Happy CX Day!For those of you who haven’t heard of CX Day, here’s the rundown: the Customer Experience Professionals Association (CXPA) organizes CX Day as a global celebration of the companies and professionals who create great experiences for their customers.
That’s part of CX Day’s purpose: to not only recognize hard working customer experience professionals, but to spread the word about how important customer experience is for every business. Here are three benefits a better customer experience can bring to your business.
1. Keep Customers
Your customer experience team holds the fate of many of your customers in their hands. If a customer has a great interaction with your team, they’re 92 percent more likely to make another purchase from your company. And if they aren’t satisfied with their interaction with your organization? 86 percent of customers have quit doing business with a company because of a bad customer experience—and they’ll likely do the same to you.
Your customer experience team ensures people continue working with your company and buy more products. They’re critical to your success, and hold enormous power in their hands. Invest in your customer service team, giving them the time and resources they need to do a great job.
2. Increase Revenue
Which increases your revenue the most: selling more product or retaining current customers? Often, when companies think about increasing their revenue, the first thing they do is look to the sales team to close more deals and bring in more money. Although sales teams are a big component of increasing a company’s revenue, they aren’t the whole story.
According to a Gartner report, 80 percent of future revenue will come from just 20 percent of your existing customers. Why is that? Since happy customers are more likely to make additional purchases, loyal customers are worth up to ten times as much as their first purchase.
As you hire more sales reps and increase that side of your company, don’t forget to support and grow your customer support team. Just because they don’t negotiate and close deals doesn’t mean they don’t have a huge potential impact on your company’s bottom line. Customer experience teams can provide upsell and cross-sell opportunities to the customers they talk to, providing them with more value and helping your company grow its revenue.
3. Drive Product Innovation
No one knows your product the way your customers do. If you’re not listening to your customers, you’re missing out on some potentially incredible ideas. Not only did a 2016 study done by Walker Information and Chief Executive find 83 percent of CEOs say their companies rely on customer feedback to guide product decisions, but gathering feedback can also increase cross-sell and upsell effectiveness by 15 to 20 percent.
The benefits of listening to your customers and taking their feedback are clear—and your customer experience and support teams known your customers better than anyone. Make sure your customer experience team is engaged in the feedback process, working with your product team so they’re consistently developing and improving your products and services in the ways that are most beneficial to customers.
Support—And Appreciate—Your Customer Experience Team
It pays off to support customer experience, support, and other customer-facing teams. They have a major impact on your business and should be recognized for their contributions throughout the year, not just on a single day or interaction.
Show your customer experience teams that they’re important by investing in them. Make sure they have the resources and training they need to provide amazing customer experiences, not just quick reactions to immediate problems. At the end of the day, the positive effects will ripple throughout the entire organization.