Why Customer Experience Trumps Price and Product Almost Every Time

May 20, 2015
Written by Bloomfire Admin

In a poll of enterprise contact centers by Deloitte, 82 percent view the customer experience as a competitive differentiator. And by 2020, customer experience will overtake price and product as the key brand differentiator according to the Customers 2020 Report.

So what does this mean for your business? If you’re not already keying in on the customer experience, it’s time to make it a priority. Here are 5 areas to consider:

Is customer service mission-critical at every level and department at your company?

It is important that everyone at your company is moving toward the common goal of creating an amazing experience for your future and current customers. Rely exclusively on the customer support team to create a great customer experience and your efforts will likely fall flat. Everyone involved in the development, delivery, promotion and support of your products should be thinking with a “customer-first” approach. It is also extremely important that your leadership team understands the importance of a superior customer experience and supports initiatives with both time and resources.

Do you have a plan to get where you want to be?

This sounds basic, but you should have a written playbook for your customer experience initiatives. What is your goal — what would your clients think is an exceptional experience with your company? Have you spelled that out? And what are you doing to get there?

How are you leveraging technology to make improvements?

Eighty-two percent of respondents to a recent survey view accuracy and quality of information and 73 percent view ease of interaction as the most important attributes of a quality customer experience. A central knowledge base of answers could be critical to achieving this. Imagine if you had a single source of information that both your customer service professionals and end users could leverage to easily get the best answer to a question. Companies that are using these technologies are saving time and improving customer satisfaction.

What do your customers think?

Kate Leggett of Forrester Research said, “In the age of the customer, executives don’t decide how customer-centric their companies are — customers do.”

What do your customers think of you? How would they describe their experience? What tools do you have in place to capture this feedback? If you don’t have solid answers to these questions… it’s time to rethink your plan and make sure they are addressed.

How can customer service impact your bottom line?

Creating a stellar customer experience isn’t just about surviving – but THRIVING.

The revenue impact from a 10 percent improvement in a company’s customer experience score can translate into more than $1 billion according to The Business Impact of Customer Experience. So as you consider the ultimate customer experience, remember the different ways this will pay off for your business.

In this consumer-first world, an exceptional customer experience isn’t just nice to have… it’s quickly becoming table stakes for successful companies.

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  • Jeanne Landau

    82%? It should be 100%! If the customer doesn’t have a good experience, they won’t continue to buy from you and you can bet that they’ll tell others not to either.

  • Eleanor Bowman

    Jeanne, I agree! And while we may never see the number hit 100%, I do think it will increase in the coming years.

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