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WHY INVEST IN CUSTOMER EXPERIENCE

Written by Mike Hebert, Managing Director at MDT Training


Why your Business Should be Focusing on Customer Experience


Companies that offer a superior customer experience reap the benefits of repeat customers

and a loyal customer base who will choose your brand over competitors. It has become the

new main focus of many businesses as they realize this is the key to long-term success.


Not only does a good customer experience encourage loyal and repeat customers, but the

power of word-of-mouth from happy customers can introduce your business to new

customers as they endorse your products on social media and to friends and family.


When you think about the purchasing decisions you have made in the past, can you think of

what helped you make that decision? Was it the product itself? The price? The brand? The reality is, many different companies are offering the exact same products, with the same

features and benefits, for near enough the same price. When you’re a business with this

competitive set, how can you stand out from the crowd and win over these customers who are overwhelmed with choices? The answer – providing a superior customer experience.

10 ways to boost client experience today
10 ways to boost client experience today

Today, there are no longer businesses that are purely selling a product, and not providing

some sort of service or experience. And if there is, they won’t last long in this competitive

market. If you’re an online business, the experience is encountered through the online

website; the steps taken towards ordering products online, the service they are provided when they receive a confirmation email, how quickly and effectively is the products delivered to them, and is there any aftercare experience offered? If there is an issue, how well is it dealt

with?


As a business, you have to think about more than just the product itself to keep customers

happy. Due to the advancement in consumption and how brands are offering unique and

unforgettable experiences, consumers are becoming more demanding and harder to please as

the bar gets set higher and higher by monopoly brands.


A customer experience is co-created through client interactions and several service elements,

with every customer taking away a different experience from the next. There are no two

interactions that will be the exact same, and these interactions may vary between people

depending on their culture and social beliefs. This is also one aspect of customer experience

that employees must be trained on to ensure they are culturally aware of how to build

rapport with anyone, no matter the cultural background.


To be able to provide customers with an unforgettable experience, employees must be savvy

when interacting with existing and potential customers and must be trained on how they can

build meaningful client relationships which are most likely to lead to a loyal customer. It is

important for employees to be motivated to interact with clients for authentic relationships to develop. It was established that companies with highly engaged employees score better on

customer satisfaction


Customer experience carries a more important role than just competitive advantage, this

business strategy – if done right – will actually save you money in the long run. Businesses

must view training their employees as an investment which will bring huge benefits. As per a customer impact survey completed in 2010 by Rightflow technologies, 82% of customers who have stopped doing business with a company have recorded it was due to a bad experience. It is estimated that 80% of your future profits will come from just 20% of your existing

customers, and loyal customers make up for 65% of overall business at one time. It is well

known that customer retention is much cheaper than acquisition, so it’s not surprising that

there has been a shift in focus to provide great customer service and experience.

 

Explore MDT Training's client experience and relationship selling courses and case studies here to see how our customer experience training can help your employees exceed sales targets and build great customer relationships.

 

Sources

Frichou, F., 2018. 5 Reasons Why Customer Experience is the Pulse of Every Business.

Retrieved 26 July 2019, from https://business.trustpilot.com/reviews/5-reasons-why-

customer-experience-is-the-pulse-of-every-business


Mansfield, M., 2018. Customer Retention Statistics – The Ultimate Collection for Small

Business - Small Business Trends. Retrieved 26 July 2019, from

https://smallbiztrends.com/2016/10/customer-retention-statistics.html


The Importance of Great Customer Experience., 2019. Retrieved 26 July 2019, from

https://managementevents.com/news/the-importance-of-great-customer-experience/

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