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Corporations run on strategy. From marketing campaigns to financial forecasts, most of us have a plan for everything – except customer experience (CX). Whether they mean to or not, most businesses leave CX up to chance.

And today, we will show you why that should change as soon as possible.

Why You Should Have a Customer Experience Strategy in Place  

Rather than focusing on what a lack of CX strategy means for your business – missed opportunities, dissatisfied customers, and lower revenue – we will focus on the benefits of having a great one.

1. It improves customer satisfaction 

Customers notice when you don’t have a strategy – especially the younger generations. According to a recent report by Zendesk, 64 percent of customers under 40 said that customer experience seems like an afterthought – not a priority – for most businesses. Especially when response times are slow, communication is disjointed, and agents aren’t sure what they’re talking about. And when clients feel like an afterthought, they’re far more likely to leave.

However, with a customer experience strategy in place, you’ll know what steps to follow to provide the kind of positive experience your clients crave, one that’s fast, convenient, and managed by friendly agents who know their history.

That consistency goes a long way. According to Qualtrics’ report, when you give your customers positive experiences, they are:

• Four times more likely to trust your brand  
• Nearly four times more likely to purchase more products from you 
• Five times more likely to recommend you to others

A great CX strategy turns customers into fans and fans into advocates.

Customer Advocates Give You the Best Leads. According to 66 percent of salespeople, the highest quality leads are referred by existing customers. 

2. It lowers your customer acquisition & support costs

In the excitement of onboarding new customers, companies often forget it costs five to seven times more to acquire a new customer than to keep an existing one. Especially in the current climate of eroding customer trust, steep competition, and increased marketing costs.

But when your customers have consistently positive experiences with a brand, your CAC (Customer Acquisition Cost) will drop. Here’s why:

• Current (satisfied) customers spend more than new ones, sometimes up to 67 percent more.  
• They’re also more likely to refer you to friends and family, giving you a pool of potential customers you didn’t have to pay for.

A great CX strategy also helps you find bottlenecks and money sinks in your support process and remove them by:

• Adopting one omnichannel support platform eliminates the cost of multiple apps and services and gives agents the right insights when they need them.  
• Offering self-service options to answer simple questions and take pressure off your agents. It’s estimated that over 580 million calls could be eliminated if companies gave their customers a knowledgebase, chatbot, or online portal.   

• Identify areas for improvement in your support processes (e.g., high wait times and unopened chats) before they become a significant issue.

These cost- and time-saving measures will allow you to focus on providing better training for your agents so when complex problems arise, they’re prepared to deal with them.

Automation Is a Great Way to Streamline Your Processes. Almost 98 percent of service professionals who use automation say this:

• Gives time for new projects  
• Improves their focus on customers  
• Reduces errors and  
• Improves their connection with other departments 

3. It allows for continuous improvement by putting your data to work 

Data is only useful when it’s put to work. Sadly, most business owners have more data than they know what to do with. So many let their data languish, especially in the technology sector. A recent Callminer report found that only 49 percent of tech companies polled actually used customer data to make decisions, and even fewer used it to uncover customer trends.

However, building a customer experience strategy can change that. It will allow you to sit down and establish:

• What data matters to your business  
• How you’ll collect, analyze, and present it  
• What steps you should take to apply that data to your business 

Once the strategy is in place, you’ll be able to:

• Identify patterns and trends in the industry through historical reporting  
• Use these trends to develop products and services that keep up with your customer’s needs  
• Address customer pain points (and preferences) proactively based on feedback  
• Optimize your business processes via system analytics  
• Improve agent training based on call recordings and reviews 

Using your data wisely and well lets your company stay agile and responsive to market trends and customer needs because you’ll already know what they are! No more shots in the dark, just data-driven decision-making. 

And the results speak for themselves. Especially when it comes to customer support. A recent study showed that businesses that use customer data solve four times the number of customer requests, reduce wait times by 79 percent, and increase resolution times by 36 percent.

Customers Expect You to Use Their Data. According to Salesforce, approximately 80 percent of customers know you collect their data and expect better CX.

4. It helps you proactively mitigate risks. 

Having all of this data properly sorted, monitored, and analyzed also allows you to be more proactive when it comes to addressing potential risks, such as:

• Product issues: By monitoring customer feedback, businesses can identify problems with their offerings and take corrective action immediately.  
• Operational inefficiencies: When services are delayed or interrupted, you can pinpoint what went wrong and keep your company running smoothly.  
• Communication problems: Tracking customer interactions allows you to identify patterns of poor support, like long hold times, frequent escalations, and a lack of updates, and take steps to address them.

Being responsive to issues before they become major ones helps your business stay effective and your customers stay satisfied! Over 70 percent of consumers say they’d forgive companies for mistakes after receiving excellent service after the fact. 

5. It builds your brand reputation, giving you a competitive edge 

Giving your customers the best experience possible consistently will set you apart from your competitors. Especially because 70 percent of customers base their purchasing decisions on CX alone.

So, if you deliver the CX you promised, satisfied customers will spread the word. Positive reviews and word-of-mouth referrals will increase, and eventually, you’ll become known as a brand that treats its customers exceptionally well.

Your competitor’s clients will take notice – especially if they aren’t receiving the experience they were promised. Qualtrics reports that 65 percent of consumers will switch brands if their CX doesn’t meet their expectations.

By focusing on CX, you’ll be able to stand out from the crowded market and build your customer base simultaneously.

6. It encourages – and motivates – your support team 

Your support staff are often the face of the company – especially for current customers. However, many of them often feel undervalued, undertrained, overworked, and unable to provide the kind of experience clients expect.

However, imagine if you had a clear plan in place – a customer experience strategy. This plan would:

• Outline what management expects of them  
• Set goals for them to reach and reward them when those goals are met  
• Provide tools and training they would need to provide quick, knowledgeable responses to customers

Instead of feeling lost and alone, your team would know what they’re supposed to do, how to do it, and why it’s essential. When agents:

• Receive the proper training on products and services  
• Have the power to solve problems in one call  
• Understand their roles and their value to the company

They’re more likely to be happy and motivated. Happy, motivated agents are far more likely to go above and beyond for clients, which leads to more positive experiences and, ultimately, more revenue.

7. It leads to increased revenue and long-term growth  

Investing in your customer experience is, without a doubt, incredibly worthwhile for your clients and yourself. In fact, a long-term study by Forrester found that prioritizing CX can lead to a 700 percent ROI for businesses in the form of greater profits and seamless growth. 

Wondering how such a high ROI is possible? Then, you’re invited to take a closer look at the positive impact of CX in our last blog post

Your Communications Platform Plays a Part in This, Too – and FirstComm Can Help With That. 

Our contact center platform has supported some of the healthiest customer experience strategies in the industry. It allows our customers to monitor their communication data, analyze agent performance, and more. Reach out to schedule your demonstration today!