What is Customer Experience?
Customer experience (CX) is best defined as the overall impression you or your business leaves on a customer. A customer’s perception of a business will affect behaviors and drive brand loyalty. Customers are willing to pay a premium price to receive a great experience. According to PWC, customer experience also plays a vital role when consumers weigh buying options.
How Important is Customer Experience?
It has long been understood that in order to gain business, you must have the best product or service for the lowest price. However, consumer expectations are changing, and there is a third factor that drives business success. Customers give their loyalty to businesses that provide the best customer experience. In fact, one in three customers will walk away from a brand they love after only one poor experience.
Improving Customer Experience
Studies show that businesses that earn more than $1 billion annually can expect to earn up to an additional $700 million within three years of investing in customer experience thanks to an estimated 42 percent increase in customer retention rate. Experts predict that by 2020, customer experience will overtake price and product as the key brand differentiator. With large profits to be made from CX improvements, why are many businesses slow to incorporate customer experience into their business model? Improving CX is not as easy as you may think because there’s a gap between customer and company perceptions.
A questionnaire from Bain and Company asked businesses about their focus on customer relationships. The study showed that, of all the businesses sampled, 80 percent of the companies said that they have drastically improved their customer service. However, when the customers were asked about their recent experience with those businesses, only eight percent of patrons agreed that they had an improved experience. While a business may think it’s made significant improvements, customers may not find them meaningful.
One of the most important CX features that customers expect is ease of access. Multiple access channels through social media, website and mobile app are important tools for businesses to make it easy for customers to inquire about their products and services and find needed information. As reliance on mobile technology continues to evolve, so must your brand, and strong omni-channel engagement strategies can retain an average of 89 percent of customers.
What does this mean? It means the consumer has more say in the overall direction of a business. Companies are focused on listening to customer feedback, and they’re doing everything they can to meet customers’ ever-changing expectations. This is where Trilix can help your business. As a full-service marketing agency, Trilix specializes in communication and interactive tools that help businesses communicate with customers and provide a great end-to-end experience.
"There are more CX tools than ever before, and we can help a business implement those tools to meet customers’ elevated expectations.”Ron Maahs, Trilix CEO
“At Trilix, we can give businesses an edge in customer experience by building them websites with intuitive and smooth interfaces and seamless functionality on the back end, and we can help them be available for communicating with customers through video, creative design, social media, email, web chat and other outlets. There are more CX tools than ever before, and we can help a business implement those tools to meet customers’ elevated expectations.”
Trilix sees clients for who they are — passionate business leaders who want only the best for their business. We are here to listen to you and help you take the next steps. If you want us to help you tell your story, contact us.