17 November 2015
Great customer experiences lead to more conversions, customer retention, brand loyalty, and other benefits. Frustrating customer experiences chase prospects away faster than you can spell CX.
A long, long time ago, customers would walk their donkey into town and shop at the local bazaar. Needless to say, in this consumer culture, the customer didn’t have much choice of either products or vendors. Even their donkeys were powerless to help. In the ferocious competition between e-businesses, however, the customer has tons of options, all available at the click of a button. The power has shifted from the seller to the buyer, and the main differentiating factor is now the customer experience.
Great customer experiences lead to more conversions, customer retention, brand loyalty, and other benefits. Frustrating customer experiences chase prospects away faster than you can spell CX. (Note: CX is an abbreviation for customer experience.) The huge impact of the customer experience on an e-business is shown vividly within the Econsultancy report called The Consumer Conversation. Here are 2 important customer experience statistics that you should know:
1. 81% of brands say they have a working holistic view of their customers.
The key word here is “holistic.” Sure, lots of brands know something about their customers. After all, it’s not hard to look up at a zip code from a previous order. But do you have a holistic view? Are you looking at your customers at the intersection of what they buy and who they are? Their interests, purchases, demographics, and psychographics?
A holistic view of your customers is essential to giving them the best customer experience possible. Every interaction with your customer, including form submissions, emails, phone calls, order history, what pages they visit on your site, etc. gives you a larger picture of that person.
Once you identify what makes your customer tick, you then have the opportunity to personalize their online experience. A personalized journey guides customers through the buying process and makes it easier for them to find the most relevant content and solutions for their needs.
2. Only 37% of consumers feel that their favorite brand understands them.
Wow. Only 37% of customers believe that their favorite brand is able to respond to their needs and give them the customer experience they want? And that’s the customer’s favorite brand! That’s not even their third or fourth favorite brand. That’s quite a drop from the 81% of companies that think they have a working holistic view of their customers.
This statistic puts doubt to the idea that those 81% of companies actually have a working holistic view of their customers. And if they do, those brands are not using this view, this knowledge, to their advantage. This is why online personalization is necessary for a great customer experience!
Personalization lets online customers know you understand them. A great customer experience is what differentiates business in the online sphere. When you recommend products, suggest content, and use the data you already have about your prospects and customers, you not only have a holistic view of your customers, you act on it too.