Sep 20, 2022

Why investing in CX is all the more critical in an uncertain economy?

As the world economy faces challenges, many business executives curtail their investments and set stricter priorities. While there are risks associated with any investment, there are also opportunities that can be found during times of economic turmoil.

Even in uncertain times, investing in customer experience is a safe bet. Why? Because happy customers are loyal customers. And loyal customers are the lifeblood of any business. According to Bain, companies that excel at customer experience grow revenues by 4% to 8% above their market. Perhaps more importantly, turning customers into promoters generates a lifetime value six to fourteen times higher than detractors.

So, if you want your business to weather any storm, invest in creating positive customer experiences at every touchpoint—from initial contact through purchase and beyond. It’s the surest way to keep your existing customers returning and attracting new ones, in good and bad times.

How can you build customer trust? Here are a few tips:

1. Be consistent in your delivery of quality products or services. Your customers must know they can always count on you to deliver the goods (or services). Don't cut corners – ensure every customer experience is positive.

2. Communicate openly and honestly with your customers at all times. Customers appreciate transparency, and if there are any changes or disruptions to your service levels, let them know as soon as possible. This way, there will be no surprises, and people will feel like their being kept in the loop. That is how to establish an emotional connection.

3. Go above and beyond whenever possible. If someone takes the time to give feedback – good or bad – thank them for their input. And if there’s ever an opportunity to go above and beyond what’s expected, seize it! Customers love feeling valued, and this exceptional service will not soon be forgotten.

4. Make it easy for people to do business with you. In our fast-paced world, convenience is vital. People want things quickly, easily, and without hassle. You'll score some points if you can simplify their lives by streamlining processes or offering additional amenities or perks.

5. Be responsive. No one likes feeling ignored. Whether it’s via social media channels, phone calls, emails, live chat, chatbots, or whatever methods of communication you offer, make sure you can respond promptly. Nothing says “we don’t care about our customers" quite like unreturned messages, long waits, chatbots that do not solve the issue, and so forth.

A superior customer experience can help you increase sales, reduce churn and boost customer loyalty –vital in uncertain times like these. Moreover, research such as the Watermark study shows that CX provides a significant return on investment (ROI), making it a compelling case as you set your priorities.

Contact us to discuss the best technology and services options with our experts to improve your CX and deliver tangible and timely financial benefits.