When people are talking about CX, they are talking about Customer Experience. In this short blog, I want to give you an insight into why CX is important to your business, what it means and what it can do for your business.
Understanding your customer
A common misconception is that to improve your business you need to use or upgrade to the latest and most innovative technologies in the market. When actually, what you really need to do, is improve your customers’ experience.
What you have to realise is that a customer doesn’t just buy your product, they buy into the way they have purchased your product. They remember their journey from start to finish and this is now how they perceive your brand regardless of how fantastic your product is.
Customer experience is a personal connection where they will feel emotions towards their journey. You may wonder why I use the word ‘emotions’, as this may seem an odd thing that customers would have towards their journey. However, these subliminal emotions are key for you to understand This is because you need to know when a customer is feeling excited, confused or even distrust towards their journey so you can start to work out the pain points and look to address them.
Depending on how well you have understood your customer and implemented this into their journey is how likely they are to use your service again, recommend you to a friend or even leave a positive review on social media.
The importance of CX
When you have really mastered the CX and you’re continually looking at ways to retain your customers they then become your ‘customer for life’. A customer for life is your biggest asset and this is where you start to see the benefit of providing exceptional customer experience.
A yearly cat vaccination costs on average £40, however a customer for life in this situation is worth £600.
- Average life expectancy of cat (15 years) multiplied by the yearly cost of vaccination (£40)
A monthly flea treatment for a dog costs £2.50, however, a customer for life in this situation is worth £360
- Average life expectancy of a dog up to 4kg (12 years) multiplied by the number of monthly flea treatments (144)
Therefore you can see that even the cost of a low-value product can increase dramatically if you have a customer for life due to an exceptional customer experience.
The key to great customer experience is understanding your customer. So the next time you’re wondering why your product isn’t performing well or you’re making any changes put yourself in the customer’s shoes!