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It's no secret that successful companies are satisfied customers. While many executives claim to understand the importance of the customer experience (CX), it often falls by the wayside when resources flow into product development. However, since we're struggling with a global recession, interacting with your customers is more important than ever. The customer experience is indeed the only ingredient that determines the success of your company.
According to Adobe's Digital Trends 2020 report, the majority of companies said their focus this year was on the customer experience. CX was ranked higher than content marketing, video marketing and even social media. It's really no surprise when you consider that focusing on the customer experience can significantly increase a company's bottom line.
Temkin Group research has shown that companies with annual sales of $ 1 billion can earn another $ 700 million in three years if they invest in CX. Another SmartInsights report found that companies with a better customer experience earn between 4 and 8 percent more than their competitors. A survey by Deloitte found that 88 percent of companies prioritize the customer experience in their contact centers.
Related topics: How to improve your profit by using the customer experience
The use of technology in the customer experience
Technology plays a key role in creating an unforgettable customer experience every time a customer interacts with your brand. This can include simple tools such as the use of dedicated landing pages and customized emails, as well as more complex CX technologies such as intelligent live chat and AI-based algorithms that enable companies to better understand customer preferences.
For example, Netflix uses AI to access subscriber data and provide highly personalized experiences to more than 180 million subscribers worldwide.
"We have the Netflix customer experience from the moment they sign in to TV, phone and laptop for the entire time they are with us," said Todd Yellin, vice president of product innovation at Netflix an interview with The Guardian.
The content streaming platform invests in customer satisfaction by avoiding friction losses on the customer journey. In 2016, the company announced that it was using hundreds of A / B tests each year to determine how subscribers responded to recommendations. This type of experiment enabled Netflix to master the content delivery algorithm and improve customer retention.
Between 2016 and 2020, Netflix doubled the number of its users worldwide. This was possible by attracting new subscribers, but also because the company was obsessed with providing an excellent customer experience that encouraged further subscriptions.
Brands that create a customer-centric corporate culture help their employees work together to achieve the same goal: to make customers happy. In an interview with CNBS two decades ago, Jeff Bezos gave the recipe for creating a successful global company: “When it comes to Amazon.com, it's an obsessive attention to the customer experience from end to end. ”
Amazon is known for delivering an unparalleled customer experience and making its customers happy. The leading online retailer has been innovative in the industry for more than 20 years and uses advanced technology to create the ultimate shopping experience, from tailored recommendations to effective delivery strategies.
Why brands should optimize their touchpoints
The customer experience influences the way they make buying decisions. As early as 2006, a McKinsey study found that 70 percent of buying experiences depend on how the customer feels treated. This means that your business needs to focus on more than just delivering a high quality product and taking into account the customer experience at every touch point of your brand.
You don't necessarily have to invest in additional employees of expensive algorithm software. Accessible to brands of all sizes, CX technology enables any business to collect and use data to better understand its users. In addition, the need to focus on the customer experience isn't limited to online retailers or streaming services. All companies can benefit from optimizing their CX.
According to Adam Hasaik, founder of the Access Jet Group, one of the easiest ways to improve the customer experience is to offer customers options and convenience. "What we offer our customers is not restrictive," he explains on the company's website. "That is why we repeatedly secure your business. We offer traveling customers maximum comfort and convenience. They can welcome a charter flight, choose the jet size and choose from add-ons such as bedrooms and cabin owners."
Access Jet puts the customer in the driver's seat, which increases customer satisfaction and reduces complaints. The result is increased loyalty and positive reviews. Better yet, satisfied customers become brand advocates by making recommendations and promoting the quality of a company's services.
Affiliate marketing is a good example of how excellent customer service can ensure business growth. Affiliate marketing enables a company to work with third parties to reach the right audience in a personalized way while providing an excellent customer experience.
A partner program enables companies to connect with warm leads who have already had discussions. This is because the third-party provider has already spent hundreds of hours researching audience and expectations.
Services like the Affiliate Institute show how affiliate marketing expands the playing field and enables more companies to access extensive data about their target group. Marketers can then use this information to optimize contact points and treat customers well with every interaction.
The principle is similar to that of Netflix or Amazon, with the difference that you do not perform the A / B tests yourself. Affiliate marketers test the audience to see what works and what needs to be improved. Then they apply the right strategies to market your product and strengthen your relationships with prospects and customers.
Related topics: How to win the trust of your customers
The customer experience is critical to business success. More than two thirds of the companies compete primarily for this factor. If you nail the CX of your company, you can also establish your brand in a difficult market with established competitors as a point of contact. It may seem like additional costs at a time when many companies are cutting budgets, but investing in the customer experience is critical to your long-term success.