Customer experience is driving business growth and will be more important than price and product by 2020. Customer churn is eroding profits and this is mostly caused by poor customer experiences.
Everyday thousands of businesses fail to deliver a great experience. This results in significant customer turnover and lower profits. The interesting fact is that if you ask business owners are they providing a great experience, they will tell you “Definitely”
Lee resources reported that 80% of companies say they deliver “superior” customer service but only 8% of people think these same companies deliver “superior” customer service. So this begs the obvious question. If you are not measuring customer experience then how do you know you are doing a great job?
It was for this reason that Grow Your Profit developed their Customer Experience report. This is a simple 2 question survey that enables businesses to gain factual data on how their clients view their experiences and interactions with the business and what areas the business needs to improve on to get a better ranking.
Recently I was working with a client and he did not believe the results that came back. He went on the defensive. There were a number of themes arising from the report and we discussed them in detail. The following week he told me that a number of his clients had moved to competitor. When I asked why he cited some of the reasons in the customer experience report! I pointed out that 62% of consumers leave a business because of a poor customer experience. Changes were made.
The following are three key steps to help your business deliver great customer experiences.
- Undertake a Customer Experience Survey. Stop guessing and get objective data about how your client perceive your business. They will give you invaluable insight if you just ask them. Grow Your Profit is offering 1 free Customer Experience report per business. You can get started by clicking this link http://www.growyourprofit.com.au/free-analysis/
- Make your business customer centric. Place greater focus on the customer. Understand your different customer types, what they like and hate about your business and the products and services you offer. Once you fully understand this then you can start to design better ways to create amazing experiences. Remember, there is a 60-70% chance of selling to an existing customer compared to a 5-20% to a new customer. Play the numbers game. The money you spend chasing new customers may be better spent keeping existing customers.
- Implement a systems approach to customer experience. I recently co-authored, with a number of Australian thought leaders and even Arnold Schwarzenegger, an Amazon best selling book title Think Big: how to thrive in life and business in a rapidly changing world. In my chapter I spoke about the need to take a systems approach and align the three key drivers of profit. These are great customer experiences, effective marketing and awesome offers. The Grow Your Profit system helps businesses implement the necessary steps to ensure that continuous improvement is being made in not only aligning these three areas but growing the base of loyal customers and bigger profits.
Further information on the Grow Your Profit System can be found at www.growyourprofit.com.au