Why You Need to Invest in Customer Experience
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Considering Costs
After all, getting these workers the tools and information they need to make quality decisions and
improve the customer experience isn’t going to be without cost. You’re looking at improving your technology infrastructure to seamlessly transfer and share information. You’re going to need to provide the necessary training to get your workers up-to-date on these new pieces of technology. And you’re also likely to need a change management plan to ensure that this sort of large-scale change is successful. After all, studies have argued that approximately 70 percent of organizational changes fail to reach their goals.
The Importance of a Happy Customer
Among transaction-based businesses, customers who had a good experience with the brand provided 140 percent more in sales annually than those who had the worst experiences, and overall, the better the experience, the more the customer would generate in sales for the business.
Among subscription-based businesses, the difference was even more pronounced. Customers who rated their experience a 10, on average, stayed a member for more than six years, compared to just more than one year for those who had a poor experience. And where just 43 percent of those with a poor experience were likely to be a member a year later, nearly three-fourths of those with a highly positive experience were still members.
So what does this mean for your business?
Final Thoughts
It’s clear that customer service and experience is an area of potential growth for many organizations. Between the cost-reduction potential and revenue opportunities that come from providing a better customer experience, this is a huge opportunity that may be right under your nose. Not only that, providing a better customer experience is a great way to put a positive public face on your organization companies like Zappos have made a name for themselves by being known for willing to go the extra mile for their customers.
Source: Ricoh
Patty Block, President and Founder of The Block Group, established her company to advocate for women-owned businesses, helping them position their companies for strategic growth. Charting the course for impactful, sustainable, profitable businesses, the beacon is control: of your strategic direction, your money, your time, your staffing, and your ability to bring in business. The Block Group brings together the people, resources and ideas that build results.
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