The world of marketing is now shifting to a customer-centric approach. Customer retention is improved with a customer-first approach that delivers great customer experience. By optimizing your customer experience at every touchpoint, you can ensure a more seamless customer journey. This can potentially increase your revenue by up to 15% and lower your customer service costs by 20%. When you focus on the customer journey as a whole, it becomes easier to see the “big picture” and deliver unified and consistent customer service. When the customer experience is consistently positive, you can increase brand trust and loyalty while building strong business relationships. Create competitive advantage A recent study found that by the year 2020, customer experience will take higher priority than price and product as the key brand differentiator. In the past, entrepreneurs and business owners believed that the key to a successful brand is in providing the most competitive price with the best features, but that no longer holds true in today’s digital age. Technology is making it easier for businesses and marketers to offer the personalized brand experience that modern customers crave. Learn how you can use customer data to customize your marketing and create a better customer experience with our Complete Guide to Data-Driven Marketing.
Recent developments in technology are empowering consumers like never before. This digital revolution is expanding consumer choice and giving users access to information around the world, anytime, anywhere. Customers can now make educated choices between competing brands, as information is literally at the tips of their fingers.
As a result, customers have higher expectations of brands. It’s more difficult than ever to convince customers of the value your product or service brings while competing with more established brands and companies. This is prompting businesses and marketers to bring their A-game when it comes to customer experience (CX).
The world of marketing is now shifting to a customer-centric approach. Despite this new trend, some marketers and businesses are still using traditional methods.
New marketing strategies such as experience marketing, account-based marketing, and contextual marketing aim to deliver highly relevant and personalized customer experiences. We’ve outlined the significant advantages of adopting a customer-centric approach below:
Benefits of a Customer-Focused Approach
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It’s more expensive to find new customers than to retain existing ones
Most marketers invest a huge amount of time and resources in generating new leads and attracting new customers. Studies show that there is more value in focusing resources on retaining existing customers. After all, it costs five times as much to attract a new customer, than to keep an existing one.
A CapGemini study revealed that customers with strong brand attachments deliver 23% more profit and revenue than the average customer. By providing excellent customer experiences, businesses can gain the trust and loyalty of each customer.
Another report by BIA / Kelsey and Manta found that returning customers spend approximately 67% more than a new customer. Customer retention is improved with a customer-first approach that delivers great customer experience.
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Fill the gaps in your customer experience journey
Data analytics tools are now available to aid marketers in their customer experience research. By looking at the metrics and data behind every customer touchpoint, you can determine gaps and bottlenecks in the customer journey.
Customers interact with companies through multiple touchpoints; by phone, via email, websites, social…
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