Engineering a successful digital customer experience strategy is indisputably one of the best ways to differentiate your company from competitors. In fact, research shows that 86% of buyers are willing to pay more for a better customer experience.
But after pouring valuable resources into developing and implementing a cohesive CX strategy, how do you measure the ROI? That is, how can you gauge whether or not the changes are actually adding value to your company?
In the past, the value of an interaction with a customer was limited to the exchange of their money for your product or service. That no longer holds true. In fact, when you provide an exceptional customer experience, you actually obtain more value from your customers after the point of sale. The following “Three Rs” indicate post-sale value, and they directly reflect the success of your CX model.
Customers are most likely to write a review in two different situations – when they have a great experience, and when they have a terrible one. Reviews can be tricky to track because they appear in many different forms – from the classic Yelp post to a less conspicuous Tweet about a customer’s experience with your brand. The best way to stay on top of the conversation is by maintaining an active online presence.
What people write about your company is often a candid reflection of how customers feel directly after doing business with you. The goal is for your CX to be so pleasing that customers have only positive experiences to share.
Not only will positive reviews boost traffic to your site, they’ll also brand you as a customer-centric company.
Make it a practice to ask each of your new customers how they heard about your company. When customers come to you by referral, it shows that your customer experience strategy is working. Someone out there was so impressed by their experience with you that they couldn’t keep it to themselves – and that’s awesome!
Converting happy customers into brand promoters is one of the best ways to market your company for little to no cost to you. Not to mention, customers who were referred to you already trust your brand, so you have a solid relationship well under way before you even serve them.
An increase in referred clientele shows that customers consider your CX superior to what they have found elsewhere.
3. Retention Rates
Studies have shown that the number one reason for customer churn isn’t actually price, but instead a poor customer experience. That means that in today’s ever-expanding competitive market, a customer's loyalty is dependent on the value they receive throughout the purchasing journey as a whole.
Secure devoted customers by ensuring that their experience is cohesive, inclusive, and personalized.
A spike in repeat business after implementing CX adjustments indicates that customers appreciate the added value.
You can’t afford to question what customers think of your CX strategy. Comparing these metrics before and after any modifications will suggest whether or not they have been well received by your valued customers.
If your strategy seems to be adding value to the purchasing journey, incentivize customers to spread the word. Offer discounts, referral rewards and other benefits to motivate customers to write raving reviews, recommend you to their friends, and remain loyal to your brand.
Evaluating The Three Rs will allow you to formulate the most successful digital customer experience strategy and market it as a competitive advantage.