Reasons why customer experience is a key part of business
Following the global pandemic crisis, businesses have had to adapt to unprecedented circumstances in order to stay afloat. These changes have had an impact on various aspects, from supply chain management to basic administration tasks. However, the focus on customer experience management (CXM) remains higher than ever. Businesses with plans to grow and thrive have a vested interest in improving customer service. According to a Gartner survey, 81% of companies “expect to be competing mostly or completely on the basis of customer experience.” Here are more reasons why those interested in expanding their business should consider focusing on improving customer experiences!
Customer satisfaction is a key sign of a successful business, where good customer experiences contribute to an increase in revenue. With more clients developing higher expectations, it becomes imperative to create a consistent positive customer experience - especially in view of bad experiences leading to damaged customer trust. According to some recent statistics, 32% of customers would end business relations with a beloved brand after a single bad experience. However, a survey shows that 95% of unhappy customers will give the business a second chance if their issues were handled quickly and efficiently. In this way, businesses will need to focus on delivering promises, working harder to go above and beyond expectations by providing extra support whenever necessary. Creating this kind of positive customer experience can increase brand loyalty and reduce customer turnover.
By catering to customer wants and needs, your business’s reputation can easily improve. This increases brand equity, indicating that the value of your business has risen in the perspective of your customers. Students taking business courses should consider the value of developing customer experience management, which can contribute to happy customers who spread positive experiences and reviews about the business. Choosing a customer-centric approach to marketing allows businesses to better understand their audience—avoiding unnecessary expenses that result from guesswork. Businesses can review various data to address common concerns that lead to a more positive customer experience. This would strengthen marketing and sales efforts, making them more efficient and cost-effective.
Another reason why businesses focus on customer satisfaction is to guarantee a more stable future, one that would be supported by continuous customer engagement and loyalty. Those in an MBA program will know the value of customer engagement, where strong customer relationships grow from community interaction. Providing omni-channel support and personalizing customer experiences can go a long way in ensuring engagement and generating loyalty. Happy customers can help businesses thrive and face various setbacks. It is important to prioritize customer satisfaction—taking the time to address concerns and resolve issues as well as reward loyalty. Doing so will increase engagement and satisfaction, boosting customer retention. This can support your business, generating more sales and increasing Return on Investment (ROI) from initial conversions.
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