How to Improve Your Customer Experience Strategy for Double the Revenue: Part 1
Customer experience dictates more than repeat customers; it presents an opportunity to double your revenue. In this two-part series, Mitel expert George Despinic outlines how customer experience can help you increase your revenue.
From the video
My name's George Despinic, and I'm Mitel's product marketing manager for contact center solutions. It's no secret that improving the customer experience has become a top priority for the majority of companies out there. It's been shown that customer experience plays an important role in your bottom line. 90% of fully engaged customers buy more frequently and spend 60% more. In fact, businesses rated as top performers in customer experience achieve double the revenue of laggards.
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Executives realize that in order to survive and stay relevant, they must deliver amazing customer experiences, and to achieve this, they recognize that they need to build a customer-centric organization. Organizations that are customer-centric understand the unique problems and expectations of their customers, and consistently deliver products and services that meet those expectations. Application leaders supporting customer experience are under pressure to deliver technology that supports their customer-centric business strategy. If you look at customers that are getting customer experience right, like Starbucks or Zappos or AT&T, for example, you'll start to see the things they're doing to be customer-centric.
Let's take a look at the four strategic pillars today's leading companies swear by when it comes to customer experience. The first thing these customer experience leaders are doing is they're actively listening to customers and following up on their feedback, though the way they listen today has completely evolved from how it used to be done. Historically, organizations have used surveys to collect information about customers.
Today, companies are able to continuously collect customer information through a combination of social media as well as web and app analytics. The second thing these customer experience leaders are doing is they're proactively anticipating their customers' needs. They're collecting more accurate and relevant information from customers, and they're using that data to deliver proactive customer experiences based on situational needs. To do this, these companies are leveraging things like location awareness, the internet of things, and smartphones.
Now, in order for your customer-centric organization to digitally transform, you must deliver the technology that allows your technology to listen to customers, analyze their feedback, and proactively act on customers' needs. Stay tuned for our next video that will look at the remaining two pillars and how you can take the next steps to transforming your own customer engagement. In the meantime, check out the links below to learn more about leveraging the pillars we talked about today.