Customer Experience

Focus on Customer Experience Management to Improve Customer Retention

Jul 12, 2019

3 mins read

Manisha khandelwal

Customer experience management is crucial for your business. Highly important. In fact, if you ignore the significance of great customer experience in your business operations then you might have to pay a price by losing your customers.

As per a report by Dimensional Research, 52% of customers continued to use more products or services from a company after having a positive customer experience, and 51% recommended the company to others. Likewise, a bad customer service experience resulted in 59% of customers ceasing business with that company, and 55% going to a competitor. (Source)

The real problem is understanding what customers want and expect from the business by identifying the customer journey at different touchpoints, especially for growing organizations. Very likely, it’s an added responsibility on the shoulder of the marketing research team to discover opportunities in terms of gaining customer fan-base and customer engagement.

A research by Gartner claimed 80% of your future revenue comes from 20% of current customers.

Future is demanding and present era is flooded with unstructured data from various online or offline sources! For this reason, there is a growing need for technology that can break the complex and comprehensive customer feedback data into simple and useable insights through Customer Feedback software. The best and easiest way to design a customer experience (CX) strategy for your business is to set-up the synchronization of data across multiple channels that includes:

  • CRM Integration (Hubspot, Zappier, Zoho, etc.)
  • Purchase Transactions (Point of Sales Software)
  • Mobile Application (Collect in-moment experience)
  • Customer Service (Instant action on negative feedback)

Customer retention is the backbone of the business across different industries.

According to Bain, repeat customers spend 67% more than new customers.

Any data is a fair game when it comes to improving customer retention but getting an insightful analysis of the sentiment of customers is the hurdle for most of the organizations. With text and sentiment analysis, that too real-time, this problem will be solved once and for all.

One of the most popular customer experience experts like Bruce Temkin defines customer experience as: ‘The perception that customers have of their interactions with an organization.’

Customer interaction on receiving negative feedback is the deciding factor – Whether to earn customer’s loyalty or just let the customer go to your competitor. By taking instant action on customer feedback, you can win the customer. Certainly!

Despite those roadblocks, the biggest challenge for marketing insight team is to decode data by integrating an AI-enabled experience management technology because using surveys will no longer help the organization until they connect missing dots of customer experience.

Contact our Customer Experience (CX) experts to get Ai-enabled experience management for your business!

Customer Experience Trends 2020

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