Who is the most significant person in a company? The Chief Executive Officer? The owner? Or the employees? If you chose the answers provided, you should think again. The answer to the question is the customers.
It is said that the aim of any business is to set up and keep its customers. But the truth is, you cannot be in business without customers. So, you should make sure you’re thinking more about your customer experience. More so when they’re interacting with your business. It’s even more essential today as customers need more from businesses because of technology.
What is Experience Management?
People often misinterpret and interchange the terms customer experience and customer service. However, they are not the same and you should not use them interchangeably. Customer experience management gives immediate analysis and feedback about how a business is operating. It analyzes four major parts of the business, such as brand, employees, products, and customers.
The basic premise is that each customer’s experience matters greatly. You can use online surveys to get feedback that can lead to your company getting positive outcomes.
An experience managing platform creates digital polls which help with measuring stakeholder’s experience. However, that isn’t the only purpose of the platform, it also analyzes the collected data so that business owners can identify the problem and fix it.
Reasons Why Good CEOs Care About Experience Management
You may ask yourself why should you spend time and energy providing an exceptional customer experience? Will it make your business better?
A survey done showed that customer experience is so vital that 75% of customer experience managers gave it a five-star rating. You will find some reasons customer service is important to all businesses.
Businesses must know the different processes that customers will go through. They can do this using a customer journey map. The company will analyze and understand each step that a customer will go through and will be able to identify problems they encounter there. Doing this will help reduce costs.
Influence Your Company’s Reputation
What do you think will happen if a customer enjoys their experience with your company? They will start telling others about your company. Some will even become brand ambassadors and start representing it. When a customer is happy with your service, they will share it with approximately nine other persons and unfortunately, an unhappy customer will share their experience with about 16 persons.
Improves Customer’s Loyalty
While you strive to make your customer happy, your business will also benefit from an improvement of the brand’s reputation and those customers will become loyal customers. Truth be told, a customer is unlikely to leave a brand that offered them an excellent experience.
Increases Customer’s Churn and Profits
It will cost the company less money to keep a returning customer than to get a new one. Gaining a new customer can cost your company up to 5 times more than retaining a customer. Studies done have proven that a loyal customer is worth about 10 times their first purchase from your company.
Today, customers are requiring more from companies, and so, as a CEO, you should practice offering them an excellent customer experience so that they keep coming back. If you would like to get help in offering an excellent customer experience, it’s advised to contact places like Verint. They’ll help you get on the road to giving your customers extraordinary experiences.