80% of customers say that experience is just as important as a product or service.

The Elements of CX

Half of what you sell is the experience you create. Customer experience (CX) is the product of an interaction between an organization and a customer over the duration of their relationship. In other words, how customers feel about interacting with your company and the perception they have of your band. While all three of these elements affects customer loyalty behaviors, an improvement in the emotional element provides the biggest lift.


3 Key Elements to Customer Experience:

01
Success

Are they able to do the things that they want to do?

02
Effort

How easy or hard is it to do the thing they want to do?

03
Emotion

How did they feel about it?


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“People will forget what you said, people will forget what you did, but people will never forget how you made them feel.”

Maya Angelou

Positive Experience
Drives Revenue

A study evaluating the impact of Customer Experience improvement over a three-year period for companies with $1 billion in annual revenues in 20 different industries shows how loyalty differs between the consumers who gave companies very poor to very good customer experience ratings.

On average, companies can gain $775 million over three years by improving the experience they deliver to customers, that’s almost 78% increase! How can CX and loyalty grow revenue in such a significant way?


Customer Experience influences
loyalty behaviors such as:

Experience Drives Revenue

In most of these categories the likelihood to perform those behaviors increased over 500% from 15% of customers to over 80% for companies providing very good customer experience. This is where the revenue increase comes from.

Even if you are not a billion dollar company you can have revenue increase based on improved customer experience. 67% of customers say they’ll spend more for a great experience. The traditional model of solely owning a market with the product offering has become archaic. In this era of business, you will rarely have the lowest price or even the best product. But as a company, your customer experience can be unique and will influence customers to choose you over your competitors.

When customers feel they have had an amazing experience, the company gains their loyalty and an increase in dollar spend on premium services or products. A recent poll showed that most customers are willing to pay a premium for great customer experience.

People Pay More For
Great Experience

Positive Experience
Drives Publicity

Brand reputations are built on the basis of customer experience. A growing number of these experiences happen on social media, where companies are gaining, or losing, customers with every interaction. This is demonstrated in the 40% of customers saying that they are willing to spend more with a brand that responds to their needs and concerns. When your brand provides a positive experience you are likely to get 9x more word of mouth publicity from your customers.

Companies are now becoming customer experience standouts by adopting the mindset that CX = PR. After all, garnering attention, action, and advocacy are the mainstays of public relations, and when intertwined with customer experience, it thrills customers in a way that drives loyalty, reputation, and sales.


Impacts of Positive
Digital Experiences



The Customer
Experience Gap

This means 92% of brands are not paying enough attention to the experiences they offer. Not having an understanding of what a consumers expectations are is like selling a car without a steering wheel - it won’t get you where you need to be.

Customer
Expectations

Expectations of customer experience are made across the spectrum of every company that your customer is doing business with. If you hope to grow, improve retention, and build advocates, you need to surpass the CX of every brand they’re working with. Douglas Karr, CEO of DK New Media and founder of MarTech.Zone.
Treat me like a human
Respond to me quickly
Be consistent across channels
Tell me what you stand for
Speak about my passion/pain
Give me value for privacy data
Reward me value for loyalty
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“Victory in marketing does not happen when you sell something, but when you cultivate advocates for your brand”

Steven Knox, Proctor and Gamble
Personalize customer interactions
Reduce response times
Streamline customer experiences across all touchpoints
Create meaningful and relevant content
Produce content customers want to interact with
Prioritize trust and transparency
Breakdown organizational silos
Keep innovating products, services, and experiences

The Customer Experience Journey
How to Get it Right

It is impossible to provide a positive experience if you don’t know what your customers want, need, and expect from your brand. To maximize results on each touchpoint interaction, brands must get the data first. Monitoring online behavior is a great way to become aware of the discussions surrounding your brand beyond the mentions and hashtags. Putting your ear to the ground across the web with social listening solutions provides brands with a wealth of valuable insights. If you want to learn more about social listening analytics click here for more information.
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“Firms need to stay plugged into the voice of the customer and use the insights to guide the trajectory of their brand. Customer-centric validation techniques are crucial for educating businesses on how to improve products and processes."

Chanice Henry, Editor-in-Chief of CX Network

The Customer
Experience Journey

Your customer’s experience journey is shaped by the interactions of customers with your brand. Customer touchpoints are your brand’s points of customer contact, from start to finish. Brands need to be aware and provide positive experiences in each touchpoint of the customer journey - even before customers begin interacting directly with them. Smart brands focus on creating top-notch experiences across every touchpoint in each stage of the journey.