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In the modern age, customers care most about their experience. They want to be delighted, surprised, and engaged; put another way, they want to feel like they matter. 

This is especially true for millennials, who now make up one of the most important customer demographics (and a large chunk of the world’s spending power).

In order to stay competitive, then, forward-thinking businesses must focus on maximizing the customer experience. But what does that mean in practice?

Most companies know what to do – it’s just a matter of taking the time and care to implement it effectively. In this article, we’ll show you what a strong customer experience strategy is and how you can use it to improve your business margins, customer success rates, and more.

Let’s dive in!

Take Action: Why Improving Customer Experience should be your top priority
What is a Customer Experience Strategy?

Simply put, customer experience strategies are plans that businesses use to improve how they interact with their clients. This involves analyzing every touchpoint between the client and the company, from the very first interaction to post-purchase support, and then optimizing it.

In other words, a customer experience strategy helps businesses create a better overall experience for their customers. By doing so, businesses can hope to increase customer satisfaction, loyalty, and advocacy.

There are many ways to improve the customer experience, but it all starts with creating a customer-centric culture within your organization. Every single employee—from the CEO all the way down to the customer service reps—needs to be focused on providing the best possible experience for your customers.

Once you have a customer-centric culture in place, you can start working on improving specific touchpoints. This could involve anything from streamlining your website design to making it easier for customers to get in touch with your support team.

It’s also important to keep track of the changes you make and how they impact the customer experience. Use surveys and other research methods to track customer satisfaction levels before and after you make changes. This will help you fine-tune your strategy and ensure that you’re always moving in the right direction.

Why is a Customer Experience Strategy Important?

1. Customer experience defines customer loyalty. 

Customer loyalty and retention, as you’re probably aware, are vital to your long-term success. An excellent customer experience will encourage customers to buy from you again in the future while also reducing their chances of going to a competitor. On the other hand, if you ignore your consumers, they may decide to move their business elsewhere.

2. Customer experience is cross-departmental. 

A lot of times, people think that customer experience is solely the responsibility of the customer service or support team. However, this isn’t the case—every single department in your company has an impact on the customer experience. 

For example, if your marketing team creates a confusing ad campaign, it will reflect poorly on your brand and make it harder for customers to understand what you’re selling. As a result, it’s important to ensure that everyone in your company is focused on providing a great experience for your customers.

3. Customer experience can be a competitive advantage. 

In today’s business world, competition is fierce. There will always be other companies selling similar products or services as you, which makes it difficult to stand out from the crowd. However, if you can create a better customer experience than your competitors, you will be in a much better position to succeed. 

Customers will be more likely to buy from you instead of your rivals, and they will also be more likely to recommend you to their friends and family.

4. Customer experience can help you save money. 

It may seem counterintuitive, but investing in customer experience can actually save you money in the long run. For example, if you make it easier for customers to find information on your website, they will be less likely to call your support team and take up their time. 

Similarly, if you improve your retention rates, you won’t have to spend as much money acquiring new customers. In other words, an excellent customer experience can help you reduce your costs and improve your bottom line.

5. Customer experience is only going to become more important. 

As the world becomes increasingly connected, customer experience will only become more important. In the past, businesses could get away with providing a poor experience because there were fewer alternatives for consumers. 

However, this is no longer the case—customers now have more choices than ever before, which means they can simply go to a competitor if they’re not happy with your company. As a result, it’s essential to focus on providing a great experience for your customers if you want to stay ahead of the competition.

The Impact Of Customer Experience In Retention

The customer experience you provide—both good and bad—could be the most critical factor in determining your customer retention rate. Customer experience encompasses how customers feel about your brand, their product experience, interactions with your firm, and every step of the customer journey.

For instance, teams may identify what adjustments should be made to improve customer experience—and thus, the retention rate—by knowing the total customer experience with their products and services.

According to a report, 74% of customers are loyal to a specific brand or company, and 57% of respondents say customer service influences their brand loyalty. That implies that if you want to keep your customers, you have to give them a good experience with your product and services.

A terrible customer experience, on the other hand, will cause customer churn. In fact, 86% of  customers say they would leave a brand they love after a bad customer experience. That’s why it’s so important to make sure you’re providing a great experience for your customers at every stage of the customer journey.

So, how do you enhance customer experience and, as a result, the retention rate?

To provide a successful customer experience at scale, you’ll need to  capture data to help you understand the entire customer journey and make informed decisions about how to improve your product. 

This is where Retention360 comes in. Retention360 is a customer success platform that helps businesses improve customer retention. The platform provides tools for customer engagement, reporting, and learning, which help businesses to take action on improving the customer experience. With Retention360, businesses can increase their retention rates and improve their bottom line.

The first step to providing a great customer experience is understanding what your customers want. Retention360’s customer engagement tools make it easy to capture customer feedback so you can get the insights you need to make informed decisions.

The platform provides a number of ways to collect customer feedback, including surveys, polls, Net Promoter Score (NPS) scorecards, and NPS reports. With these tools, you can gather & analyze data at every stage of the customer journey and get a complete picture of the customer experience.


Taking Action on Your Customer Experience Strategy

You’ve done your part of collecting the data, analyzing it, and turning it into insights. Now, it’s time to take action on your customer experience strategy.

Retention360 offers a number of tools that can improve the customer experience, including:

1. Modern Dashboards

Modern dashboards provide businesses with an up-to-date view of their key performance indicators, allowing them to track progress and identify areas of improvement. Its intuitive and simple interface helps you keep track of critical performance statistics, customer support ticket statuses, and other information—all in one place.

With Retention360’s location-based reporting tools, you can also easily track, compare, and analyze metrics across all of your business locations and storefronts.

2. Customer Success Tools

Customer success tools help businesses engage with their customers across multiple channels, including email, phone, live chat, and social media. This omni-channel approach to customer support helps businesses resolve issues more quickly and efficiently. 

Plus, Retention360 comes with outreach automation, which lets you effortlessly and proactively reach out to your valuable customers through built-in campaign tools. You can also send communications at statistically effective periods to maximize the impact of your retention efforts. By automating the processes of creating and fostering customer relationships, you can focus on delivering excellent experiences that will keep them coming back for more.

3. Learning Tools

Support teams must be equipped with resources to improve their skills and knowledge for engaging and retaining customers effectively. Retention360’s learning tools allow businesses to create and deliver training courses, quizzes, and other educational content. By providing employees with the education they need, businesses can empower them to provide better customer experiences.

Retention360 also allows organizations to track employee progress and performance. As a result, businesses can track improvement over time and ensure that their support teams are always up-to-date on the latest product changes and best practices.

The Bottom Line

Improving the customer experience should be a top priority for all businesses. By taking action on your customer experience strategy, you can improve your bottom line while also gaining a competitive advantage. 

With Retention360, businesses have everything they need to provide a great customer experience at scale. To learn more about how Retention360 can help your business improve customer retention, please contact us today.

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Retention360 goes beyond the standard customer satisfaction survey. Our platform offers fact-based, customer-driven data that helps you identify specific customer experiences for a personalized solution.