CX Strategy & Management Hub
Delivering a great customer experience is the key when it comes to engaging customers. A successful CX strategy makes it possible. We have put together a collection of unique Customer Experience (CX) Management articles and guides to enable you to ideate, manage, and analyze your Customer Experience programs.
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Delivering a successful customer experience helps businesses improve customer satisfaction, boost revenue, and achieve a competitive advantage. Here we discuss how businesses can use customer experience management (CEM) data to derive insights.
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More Articles on Successful CX Strategy
The Voxco Guide to Customer Experience
Businesses, organizations both public and private across verticals and geographies are investing in Customer Experience (CX) Management with a laser like focus. Why is that? How could listening to the Voice of the Customer have such a big impact?
To craft a holistic CX strategy for your brand, you need to take several aspects into account – mapping customer journeys, identifying the right customer experience metrics for your needs, and even employee experience.
We’ve compiled a guide to help you create the best Customer Experience Management program possible.
The Voxco Guide to NPS®
Empower your CX with Voxco
What is Customer Experience?
Customer experience, popularly known as CX, represents the customers’ holistic perception of a business or brand. In other words, it is the result of every interaction that occurs throughout all the aspects of the customer’s journey.
Gartner defines customer experience as the customer’s perceptions and related feelings caused by the one-off and cumulative effect of interactions with a supplier’s employees, systems, channels, or products.
Why is Customer Experience (CX) important?
73% of companies with above-average customer experience perform better financially than their competitors.
96% of customers say customer service is important in their choice of loyalty to a brand.
A satisfied customer contributes 2.6 times more revenue than a normal customer and 14 times more revenue than a dissatisfied customer.
At every touchpoint, customer experiences the company offerings in terms of service & product. Customer Experience drives customer satisfaction which in turn leads to customer loyalty and increased customer lifetime value.
How to measure Customer Experience?
Customer Experience can be efficiently tracked by CX metrics and gathering feedback from the customers at every touchpoint and channel of interaction.
Along with the CX metrics, the organizations should:
- Create an integrated measurement tool focused on multiple touchpoints
- Benchmark Against leaders and competitors
- Keep updating the measurement methodology with time
What are Customer Experience Metrics?
CX metrics help organizations to:
- Understand the past behavior of the customers
- Validate whether the current CX program has led to improvements
- Anticipate customer behavior to set future goals
The most common CX metrics are :
- “How likely are you to recommend us to a friend or colleague?”
- “Why did you give us that score”.
CSAT or Customer Satisfaction surveys help to measure a customer’s satisfaction with a product or service. It’s easy to implement and usually shared just after an interaction with the customer.
The survey contains one question, such as “How satisfied were you with your experience?”
The survey scale can be 1 – 3, 1 – 5, or 1 – 10 and it can be determined after one touchpoint and can be measured along the entire lifecycle of the customer.
CSAT score is represented as a percentage of satisfied customers.
What is Customer Experience (CX) Strategy?
A customer experience (CX) strategy is a sum total of the actionable plans that are intended to define, design, and improve customer experience. As customers interact with a brand at numerous touchpoints, implementing a good CX strategy makes them more loyal and helps to acquire new customers too. For instance, the impeccable customer experience strategy of Amazon (from customer acquisition to post-purchase) has helped it become a legendary brand.
What is the Voice of the Customer (VoC)?
Voice of the Customer (VoC) involves the process of gathering and understanding customer feedback about their experiences with your products and services. It helps to focus on customer needs & preferences and lets you improve products/services accordingly.
Why is VoC crucial?
89% of companies expect to compete mostly on the basis of customer experience.
VoC helps you know your customers well, analyze their needs, and hone your products/services into something that they really want. VoC also helps to eliminate any risks involved with the product with quantitative as well as qualitative research. Bringing customers’ voice into action plays a key role in:
- Reducing churn
- Increasing revenue
- Improving customer experience