Customer Relationship: Infographics Tell All
A chain of events has occurred over the last few years that has changed the world of business. Advancements in technology increased the pace of globalization. This, in turn, allowed businesses to gain consumer bases in far away places and allowed startups to have increased access to funding. More businesses began to pop up, and with this growth came a growth in consumer expectations. Customers expect more of the organizations they purchase from. When companies fail to deliver, customers leave. One of these customer expectations is a better relationship with brands. They want to be able to have access to the companies they buy from whenever they want, wherever they are. They want businesses to be more engaging and to provide more value to them. Due to this, the practice of improving the customer experience has become key. Revenue Without profits, businesses fail. There’s no way around it. And one solid truth that has emerged over the last few years is that when customer experience is focused on, revenue goes up. This has become widely accepted, with 41% of senior marketers saying that in terms of its impact on revenue, customer experience is second only to the product. Nearly three-quarters of consumers spend more when they experience good customer service. And even more consumers, 86% to be exact, openly express that they are willing to spend more for a better experience. But it’s not just about increasing revenue, it’s also about maintaining it. Without providing a positive customer experience, businesses are seeing severe drops in sales. 78% of consumers have opted out of making a purchase purely because they experienced poor service. The brands that lead in customer experience, see their revenue grow up to 8% above the rest of their competitors. One of the reasons for this above average growth is due to how companies, that put effort into the customer experience, respond when a customer isn’t pleased. When companies respond effectively and efficiently to bad customer experiences, they see customer spending increase by 30%. When they respond poorly, customer spending can decrease by up to 63%. Another reason for the additional revenue growth is because companies that see the value of investing in improving customer experience are concentrating efforts online–and they’re succeeding. 97% of consumers’ purchases are influenced by their online experience and 65% of consumers’ opinions about a brand have been changed by their online experience. Retention It’s expensive to bring in new customers. A company first needs to develop a marketing campaign. Then they need to identify leads, pursue them, and bring them through the customer journey. This takes time and money. In fact, when compared to keeping an existing customer, attracting a new one can cost seven times more. But it’s not just about holding onto customers, it’s also about keeping them happy. Strongly loyal customers have between six and 14 times more lifetime value than others. These figures should immediately shock organizations into maintaining current customers. And the best way to do that is […]