Improve Customer Experience for Increased Revenue

The “customer experience” (CX) isn’t usually top of consumers’ minds. That is until they have an unpleasant experience – a bungled order, service lapse, or inaccurate bill. These negative experiences chip away at customers’ trust and cause business losses. Sixty-five percent of consumers say they would consider switching to a competitor if they had a negative experience.1

Companies that want to remain competitive must embrace a customer-centric culture.

There's a direct correlation between improving the customer experience and revenue. According to Forrester, 41% of customer-obsessed corporations achieved 10% or more revenue growth, 49% faster growth profit, and 51% higher customer retention.2 The global research firm defines “customer-obsessed” as “putting customers’ needs, desires and satisfaction at the forefront of all business decisions and actions.”3

How does this goal align with customer expectations? Fifty-three percent say experiences with a company matter as much as the products and services offered.4 In addition, 35% are willing to pay more for products from brands they trust.5

Consumers want timely, personalized experiences.

Customer experience management (CXM) is a strategic, coordinated effort to optimize customer interactions – whether online ordering, technical support, or billing and payments. Organizations that want to transform CX should consider these three important tactics.

1. Gather customer insights.

   
   The goal of CXM is to understand what customers want and deliver on these desires at every point in the buyers’ journey. Ask relevant questions to assess customer needs and preferences.
• What products and services do they find most appealing
• When do they shop?
• How much do they spend and how do they like to pay?

The more questions you ask, the more you’ll understand how customers behave.

Improving customer experiences requires not only collecting customer data but also cascading that information throughout the organization to marketing, customer service and other teams within the organization. A comprehensive digital solution will help accomplish this goal.

2. Evaluate your technology solutions.

   
   Simply put, the goal of CX is to understand what customers want and deliver on these desires. Customer experience management should include communication channels, personalization approaches, engagement and problem resolution. What technologies and processes will help consistently support the best outcomes? For a comprehensive, integrated solution you’ll want to consider the following tools:
• Customer data management
• Cloud-based computing and storage
• Omnichannel technology
• Artificial intelligence and virtual reality that enable customers to “experience” products before purchasing
• Predictive analytics
• Authentication and identification management
• Customer relationship management

The right technology mix is essential to delivering a consistent, integrated, and seamless customer experience.

3. Deliver a seamless, personalized experience.

   
   Consumers don’t want to be seen as just numbers. Top-performing businesses understand the importance of delivering a “personalized experience” based on needs and preferences. Discounts, product recommendations, text messages and targeted ads should also be included. The rewards are great for those who get it right — 46% of buyers are willing to pay more for personalized experiences.6 Customer experience software helps to effectively manage these interactions.

Consumers are continually connected to smartphones and mobile apps, streaming media services, chatbots, and social media. Understanding who your customers are, as well as why, how, and when they connect to is critical to delivering the best possible interaction with your brand.

With rapid technological advances, consumers now have more control than ever over how they engage with businesses. Customer-focused organizations are attuned to this, and weigh decisions against potential impact to patrons. The goal is positive customer experiences at every step of the buyer's journey, while increasing revenue.

To learn more about customer experience management, talk to a Synovus banker or complete a short form and a representative will contact you with details. You can also stop by one of our local branches.