The value of customer experience in creating a business

The value of a customer has increased largely as the business world has become an open battleground with too many able players taking on each other with zeal to prevail even at the cost of others. Due to this competition, the level of service has improved and also has increased the value of customer experience.

There are a lot of talks about the effects of marketing and research in getting a product from the sales shelves to those of the customers; justifiably so, but one more thing that every smart businessman has started to look into is, customer experience company. Everybody is beginning to understand that the end consumer holds supreme power in deciding the fate of a company.

How can customer experience affect your business?

Customers have the ability to change the tide of any business strategy or monopoly. Let us try to subjectively understand the effects of customer experience in the short-term as well as longterm for a business.

  • Mouth to mouth publicity is one of the key modes of marketing. This does not require any extra funds or effort but just the guarantee of a wonderful Customer experience company or a product is the deciding factor in the way the reputation of the product is made in the market, amongst other prospective clients.
  • Customer feedback survey, if taken seriously, can offer insights about the further improvement in the service being provided. Several times, these surveys have anecdotes from customer experience which could be used up in marketing of the product as well.
  • It is often argued that in the contemporary market, marketing is the key to sales and thus revenue generation; while true for the most part, this strategy is a shortsighted Ensuring a good customer experience would result in retention of customer which would eventually translate in constant long-term revenues.
  • The world has grown to become extensively compact because of expansion of communication modules; social media in particular. Even one negative customer experience can end up being reported and creating a dent on the reputation of the company, which would result in loss of customers and eventually revenues.
  • The market value of any product is estimatedat the level of satisfaction amongst its customers. Therefore it is pretty logical to say that customer experience can have a definite effect even on the business valuation of the product.
  • Investors like to push forward with the new endeavors of the products only after looking closely at the past portfolio. A accompany that has a record of un-dented customer experience is thus quite obvious to receive good funding prospects, if they wish to go for some new and risk-worthy business endeavor.

One method of ensuring good customer experience is to offer great service, pre and post of sales. This method is quite conventional and can’t be really done away with as it is right in the base of customer satisfaction.

The other more subjective approach is taking customer feedback surveys. Here the issues that the customer might be facing with the product, the expectations of the client from the product and a lot more information is collected which would eventually be used in the planning of the strategies to offer better service and rule the business with a sustainable approach. This looks easy and thus is often overlooked, it is advisable for the contemporary businessman to understand its importance and use to accordingly.

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Managing the customer’s experience

Every business thrives on the successful customer experience than anything else. The need for managing the experience of a customer with the company stems from that fact that, only the satisfied customers would be able to contribute to the profit of the organization. For instance, the organization might have a good start in the beginning, but if they are laid back when in meeting the requirements of the customers, their business is sure to drop within a short time. Every organization has what is called as the customer experience management. This term is very simple and refers to a team of professionals who research and analyze the requirements of the customers and their expectations from the company.

To manage the customer’s experience with the organization, every company requires what is called as the customer experience analytics. The process is simple under this. A team of people from the company will take part in the market research and analyze the various possible ways of which they would be able to better the customer’s experience with the company. Simply put, the analytics is done to learn about the expectations of each of the customer and the ways by which the organization can make them a reality.

How to implement customer experience management?

A successful customer experience management system will be able to positively enhance the business of the company. For individuals who are new to the business and for companies that are on the lookout to expand their businesses, this happens to be one of the most important aspects of running a business. But before everything happens, as aperson developing the business, one needs to understand the basics of CEM.

CEM will require the company to have a 360-degree view of the customer and the activities if the person. Right from the beginning, the company must keep track of the information provided by the customer and update it often to stay on the track. The company might make use of any interactive tool for this purpose, and it includes the customer’s online purchase on the website, video chat and through phone calls. The company can also open few communication channels through which the customers can get in touch with the people in the organization such as text messages or building a social media platform.

With all these in order, the customer experience analytics can be carried out. Inputs can be taken from the feedback that one might have left on the social media or the query form available on the company’s website. By combining the CEA along with the CEM, the company would be able to develop a strong relationship with their customer and thereby get a chance to increase their sales.

How CEM helps?

Predictive analysis through the customer experience analytics will provide the company with a better understanding of the customers’ needs and will further give them the right leverage to engage with them. An effective CEM can go the distance of retaining the customers in the business provided by the company, even with new opportunities springing in the market. By collecting data about the existing and the potential customers from all possible sources, the company will be able to provide a prompt response to their queries. With social media getting hold of the reigns in the recent days, it is thetime that companies took note of this as an effective tool for CEM.

How are customer satisfaction surveys helping in the growth of business?

This is no more a world that could be won by any one person or corporation, but it actually is an extensive competition and only those who are able to beat this competition can end up sustaining their product in the long run. These are the times when the customers are the destiny makers of the service providers. The customers, if happy can take a small startup to extremely high levels in success trends. The same customers, if unhappy can abruptly lead to the fall of even the biggest of corporations.

Owing to this power of the customer base, the need for customer satisfaction surveys has grown extensively. These surveys help the companies in getting to know the reputation of the product amongst the customers and also allow the companies to come up with new ideas according to the requirements of the clientele. They are done based on variable criteria and according to the preferences of the companies, but in all cases, they have equal value and importance.

Need for customer satisfaction surveys:

The value of surveys in the business industry, and especially in the service oriented business industry is extensive. Here are some of the most prominent points that answer the question, why do we actually need customer satisfaction surveys.

  • The surveys help the companies in getting to know the issue that an existing customer is facing. If these issues are sorted promptly then the customer’s loyalty with the company is bounded extensively. This is one of the smartest ways to retain the customer line.
  • The effort and the expenditure involved in making new customers is multifold than keeping an existing customer intact with the product. Customer satisfaction survey is the best ways to keep the clients in knowledge about the value of their feedback and experience.
  • It has been observed that most dissatisfied customers chose to avoid reporting because of the hectic process involved. The surveys can help these reluctant reporters to raise a concern, which if sorted can win a few more customers with relative ease.
  • It is always advisable to look at product design and marketing from the layman’s perspective in order to understand its effectiveness on the customers. Surveys help in getting valuable input from the end consumers about the product which can be instrumental in improving its quality further.
  • Net promoter scores are essential in understanding the efficacy of the product and marketing strategies being employed by the company. Being a simple survey, it does not bother the customers too much and yet they do give out important anecdotes for the improvement of the product and service.

The major logic behind a successful business is that it takes in account all the variables with utter honesty; not only the variables but also the consequences. The surveys are the mirror of the way things actually are in the market and thus they help in creating better perspective about the future course of action to improve on the flawed points in the product.

While the surveys are generally difficult to quantify, net promoter scores are something that can be easily studied because of the simplicity of the scores. The analysts can observe the results from the surveys and come to a result that would result in creating a sustainable model of business and service delivery in the long run.

Creating surveys to analyze customer satisfaction

In the field of marketing, customer satisfaction is the most frequently used word. This term is used to measure the quality of the product and the services provided by a particular company to its customers. In simple words, customer satisfaction will let the company know if their services were up to the expectations of the customers and if they were profitable for the company. Customers might leave hints about their experience in the form of feedbacks on the query sheet, which the company would have put up on its website. When it comes to customer satisfaction management, it is the work of the organization to keep track of such feedbacks and improve their business, if there is a need.

One major assistive tool that is repeatedly used for the customer satisfaction management would be the use of customer experience survey. Unlike the query sheets, this survey will be in the form of a questionnaire and would ask all possible questions regarding the customer’s experience with the particular service or product. From the answers that the customers provide on such surveys, the company would be able to get a better understanding of the expectations and the experience of the customer after using the product or service. Structured analysis is required from the company’s side to ensure the conversion of the customers’ expectations into a reality.

Drafting a customer experience survey

Before handing out the survey, the company must make sure that certain things are in order, especially the questions that are to be put up on the questionnaire. Here are few things to look out for, while drafting the customer experience survey.

  • The questions must provide clarity to the customers and let them know as to what you wish to know from them with regards to the product or something in general about the entire organization.
  • The survey sheet must contain a free space for the customers to pen down their thoughts and expectations. Questions having multiple choice answers can be included, but the free space will give the customers an opportunity to express themselves.
  • The questions need to be structured and in a specific order. For instance, get the overall rating from the customer at the beginning of the survey and then form questions that ask about their experience and ways by which the company can improve their business.
  • Questions drafted must be in such a way that the response provided is meaningful. Rather than asking the customers to predict the chances of them returning to the company, choose questions that provide an easy answer.
  • Choose the words used for describing the phrase with care. Select words that the customers can relate to after they use the product.
  • Analyze the customers based on their response to the ratings. Customers, who have provided a higher rating for the services, are the ones who can add some strategic value to the overall business.

One important thing to note here is that there would be certain negative feedbacks from the customer experience survey. The companies must take this as a chance to improve their services and to rope in what they feel is missing out. It must be noted that no company has ever reached the highest point of customer satisfaction management within a short period. It takes time, and the feedbacks that the firm receives must be used as a chance to improve for the profit of the enterprise.

4 Ways In Which You Can Analyze Your Customer Feedback

Customer feedback is a crucial part of a company’s development. It provides you with an idea about how a customer is looking at your products and services, why they like your products and services, what are their complaints and what would they like you to improve. Proper customer feedback analysis and response to it helps in building the image of your brand, as well as helping you improve your product quality to the best.

Feedback can be received from the customers through emails, comments on social media, phone calls and messages. Or, you can conduct customer service surveys, which will allow your customer to give their feedbacks and complaints more officially and in masses. You can also let the customer know about the changes you have made and then conduct the survey again, to compare if you customers’ satisfaction has increased or not. Customer service surveys are one of the easiest methods to know your customer’s perspective about your brand and its products. As the questions are to the point and are based on rankings mostly, the results are also pretty easy to analyze and work on.

How to do customer feedback analysis?

The most important question after receiving the feedbacks is how to analyze them so that they can be put to the optimum use. Here are a few methods through which you can analyze your customer feedback.

Categorize.

As the feedback is obtained from a large crowd, you will notice that all the comments and responses can be divided into certain categories. For example, categories can be pricing, quality, packaging, delivery, availability, etc. Categorizing the responses would save you a lot of effort and time as you would be analyzing the feedback in bulk. If required, even subcategorize to narrow down the comments.

Check off the comments or feedbacks that you have already taken into consideration.

As the feedback is collected from a huge mass, it is possible that many people would have a complaint or suggested about the same thing. So you can simply tick off the comments and complaints you have already noted down so that it won’t be repetitive. You can, however, keep a count on the number of times a complaint or comment has been made to give you an idea of how important it is for the consumers.

Divide the comments into two sections- positive or negative.

You would have received good and bad comments from the customers. Separate the two types so that there won’t be any overlapping of judgment. Also, first you need to focus on the negative side to improve your products and services. The positive side would contain the things you are already doing right, so you don’t need to put any changes in that.

Plan your move based on the results of the feedback.

If you have got a lot of negative feedback, then you need to respond to them immediately and need to develop your products and services accordingly so that you can get a chance to change the opinions of the unhappy consumers. Learn from what the customers tell you and make feasible and plausible plans to remedy any mistake. Also, if possible, reply to the customers so that they feel valued and connected to the brand.

Proper customer feedback analysis is a required step in brand development and image building. A company who rectifies their products according to the demands of the customers succeeds in the long run. Also, the customers feel euphoric if the brand responds to their feedbacks and works on it.