Why is Customer Experience The Future For Brands

With the advent of technology & a proliferating number of start-ups, the term Digital Marketing, over the years has become something our ears have now accustomed to.

Gone are the days when a brand's marketing activities were just confined to Newspapers, Brochures, Out-door Ads, Directories, Magazines, etc.

Brands are now making or rather exploiting social media platforms for creating awareness, utilizing search engines for marketing & launching internet campaigns to reach out to the untouched segment of their potential targets.

The idea behind these strategies is to enhance the User/ Customer Experience, as it is going to be the deciding factor in a brand's success as we advance towards the year 2020

People often confuse Customer Service with Customer Experience. Customer service is only one aspect of the entire customer experience.

For example, if you book a vacation on the phone and the person you are speaking with is friendly and helpful, that’s good customer service. Yet, if your tickets arrive early and the hotel upgrades your room, then that’s good customer experience.

How important is customer experience?

A business cannot exist without its customers, and this is why companies are focusing on how to win new business and perhaps more importantly, retain existing customers.

A survey by Bloomberg Business week found that “delivering a great customer experience” has become a top strategic objective. And a recent Customer Management IQ survey found that 75% of customer experience management executives and leaders rated customer experience a ‘5’ on a scale of 1-5 (5 being of the highest importance).

Below are a few statistics that prove the importance of customer experience in the coming years:

-84% of organizations working to improve CX report an increase in revenue.

-By 2020, more than 40% of all data analytics projects will relate to an aspect of customer experience.

-Customers who had a very good experience are 3.5x more likely to repurchase and 5x more likely to recommend the company to friends and relatives than if they had a very poor experience.

-63% of the millennials begin their customer service interactions online.

-74% of the millennials report that their perception of a brand improves when it is clear the company responds to customers’ social media inquiries.

-9 in 10 consumers want absolute omnichannel service – they expect a seamless experience when moving from one communication method to another, such as phone to text or chat to phone.

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