An Online Method To Drive Higher Revenues Per Customer

22 May of 2015

Research is one of the greatest tools that businesses employ. In the last decade, billions of dollars have been invested in the growing area of customer experience. The investment is paying off as more companies have tapped into their customer’s needs in a way that was only dreamed about a few decades ago. Companies that know their customers and understand their needs are uniquely positioned to lead their fields. Surveys and questionnaires are common tactics that are being used to get feedback from prospects and customers. Recent research by major think tanks has turned up very strong evidence that customer experience is a driver of revenue.

Customer Experience and Future Revenues Are Tied Together

Customers are more likely to buy again from companies they are happy with. This is a common sense principle that has been proven based on research. When people are happy, they return more frequently and buy more. Those who are unhappy do the opposite. This seems like a simple idea, and it is. Researchers that conducted numerous surveys found out that this hypothesis was true. People who are happy will look first to the brand they’re familiar with and with which they’ve had a positive experience before they look elsewhere. This indicates that keeping your current customers happy is one of the most beneficial practices any firm can follow. Acquiring new customers is always expensive. Once you’ve added them to the fold, it’s important to maintain a positive relationship that results in more sales.

Loyalty Comes from Good Customer Experience

Brand loyalty is the Holy Grail of the consumer experience. Customers know that loyal customers not only buy more, but they serve as unpaid brand advocates who spread the corporate message near and far. Consider major global brands and you’ll realise their “fan boys” as they’re called do a lot of marketing for them. Companies are studying exactly how to find these loyal customers. Not surprisingly, great customer experience is the key to turning people into loyal fans. The happier they are with the quality of your product and their support experiences, the more likely they are to stay loyal to the brand. They’ll wait overnight for a chance to buy new products at launch if you’re lucky.

Good Service Means You’re Less Likely to Lose Customers

How can you be sure you’re offering good service to your customers? Ask them! Use an online survey to follow-up. Drive consumers to your survey and then give them an incentive to answer the questions carefully. Even people who might not normally fill out a survey online can be convinced to do it for a reward like a discount. The practice of asking for feedback consistently ends up giving your company enormous amounts of data to work with. Directly querying customers about their experience is a straightforward way to find out where they stand on important issues about customer service. If they’re unhappy, they’ll love to tell you all about it. Querying a broad section of your customer base means assessments can be made with a lot of confidence in their accuracy. Over time, you’ll have incredibly on-point profiles of your customers. You’ll know what makes them tick and how you can keep them happy. Ultimately, that’s your goal. You want super happy customers who would not hesitate to recommend your company to others.

Happy Customers Provide Word of Mouth

Word of mouth has fascinated marketers for decades because it’s a hugely profitable source of business. Recommendations that come directly from a trusted source end up converting. What makes people do word of mouth advertising for your products? The customer experience is the key driver of this behaviour. Those who are ecstatic about their purchase tell others. They’ve dealt with your company for a long period of time and they are confident that their experience will be duplicated by others. The higher their degree of confidence, the more likely they are to recommend your product or service to their closest friends, family, and colleagues.

Customers Tell More People than Ever About Their Experience

Recent research has shown that the reach of customer’s opinions is now going further than ever. This makes sense because they’re spending more time online and in many channels. It’s common for customers to have a YouTube, Google+, Twitter, and Facebook account. When they’re happy, they will take to those channels to extol your virtues. Major brands benefit from this phenomena. Fans of certain companies and their products do an amazing job of promotion. They cover their Facebook walls with status updates about the product. They directly recommend that those they are connected with check it out. Companies have been catching on these so-called “viral” effects. They’re doing their best to harness that type of enthusiasm. What they’re learning is that this type of behaviour is a natural off-shoot of enthusiasm that comes from loving the product. Naturally, inspiring this type of loyalty is easier for entertainment companies, but many other industries are also doing an amazing job of tapping into emotions. Companies that create emotional bonds with their customers have an advantage over those who don’t.

Customer experience is a science. Your firm should be investing in this new discipline. You can find consultants and third party firms to do a lot of the work for you if needed. If you don’t have the staff or capital to do this in-house, you can easily outsource the whole operation. The company you select will provide you with reports that give you the information you need to streamline your customer experience process. They can handle your survey and collate the data. As you begin to incorporate their suggestions, you’ll see major increases across the board. If your revenue increase is high enough from the changes, you may consider doing more of this work on your own. Some firms of very large sizes stick with outsourcing because their objectives are being met. It’s a great idea to get started on your new system today. You’ll learn key information that can push you to the job.

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