Why a speedy response is important to customers
Customers today are buying more than just your product, they are also buying the experience of dealing with your company, and that experience has an ROI. Even the best products in the market can fail if your customer is unhappy with one or more interactions with your brand, impacting the overall customer experience.
Examples of these experiences and services are:
• Receiving timely updates on delivery
• Timeliness of payment confirmations
• Decisive and timely responses to requests/complaints
Our recent survey found that over 90% of customers expect a purchase/tax invoice confirmation within the first 5 minutes of completing a purchase. No more overnight batch processing of transactions and stock matching for allocation!
Every moment matters in customer experience
This response time for invoicing and purchase confirmation is only one example of many customer interactions with your brand. And at each of these interactions, customers have expectations about what they expect in their experience.
In broader research on the benefits of these experiences, Forbes found that:
• Customer-centric companies are 60% more profitable than companies that don’t focus on customers
• Brands with superior customer experience bring in 5.7 times more revenue than competitors that lag in customer experience
• 84% of companies that work to improve their customer experience report an increase in their revenue
What does this mean?
Your internal capability and efficiency directly impact your customer satisfaction, willingness to rebuy, and there is a tangible ROI to investing in Customer Experience. Pleased customers lead to brand loyalty and repeat sales. Swift responses to requests and transactions ensure that customers are kept happy.
It’s time to invest in measuring the customer experience and continual improvement in your business operations to meet these expectations.
What steps to take
It’s important to remember this is not a one time exercise. Your customers evolve and change continually, and your ability to adapt is the key to staying competitive. Below are five steps you can take to better understand the current state of your customer experience and to put in place a plan to optimise at each lifecycle stage:
Map your experience points across the customer journey
Design a set of KPI’s for the customer experience
Implement the necessary hooks to gather the data to inform your KPI’s
Measure and report on your performance against KPI’s
Identify areas for improvement and implement the required changes to improve
Keen to get started? Idea Sceince can help.