ScrollUnlocking Success Through CX Transformation
Owing to the changing consumer behaviors, digital transformation has been the focus for businesses for the past few years. Companies have been making efforts to leverage digital technologies to enhance their processes and improve CX transformation. It is about time businesses realize that a robust customer experience strategy is likely to take your business to another level.
Yet today's competitive marketplace demands much more than digital transformation to truly propel your business to new heights. Make no mistake, reimagining each facet of your business through the digital lens is crucial to primarily transforming how your business operates. Nevertheless, this change fixated on maintenance and not innovation, will not produce results without a good customer experience approach behind it.
What is customer experience transformation?
Customer experience transformation is the process through which a business can strategically enhance the overall experience it provides to its customers. This includes making substantial changes in numerous aspects like touchpoints, employee engagement, and systems with the aim to improve your customers' interactions and thereby boosting customer loyalty.
This step to improve CX transformation driven by cutting-edge technology goes past traditional customer service. This includes considering customer needs, preferences, and prospects and designing experiences that meet or surpass those expectations at each stage that marks your customer journey.
Gauging the Impact of a Great Experience
The type of experience your target audience is likely to incur with your business is what will always be remembered. The level with which your customer experience matches your brand from the first interaction to the end is what brings them back. Below we have listed the impact customer experience has on your business:
Higher customer lifetime value
This is a representation of the total amount of money a customer is likely to invest in a business over a lifetime. Identifying this number allows brands to know how much to invest in customer retention against acquiring new ones. However, the real benefit of customer experience management is the aptitude to guarantee that number grows.
Repeat business suggests strong customer loyalty, highlighting the quality of a company's products and the interaction level. Companies introduce rewards programs, connect often with customers, and capitalize on customer service and support to upsurge customer conversions. The more the amount spent by the customer with your business, the higher will be the profits. More so, the probability of making a sale to an existing customer is around 70% while selling to a new customer is 15%.
Reduced Customer Churn
Businesses with an advanced customer lifetime value through a good customer experience management program are likely to benefit from abridged churn or customer turnover. Acquiring new customers is rather costly than retaining existing ones. So, by devoting resources to keeping your customers satisfied companies can experience extended engagements.
A brand is likely to attract customers by staying on top with regular touchpoints like email updates, phone calls, sales, and customer appreciation events. If customer service representatives have been attending to the customer's needs on a timely basis, these customers know where to turn to, upon renewal of the contract or when making a new purchase.
Increased Brand Equity
Brand equity refers to the brands' value and emotions associated in the eyes of the consumer. Businesses can build positive brand equity by being responsive, ensuring the timely delivery of promises along with providing high-quality products. On the contrary, under-delivery, unsatisfactory interactions, and immense public statements to avoid a brand are all cases of negative brand equity.
A business with positive brand equity has a huge following with customers posting positive reviews, and sharing their experiences and referrals. Therefore, good customer experience management generates positive brand equity and prevents bad reviews.
Higher Customer Retention
Higher brand equity coupled with reduced churn creates higher customer retention. This correlates with high customer loyalty since a customer may make a purchase from a business but the ability to keep him in the loop is very important.
Businesses that resolve issues quickly, stay connected, offer loyalty programs, and above all thank their customers strengthen the overall positive perception and improve your customers’ interactions. Customer retention leads to more sales, an increase in ROI, and high lifetime value.
The Final Verdict
Today’s business landscape renders it important; for a company contact center, in particular, to invest in and improve CX transformation. Businesses need to adopt a holistic approach prioritizing CX and digital transformation by measuring the impact and working towards securing long-term success.
