Managing an increase in customer expectations
There is little doubt that investing in customer experience (CX) technology is a business priority. Digital-first businesses have transformed the landscape by providing customers access to anything, anytime, and meeting their needs with personalized experiences.
Delivering a positive customer experience significantly impacts a company's bottom line, with 85% of customers willing to pay more for a positive brand experience. Studies show that companies prioritizing customer experience perform better than competitors thanks to higher customer retention, enhanced brand reputation, and better cross-selling and upselling opportunities.
Customer retention
A positive customer experience can increase customer loyalty and retention rates. Increased revenue from existing customers is much more cost-effective than attracting new customers. This makes managing the customer base by offering an exceptional post-sale experience essential during challenging economic times.
Enhanced brand reputation and word of mouth
Customers who interact with a brand that exceeds expectations are more willing to recommend it to their friends, family, and social networks. This organic word-of-mouth marketing is valuable. According to Nielsen, 88% of global respondents trust recommendations from people they know more than any other channel.
Cross-selling and upselling opportunities
Satisfied customers who have had positive experiences with a brand are more likely to buy again and buy more. This can be highly effective in driving revenue growth, as companies implementing cross-selling strategies can see an increase of up to 30%.
By understanding customer needs and offering relevant, personalized product or service recommendations, companies can increase the average transaction value and generate more revenue from existing customers. Adding cross-sell offers to physical messaging tied to easy-to-use online interactions is a strategy helping many businesses to add value to existing client communications. Modern customer communications technology makes extending the messaging to multiple digital channels easier.
