Top 5 Benefits of Creating a Great Customer Experience
In a competitive economic landscape your customer experience can make your business stand out from the competition. Companies that make customer satisfaction and loyalty a priority can discover hidden value and drive future success. With a strategic approach and the right customer experience management tools, businesses can improve customer experiences at every touchpoint to build a loyal customer base, drive growth, and build lasting relationships. boostCX is a leading customer experience management provider and we want to help you succeed with our list of the Top 5 Benefits of Creating a Great Customer Experience.
How Does a Great Customer Experience Benefit Your Business?
Are you working to improve the customer experience at your business? You may now know about all the ways that a great customer experience can set the tone for future business and benefit your company and your bottom line. An exceptional customer experience sets the foundation for business success.
By delivering memorable interactions at every touchpoint on the customer journey roadmap, businesses can promote brand loyalty, drive revenue, and build a strong brand identity. Happy customers are far more likely to become repeat customers and recommend your brand to their friends and family, leading to increased market share. In addition — a positive customer experience can improve employee morale and productivity, as satisfied customers create a more positive work environment and improve the employee experience.
1. Increased Customer Loyalty and Retention
Customer experience management is an essential tool for many businesses and leads to increased customer loyalty and higher retention. A consistent and exceptional customer experience leaves a lasting impression on customers and can foster stronger relationships. Loyal customers are more likely to make repeat purchases, become brand advocates, and provide valuable feedback down the road — driving long-term growth. Data indicates that a small increase of 5% to customer retention leads to a 25% to 95% increase in profits.
2. Creates Brand Advocates and Word-of-Mouth Marketing
A great customer experience creates brand advocates who drive word-of-mouth marketing. Satisfied customers who have a positive experience are more likely to share their experiences with friends and family, leading to increased brand awareness and new customers. In fact — an estimated 50% of customers who have a positive experience with a business are likely to share that interaction with friends or family and 72% are likely to share that positive experience with six or more people.
3. Higher Customer Lifetime Value
A superior customer experience is directly linked to increased customer lifetime value and an estimated 76% of companies consider customer lifetime value to be an important measurement of success. By delivering exceptional experiences time after time and building strong relationships with customers, businesses can encourage repeat purchases, upselling, and cross-selling opportunities. Important data has shown that it may cost businesses 5 – 25 times more to acquire a new customer than to retain a current customer — an important factor in lifetime value metrics.
4. Improved Customer Engagement
A great customer experience fosters deeper engagement and interaction with your customers. When customers feel valued and understood, they are more likely to actively participate in brand conversations, share feedback, and explore additional offers or services. This increased engagement leads to stronger relationships and an exceptional customer experience, and studies have shown that an estimated 86% of customers are willing to pay more for products or services if it involves a better experience.
5. Better Customer Churn Rates
A superior customer experience leads to customer loyalty and translates to reduced customer churn rates. When customers feel valued and enjoy a great customer experience, they are more likely to remain loyal to your brand and make additional and repeat purchases. Improved engagement builds stronger customer-business relationships and addresses customer needs effectively, which can significantly reduce customer attrition and protect your customer base.
READ MORE: Top 10 Ways to Personalize the Customer Experience
Investing in creating a great customer experience has become imperative to business success and by prioritizing customer satisfaction and loyalty, businesses can unlock untold benefits. Learn more with our list of the Top 5 Benefits of Creating a Great Customer Experience and accelerate success for your company.
Contact boostCX today to learn how our solutions can help you achieve your customer experience goals!