Customer experience pays. There’s no shortage of research on the impact of an improved customer experience, including improved revenue, profit, and, as a result, stock price. But how do you improve your CX? By focusing on Effectiveness, Ease, and Emotion. Improving on these three factors will ensure you are improving your customers’ outcomes, as well as your own.
Sometimes, it seems that companies focus exclusively on the first half of this equation. Sales to new customers are exciting, and resources are appropriately targeted to land new customers. Look at the continual offers coming from TV service and internet providers.
But the second half is just as critical. In fact, for organic growth, it’s even more so. In The Economics of E-Loyalty, Bain & Company reports that a 5% improvement in customer loyalty leads to a growth in profitability of 25-90%.
Clearly, customer loyalty is critical, and service is central to building it. However, Forrester Research, Inc. reports that only 48% of companies say they have any kind of customer service strategy (The State of Customer Experience, 2015). If over half of companies have no strategy for serving their customers, what does this mean for the customers themselves? Read more
There’s been a ton of talk about “big data.” And rightly so. Big data has the potential to completely change how you treat customers based on a better understanding of their behaviors. It’s a great capability, and you should definitely look into it.
But this blog isn’t about contact center big data. Instead, it’s about contact center little data.
As a self-professed retail geek, I’m always noticing prices and deals that retailers offer. More than that, though, I notice what these prices really mean. What are you saying to a customer when you set the price of a product? It’s a good question, because you end up saying a lot.
Price is, of course, one of the central touchpoints of retail. But it’s a lot more complex than it seems. The customer wants to feel good about the amount they paid for their purchase, and while this can mean that they feel like they got a great deal, it can also mean that they feel like they paid a fair price for a premium product. If your customer feels like a high-quality product is priced too low, they might start to doubt the quality. Read more