Customer experience (CX) technology plays a pivotal role in today’s business landscape, guiding companies from customer acquisition through to retention. The SAP Business One ERP Solution is integrated with the CRM App thus enabling you to manage your customer-related tasks successfully from any location, at any time.
Customer experience impacts retention
Retaining current clients is beneficial in more ways than you would think. And the quality of your customer’s experience determines whether or not you can keep them around.
There are several benefits to a customer experience and retention strategy that is consistently maintained.
- Loyal customers make repeat purchases.
- Old customers who trust your brand are more willing to try a new product and pay about 30 percent more than new customers.
- High-quality products and effective after-sales service mean customers are less likely to explore competing brands.
- Clients who are satisfied with the digital experience are more willing to promote it to others.
- They will continue to renew subscriptions.
Good things build upon each other. A higher Customer Lifetime Value (CLV), more sales, and a guaranteed revenue stream are all outcomes of paying attention to the customer experience. Additionally, your brand will flourish more due to a higher retention rate and stronger consumer loyalty.
Here’s a closer look at how a solid customer experience and retention strategy work together, yield excellent results and increase revenue—often for free.
- Builds Reputation
Positive testimonials and referrals from existing consumers set you apart from the competition and support your reputation as the industry leader in product development. Even if they have never bought from you, your brand becomes the go-to option for customers looking for answers.
- Enhances Online Presence
When satisfied customers post reviews and mentions, your brand’s online presence grows; search engines and review websites give your brand more prominence making it easier for more customers to engage. Loyal customers who tag your business or talk about the brand on social media also reach their followers who are potentially fresh customers from the same target audience.
- Raises the Bar
High-level customer experience from one brand forces others in the same industry to play catch up, raising overall standards in the sector and increasing all-around customer expectations.
Why do customers leave?
For the same reason they stay — customer experience, only this time around, a negative one.
There are three main causes of customer attrition:
- Service Quality
Topping the list of customers who switch are those who feel they have been mistreated; they would prefer to stick to a familiar brand but only if they perceive that they are being treated well.
- Better Experience
Pricing is the primary factor that impacts customer churn. But again, if customers feel cared for, many will remain loyal. However, customers are more likely to switch brands when a competitor offers a superior experience and a lower price.
- Human Factor
Usually, when customers have an issue, they want to speak with someone to get it managed. Intelligent chatbots and online FAQs can address a lot of challenges, but cannot entirely take the place of human assistance. When a brand fails to meet individual client demands adequately, it creates a sense of neglect and provides ineffective solutions.
Conclusion
Your best brand ambassadors are the ones who have a positive perception of your company. It is crucial to keep people returning for more and to concentrate intently on their experience to make it happen. To do this, a few steps are involved: selecting the right technology, hiring committed staff, obtaining data on consumer behavior, and developing a plan. Utilizing all these components is crucial to providing a remarkable experience and, more significantly, forging a solid bond with your clientele.
By integrating and leveraging technologies effectively, businesses can enhance the overall customer experience, drive customer acquisition, foster user-engagement, and ultimately improve retention rates. However, it’s essential to continuously evaluate and optimize the technology stack to adapt to evolving customer needs and market trends.
CRM app of SAP Business One from Osswal Infosystem give your company complete control over client acquisition, retention, loyalty, and profitability. End-to-end visibility for the whole life cycle is provided through comprehensive and integrated business functions across marketing, sales, purchase, and service.
