The above quote clearly shows the importance of customer experience and how dissatisfied customers make or break your brand. Brand dissatisfaction can result from a variety of factors. In some cases, it can be just a nominal scenario failure, but in other cases, it can be a pile of factors leading to unhappy outcomes for the customer.
Customers are the main source of revenue and it costs him seven times more to acquire new customers than to retain existing ones. Therefore, it is wise for companies to focus heavily on their customer experience strategy to survive the fierce competition in the market. Even if it fails, the impact is not great. More customers than ever will defect to their competitors.
Here are some reasons why customers turn away from your competitors:
Inconsistent Experiences — As the number of interaction channels grows rapidly, customers are demanding more consistent and personalized experiences. Legacy platforms have prevented organizations from innovating and delivering relevant and seamless experiences across channels.
What makes it even more difficult for these organizations is that he can integrate engaging communication channels and siloed processes into a single pane of glass so he can proactively respond to customer requests and consistently create seamless experiences. Therefore, an inadequate and inconsistent customer experience can lead to increased customer defection rates and slow down a company’s growth.
Reactive service — Customers are ubiquitous across communication channels. They may start by researching a product on one channel and end by purchasing the same product on another channel. In such scenarios, it becomes imperative for organizations to focus solely on customer needs. Knowing your customers in advance allows your organization to upsell and cross-sell.
Product Innovation — Being innovative is the need of the moment. Many organizations with traditional and outdated business models still focus on their core product without access to customer needs. And as the market becomes more competitive, it becomes more difficult for these organizations to retain existing customers.
Inefficient Interaction — New-age technology has transformed the way we interact. Customers want fast, real-time interactions on their preferred delivery channels. Deploying the right technology can make it difficult for your organization to deliver an experience that meets your customers’ needs. Tangle-free communication and resolution processes ultimately lead to time-consuming customer dissatisfaction.
Customer Engagement Strategies for Dynamic Communication
Win the battle with superior customer engagement
Initially, Customer Engagement Strategy was thought to be an acronym. However, with the introduction of new terms such as artificial intelligence, IoT, big data, and virtual reality, improving the customer experience is seen as the lifeblood of every organization.
Customers are more empowered than ever, and even the slightest discrepancy in the services provided can ultimately cause organizations to lose customers. With the right technology, organizations can deliver futuristic experiences with interactive and dynamic communications.
Here’s how a great customer experience improves your organization.
Brand Consistency — Companies eager to improve their brand image see their customers not only as a source of revenue but also as growth drivers. Maintaining brand consistency is one of the key goals for organizations in today’s ‘new reality’. By offering differentiated services, organizations can create experiences that “wow” their customers, ultimately improving brand consistency.
Increased ROI — The most successful organizations are those who are passionate about their customers’ needs. By providing your customers with a great on-time experience, you have a relatively good chance of attracting new customers and retaining existing ones with repeat sales. It also greatly increases your chances of upselling and cross-selling.
Increased CLV — Customer Lifetime Value (CLV) is considered the net benefit seen across future customer relationships. The ideal way to improve CLV is to improve customer satisfaction in all cases. According to Oracle’s report, “86% of customers are happy to spend more for a better customer experience provided by their company.” It allows customers to pay more, but at the same time forces them to switch to other brands if they have a bad experience.
If you are not sure what features your future CCM solution should have to meet your short-term needs and long-term digital transformation strategy or to learn how to better engage customers and turn customer experience into your competitive advantage, please contact us today! We are happy to share our more than years of experience in providing efficient CCM solutions to clients in different industries.
