Do You Need to Improve your Customer Experience?

  • Are you experiencing higher than desired customer turnover?
  • Are you dissatisfied with retention of your valued customers?
  • Are your customer referrals lower than you expected?

If you answered “yes” to one or more of the questions above… customer experience management could be right for you.

Quality Customer Experience = Faster Growth and Improved Returns

Customer experience management adds value to your business. Long-term growth and profitability hinges on your ability to attract and retain loyal customers. Today’s customers are more aware of their alternatives and willing to shift their business when their needs are not met. It is not enough to manage the customer’s transaction, you must manage their experience.

Does Customer Experience Management Work?

Research Clearly Indicates that it Does.

  • In a recent J.D. Powers study monitoring the correlation of customer satisfaction and shareholder value from 1999 to 2004, companies that improved their customer satisfaction scores more than doubled their shareholder value while companies whose rank in customer satisfaction declined lost one quarter of their value.
  • Improved customer satisfaction delivers higher retail customer growth, lower defection rate and a ROE 50% higher than comparison companies according to a 2005 study of retail banks by Bain and Company.
  • A multi-year study by the Gallup Organization in customer service best practices found that the 10 companies in the study who applied customer-centric best practices outperformed their five largest rivals by 26% in gross margins and 85% in sales growth.

Principles of Customer Experience Management

  1. Customer experience is the result of both the functional transaction and the emotional benefit the customer derives.
  2. The customer’s experience begins with awareness, continues during the information gathering stage, peaks during service delivery and persists during post purchase activity.
  3. Customer experience management requires an in-depth understanding of customer needs and aspirations.
  4. The more competitive the environment the greater the potential benefit of customer experience management. Solutions vary for every business. This is your opportunity for meaningful differentiation.
  5. The design of the customer experience is selective in which steps to enhance—focusing on those with the greatest potential return—not all choices are created equally.
  6. Potential return is assessed by considering the potential change in customer satisfaction and customer behavior.
  7. Consistency of delivery is equally important to the design of the delivery—the plan must be integrated into the operations of the organization. Changes must be repeatable and replicable.
  8. The goal is to change customer behavior which results in positive returns.
  9. Successful customer experience strategies must be part of your company culture and flow from the top.

Let Reynolds Consulting, LLC help you improve your customer’s satisfaction, earning their repeat business and referrals of other customers. Contact us today to learn more about customer experience.

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