Maybe you saw a new restaurant opened in the area and heard that a friend of yours went there to check it out, so you asked them how it was; their reply was “it was okay; it wasn’t really anything special.” Would you be likely to want to go there? Probably not. Do you know why? Because nobody talks about average!
The customer experience is one of the top contributing factors to a company’s success. Customers tell an average of 9 people about a positive experience with a brand and an average of 16 people about a negative experience, but nobody will volunteer information about an average experience.
The Revenue Impact of Customer Experience
It’s often not as easy to see the value of customer experience as it is to see the ROI of other investments, hence many companies don’t focus on creating extraordinary customer experiences. However, the numbers tell a compelling story about customer experience’s direct impact on sales and revenue. Brands with superior customer experience bring in 5-7 times more revenue and are 60 percent more profitable than companies whose competitors lag in customer experience. Not only are customers likely to spend 140 percent more after a positive experience than customers who report negative experiences, consumers will also pay 17 percent more to purchase from a company with a reputation for great service.
In today’s digital-first world, providing remarkable customer experiences at all touchpoints is equally crucial.
Your Team Makes the Difference
Companies with engaged employees outperform the competition by 147 percent. Prioritizing regular, open communication with employees encourages feedback and creates a positive cycle that drives revenue growth. Eighty percent of customers say they are more likely to do business with a company if it offers personalized experiences. Your team should be taking the time to get to know your customers and identify how you can truly be a resource to them, in lieu of attempting to sell the product or service du jour.
The Bottom Line
Customer experience isn’t just about satisfaction—it’s about profitability. High-quality customer experiences can lower the cost of serving customers by up to 33 percent. Make sure your company does more than “just enough to get by” and takes the time to “go above and beyond” to serve your customers. Take time to analyze your current customer experience and develop specific ways to create extraordinary experiences that will make a positive impact on your revenues!
(An informative article from the Chamber’s Small Business Council member Cynthia Widlitze with 16 Minutes.)