands of a new generation of consumers.
The importance of CX initiatives in business cannot be overstated. Creating positive customer experiences has proved to develop long-term relationships with customers. This results in repeat business and brand advocacy. So whether you’re starting a business or want to build on the success you’ve already achieved, it’s vital you focus on your customer’s needs and optimize every interaction they have with your brand.