Consumers today have more choice than ever before. The internet has given them access to mountains of information, not only about you but your competitors as well. Because of this, it is getting harder and harder for businesses to stand out from the crowd. One sure-fire way to differentiate your business is by delivering a consistently good customer experience. In this post, we highlight 4 key reasons why your SMB should place a strong emphasis on customer experience.
1. Customer Loyalty
If your business isn’t focusing on providing a high-quality customer experience, you are more than likely driving away business. In fact, according to a survey conducted by Accenture, 66% of customers switch companies because of poor customer service.
Micah Solomon, author of High-Tech, High-Touch Customer Service, related in an article in Forbes that businesses should put the customer at the center of everything they do as a company from “your daily routines, the way you hire, the way you design your webforms.” This is a decision he says businesses shouldn’t take lightly because it’s more difficult than you might think, but the dividends your business will reap in customer loyalty will make all the extra effort worth it.
2. Reduce Churn
Businesses that consistently survey their customers and implement process improvements based on discoveries have significantly reduced churn according to Kissmetrics. Asking for feedback shows that you care about more than just revenue, but also about providing the best possible customer experience.
Businesses should look for every opportunity to engage with and seek feedback from customers. One effective way to achieve this is implementing an online review management platform. Online reviews allow you to track feedback from customers in real time, rather than waiting for annual or semi-annual survey results. Having the ability to track feedback in real time will allow your business to be more agile and respond to customer needs as they arise.
3. Improve bottom line
If you increase customer loyalty and reduce churn, it stands to reason the bottom line will be directly impacted. One way this manifests itself is in how much happy customers spend. According to the Harvard Business Review, customers who have had a good experience spend 140% more than customers who have had a bad experience. Making sure that your customers are happy can also reduce support costs as happy customers are less likely to have extensive support issues.
4. Foster Advocacy
Finally, businesses that truly put an emphasis on the customer experience create customers that are willing to shout about your business from the proverbial rooftops. In this case, the rooftops come in the form of online reviews. In addition to the benefits mentioned previously in this post, online reviews can act as a free and effective form of advertising and marketing for you. And when I say effective I mean it. An overwhelming majority of customers trust online reviews as much as personal recommendations.
Improve customer experience with Podium
Request a demo to see how Podium’s cloud-based platform can help your business take its online reputation to the next level. Podium’s efficient, mobile process can help your business collect 15x the reviews that traditional platforms produce, which in turn will improve local SEO and ultimately boost revenues.