Customer Experience (CX) explained Genxtra Communications

Customer Experience (CX) generally refers to the overall perception that your customer has about your business. It is also the interaction that a customer experiences with your business.

The detailed explanation of Customer Experience (CX) includes every interaction and more that a customer has with your business throughout the entire customer journey.

Every factor is considered, every touchpoint and more. From the customer’s initial awareness of your product or service all the way to their experience with your business after the sale is complete.

These days the term “Customer Experience” is abbreviated as “CX” and is a critical aspect of every business strategy. Or at least, it should be. When a customer has an all around positive experience with your business this can lead to customer loyalty, repeat business, and most importantly, positive word-of-mouth marketing/referrals.

Businesses and Organizations that invest in improving Customer Experience (CX) can differentiate themselves from their competitors and enhance customer satisfaction. A happy customer tells their friends, family and co-workers about you which ultimately helps your business grow.

GenXtra Communications, we’re here to help.

Investing in Customer Experience (CX)

Modern Businesses actually have a plethora of Customer Experience (CX) tools available, and they are cost effective which allow businesses to invest in CX strategies with long term mindsets. We are seeing more and more companies hiring “Customer Experience (CX) Managers” and the like.

Some of these helpful Customer Experience (CX) tools include applications that measure data analytics, customer feedback, and technology solutions to enhance and optimize the customer experience for seamless initiatives.

The most popular and quickest tools to demonstrate Customer Experience (CX) return on investment are cloud based voice systems such as UCaaS (Unified Communications) and CCaaS (Contact Center).

These Customer Experience (CX) tools can come with artificial intelligence and plenty of data to analyze customer experience metrics in terms of voice and omnichannel communications.

For example, I just texted my mechanic. My question was simple and not urgent. They are a large company and I currently do not have time to call them. Someone replied to my text message and told me that they do work on the thing that I was asking about.

If needed, they could have seamlessly switched to a video call (without me having to download anything first) so that I can show them the issue, or I could have switched to my computer and started a chat about my question. I could have also started a facebook chat about it as well.

Ultimately, they could have also scheduled my appointment via text (or any other channel) as well.

How do I know that they can do all of this? We (GenXtra Communications) worked with them regarding their omnichannel contact center system. And that is essentially what “omnichannel” means. The customer is able to switch seamlessly between the different channels that a business operates on. Not the business forcing the customer to use the only “channel” (phone only) they have.

Given this stellar Customer Experience (CX), why would I go anywhere else? And, I have referred them many times over and will continue to do so.

The financial amount that a business or organization should invest in Customer Experience (CX) can vary based on several factors, including industry, business goals, and customer expectations.

Have you drilled down on your cost of customer acquisition? That is one formula that we can suggest to create a budget for Customer Experience (CX) and to keep those customers. Once you get a customer to walk in through the front door, they should never want to escape from the back door to never return.

The mechanic shop in example above spends less than $1K per month. So, it’s not as expensive as you may be thinking.

Components of Customer Experience (CX)

It is important to consider that a positive customer experience can lead to increased customer retention, positive word-of-mouth marketing, and ultimately, business growth. Let’s touch based on some of the components that make up Customer Experience (CX).

  1. Customer Journey: The customer journey is the total series of interactions and touchpoints a customer has with a brand. From the initial awareness stage to post-purchase and beyond. What did you have for lunch today? Really think about all the steps it took to get you to that restaurant. Think about the service that you received and more. Even what the parking experience was like when you left.
  2. Touchpoints: CX touchpoints are specific moments or interactions where a customer engages with a brand, such as visiting a website, contacting customer support, or making a purchase.
  3. User Experience (UX): UX/CX (see what we did there?) is the design and usability of products or services, ensuring that they meet the needs and expectations of customers.
  4. Customer Service: CS/CX (we did it again with the use of modern acronyms) means the support and assistance provided to customers before, during, and after a purchase, including customer support, returns, and issue resolution.
  5. Brand Perception: How a customer perceives a brand based on their experiences, which includes the brand’s values, messaging, and reputation.
  6. Feedback and Surveys: Gathering and analyzing customer feedback through surveys, reviews, and other means to understand and improve the customer experience. “Net Promoter Score” is a sample of this. We will get into that another time.
  7. Personalization: When a business tailors products, services, and interactions to individual customer preferences and behaviors, that is serious CX!
  8. Consistency: Providing a consistent experience across all channels and touchpoints to build trust and reliability. You may have went to lunch today based on a company’s consistency.

General Principles about Customer Experience (CX) Investment

It’s important to note that Customer Experience (CX) is not just about a monetary or staffing investment; it also a deep cultural shift within the organization to prioritize customer-centric values.

  1. Align with Business Strategy: CX investment should align with the overall business strategy. Consider the industry, competitive landscape, and the importance of customer loyalty in your specific market. Revisit your business plan to take a deep dive.
  2. Customer Value: Assess the value of each customer to your business. While higher-value customers may warrant higher CX investments to ensure their satisfaction and loyalty, every customer should be treated like VIP’s.
  3. Competitive Landscape: Evaluate what competitors are doing in terms of CX. If superior customer experience is a key differentiator in your industry, you may need to invest more to stay competitive. Automotive mechanics are everywhere, but I’m sticking to mine for the reasons above and their outstanding work.
  4. Customer Expectations: Understand the expectations of your target customer base. If customers in your industry or market expect a high level of service, investing in CX may be a minimum in meeting those expectations.
  5. Technology and Innovation: Consider the role of technology and innovation in enhancing CX. Investments in cutting-edge technologies, modern business communications, data analytics, and digital solutions can positively impact the customer experience.
  6. Feedback and Data: Use customer feedback and data to identify areas for improvement. Investing in tools and processes for collecting and analyzing customer feedback can provide valuable insights and data for optimizing the customer experience.
  7. Lifecycle Stages: Different stages of the customer lifecycle may require different levels of investment. For example, acquiring new customers might require investment in marketing and sales, while retaining existing customers may involve investments in customer support, modern business communications and loyalty programs.
  8. Balanced Approach: Strive for a balanced approach that considers both short-term and long-term goals. While immediate returns on CX investments are important, building a sustainable and positive customer experience absolutely requires ongoing efforts and a long-term approach.

Continuous monitoring and adjusting of Customer Experience (CX) strategies include focus on evolving customer needs and market dynamics. Ultimately, the level of investment in Customer Experience (CX) should be a strategic decision based on the unique circumstances and goals of the organization.

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