Customer experience is touted by many as the one of the most important factors for today’s businesses. But if it can’t help you attract customers and raise profits, is it really worth it? Fortunately, customer experience drives revenue growth in several ways, and you can take advantage of that fact with the help of analytics.
Below, we’ve highlighted 10 ways customer experience drives revenue growth. Then we’ll explain what analytics has to do with all those benefits.
1. Attract New Customers
Customers want to do business with companies that care about them. Good customer experience becomes an effective form of public relations, showing people you can make them happier than your competitors.
2. Customers Remain Loyal
When customers enjoy doing business with you, there’s no reason to go anywhere else. Offer exceptional service and benefits for returning customers, and they’ll always find new reasons to keep coming back to you.
3. Customers Become Advocates
But even better than a customer returning many times, loyal customers may turn into advocates. When that happens, customer experience drives revenue growth by increasing the size of your customer base.
4. Raise Net Promoter Score
Net Promoter Score is a tool that measures customer experience and predicts growth in your business. So clearly, focusing on customer experience can raise this score, which is used by management and consumers alike to judge your business.
5. Boosts Chance of Repurchase
No product or service lasts forever. So when it comes time to replace the goods you sold weeks, months or years ago, your customer will remember the experience they had the first time. A bad experience could drive them away. But a good one will inspire them to make the same purchase again.
6. Customers Spend More
According to PwC, 42 percent of consumers “would pay more for a friendly, welcoming experience.” That gives you an edge over your competitors, but they’re also more likely to spend more during each visit, creating a second financial boost.
7. Control Costs
Great customer experience comes in many forms. But it doesn’t require heavy financial investment. In fact, by increasing self-service and adopting popular, low-cost service channels like SMS, you can provide better customer care while reducing your overall costs.
8. Raise Employee Satisfaction
Just about everyone wants to feel like they’re doing work that matters. That feeling comes more easily when customers are happy with your products or service. So when customers are satisfied, employees become more satisfied, too.
9. Improve Your Brand Image
Branding is more important today than ever before. Even search engines take it into account. Eric Schmidt, former CEO of Google, once said, “Brands are how you sort out the cesspool.” By creating a good impression of your brand, customers learn to come to you first, which boosts revenue, reduces costs to acquire customers and can improve your position on SEO and other marketing channels.
10. Prepare for the Future
Customer service is always changing to match new consumer expectations. But by making customer experience a priority, you can continually stay in touch with what people want. And by learning to adapt to new customer service channels, you can learn to quickly adopt new channels and meet expectations as they arise.
Using Analytics to Drive CX
There are many types of customer experience analytics to consider. You can track heatmaps, average call length, open rates, traffic numbers, first-contact resolution, voice-of-the-customer responses and more. All of these important metrics drive the revenue-growing benefits we’ve outlined above.
Create a comprehensive picture of what your customers think using surveys and analytics tools, which compile data collected from your customer service solutions. To show how this works, take a look at Avoke Analytics, an analytics solution that provides a single analysis across all stages of a customer service interaction. It’s the one analytics solution we recommend that can show you where your current customer experience is falling short, making it possible to prioritize the best customer experience improvements to meet your specific business needs.
Avoke: CX Visualization
Many customer experience analytics solutions show what happens when customers talk with a contact center agent. They turn vocal cues into a visualization to show how long an interaction lasts and the customer sentiment during.
Avoke does that, too, but the data is extended far beyond that. Avoke tracks and visualizes the entire customer interaction, from the moment someone dials, to their time in an IVR, through multiple agent transfers if needed, even through your survey at the end. You can see what happens and how customers think at every single stage, making it the best solution to help you optimize your solutions to ensure customer experience drives revenue growth.
CX: Not Just for Customers
Adopting new customer care channels and putting customers first will make your consumers happy, but it’s not just for their benefit. In the 10 ways listed above, customer experience drives revenue growth and keeps customers coming back for years to come.
Check out the other articles in this series to learn more about customer experience analytics and to see how analytics and customer experience can help cut costs. And don’t forget to schedule an Avoke demo using this link to see how this unique analytics tool can help you create a customer experience your customer’s won’t forget.
This article is part of a series on the benefits and best practices of improving customer experience with analytics. Check out the other articles in this series: