Customer Experience Strategy Customer Experience

Customer Experience Strategy

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What is a Customer Experience Strategy?

Before we can understand what customer experience strategy is, let’s take a look at the definition of customer experience. 

Customer experience, or CX, refers to customer perception of a brand as a result of the cumulative customer-brand interactions from the start to the end of the customer journey, across all touchpoints and channels. 

We can therefore say that customer experience strategy, or CX strategy, comprises the plans and measures that a business takes to provide positive and seamless experiences across all touchpoints and channels within the customer journey. 

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How to Build Effective Customer Experience Strategies

In order to build effective customer experience strategies, you must begin with setting a business-wide culture of customer-centricity that is focused on meeting customer needs, wants, and expectations. Once this customer-centric culture is set, departments and different hierarchical levels will work in harmony to deliver customers with an enhanced and seamless customer experience.

5 Ways to Develop a Customer Experience Strategy

  • Reverse-Engineer Customer Experience

Steve Jobs advocated for an approach to CX strategy that involved starting with the customer experience and then working back to the product/service being provided. This is a very useful approach that can be used by organizations. When you begin with understanding what customers want and then work backwards to figure out how you can meet their expectations, the customer is always kept in focus. This will help create effective CX strategies that have been developed with the customers best interest in mind. 

  • Gather Customer Feedback Frequently 

Gather customer feedback at frequent intervals or after pivotal touchpoints. Real-time feedback will allow you to identify any pain points and eliminate them before they manifest into larger issues. A great way to utilise customer feedback is by setting up a Voice of Customer Program. This program creates a framework that outlines the best ways in which your business can gather data, analyse it, and implement actionable insights. 

  • Keep a Tab on your Competitors

It is a good idea to keep a tab on your competitors and the CX strategies they are employing to provide great CX. If you are able to identify strategies that could enhance CX, you can implement them within your organization as well. 

  • Use Metrics to Track Customer Satisfaction

Frequently conducting customer satisfaction surveys will allow you to develop an understandng of customer satisfaction at different touchpoints or in different channels within the customer journey. Pain points can be identified and eliminated to enhance customer experience. Some useful metrics that are commonly used to track customer satisfaction levels are; 

  • NPS®; Net Promoter Score®
  • CSAT; Customer Satisfaction Score
  • CES; Customer Effort Score

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Advantages of Delivering Great CX

Customer Experience Strategy Customer Experience

The following are a few advantages of having an effective customer experience strategy:

  • Reduced Customer Attrition: Improved customer experience is likely to increase customer retention. This will have a positive effect on sales and profits, with different studies saying that just a 5% increase in customer retention can increase profits by 25% to 95%. 
  • Increased Customer Lifetime Value (CLV): Increased customer retention due to elevated CX will also result in an increase in CLV as the amount of revenue the average customer brings into the business will increase. 

Increased Customer Satisfaction: Enhanced CX will result in a boost in customer satisfaction levels. As customer satisfaction increases, customers will be more likely to advocate for your brand through word-of-mouth marketing or through social media.

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FAQs on Customer Experience Strategy

Customer experience, also referred to as CX, refers to customers’ perception of your brand based on all their interactions with it throughout the customer journey.

Customer experience strategy is a plan that outlines the actionable measures an organization can take to elevate CX by providing customers with positive and meaningful interactions from the start to the end of the customer journey.

There are many different approaches brands can take toward developing effective customer experience strategies, including;

  • Taking a reverse-engineering approach that involves starting with the customer expectations and then working toward meeting them.
  • Frequently gathering customer feedback to identify any pain points or gaps in service in real-time. 
  • Using customer satisfaction metrics to keep a tab on satisfaction levels and their causes.  

Net Promoter®, NPS®, NPS Prism®, and the NPS-related emoticons are registered trademarks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld. Net Promoter Score℠ and Net Promoter System℠ are service marks of Bain & Company, Inc., Satmetrix Systems, Inc., and Fred Reichheld.

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