ROI e CX: di cosa stiamo parlando ?

NOTA AICEX: che la CX influenzi il ROI ce lo siamo detti in tutte le salse. Ma di quale CX stiamo parlando? 

bull's eye

 

By Michelle Reeb, The Marketer Network

Marketing enables success by generating revenue through impactful customer experiences.

Businesses thrive when they build solid relationships with their clients, which keeps them coming back for more. When companies create meaningful experiences, those customers begin to “love” and “be proud of” the brands they purchase and become loyal to them. Think for a moment about the brands that you are loyal to. Do those brands conjure up strong emotional feelings because of the way they make you feel? I can think of a product that I “love” because it ties me to my family. It’s a brand my mother uses and my grandmother before her. I have absolutely no intention of switching brands, because of the emotional familial connection.

Another product that evokes strong emotional ties is our vehicle. You’ve heard the phrase, “I live in my car”. Many people eat, sleep and enjoy quality time with family in their favorite mode of transportation. For some, their car takes them far beyond their destination. It takes them on a journey to their ultimate escape. When they hit the road, they feel freedom the moment they hit the gas pedal and accelerate to…. wherever they feel like going.

Car companies recognize the emotion behind the purchase of their vehicles and are moving away from thinking of themselves as manufacturers, to “all-encompassing service providers”. Automakers are building personal experiences that you can feel with all of your senses. Think luxury vehicles…

Sight: They look like they’re doing 100 mph standing still.
Sound: You can hear the roar of the engine.
Taste: You can taste the thrill of victory as you speed away from everyone as the stoplight turns green.
Smell: The “new car smell” makes you feel successful. You’re now reaping the rewards of your hard work. You’ve earned it! Enjoy.
Touch: You feel the power of the vehicle in your hands as your tires grip the road. You feel alive!

“It’s about excitement, the speed, the road handling, the roar of the engine, the smell of the brakes and the glances of delight when heads turn to look at the car”, that Porsche’s clientele are interested in. “The key for us at Porsche is to build personal lifetime relationships, and the key to successful relationships is to get to know people and treat everyone as an individual,” says David Metcalf, head of customer experience and customer strategy at Porsche, fresh from speaking atCustomer Experience World London. “A one-off transaction is easy. But a lifetime relationship requires effort.” Source: How customer journey mapping is driving Porsche’s success, Neil Davey

Every Brand Can Offer Impactful Customer Experiences

Newly available easy and inexpensive access to data enables companies of all sizes and types to provide meaningful customer experiences to individuals.

To get a sense of how social media companies are capturing and using data, check out this informative TedTalk by Jennifer Golbeck: The curly fry conundrum: Why social media “likes” say more than you think.

Lifelong relationships with customers are achieved when businesses embrace these ongoing elements of the customer experience: awareness, acquisition, creating an emotional connection, delivery, customer satisfaction, adding value, then repeating the process. This cycle brings value to customers’ lives in a personalized and ongoing nature that builds loyalty and keeps them coming back for more.

Elements of the Customer Experience

Elements of Customer Experience

The goals of creating the ultimate customer experience are:

Phase 1: Customer Acquisition
Phase 2: Customer Retention
Phase 3: Customer Reactivation

Gain Momentum

By creating a consistent message in every customer experience, companies gain momentum that propels their business. Consistency is garnered through a clear vision, strategy and communication within an organization first, which is then shared with customers in a unified way, across all customer touch points.

Why Create the Ultimate Customer Experience? To Maximize ROI

Companies often spend the highest percent of their marketing dollars in creating awareness in order to acquire new customers, but it’s captivating their existing customer base that gives them the biggest bang for the buck.

Businesses can capitalize on their investment in attracting new customers by creating an emotional connection that builds loyalty and customer retention. This keeps customers coming back to a company for the same products and services, as they are needed.

What many businesses are just starting to realize is that beyond retaining customers for the products and services they initially provided, there is a further opportunity to grow revenue by adding additional value that reactivates a loyal customer.

Businesses who listen to their customers will oftentimes hear a pain point, an opportunity for that business to expand their offerings to better serve their customers. What’s more is that their customers appreciate the added services because they are already familiar in working with your company and they also appreciate that you listened to their needs and are delivering a solution to their problem.

Examples:

Accounting firms have long been trusted financial advisors to their clients. Today, many accounting firms are moving beyond their tax and audit services by diversifying their offerings with consulting and other specialty services to reactivate their existing customer base and add revenue to their model.

In, It’s Cheaper to Keep ‘Em, Karl Stark and Bill Stewart share an example of a company that spends more than 90% of their resources on acquiring new customers. This companies’ model works for them if they plan to maintain their current ROI, but they’ll only be poised for growth if they can focus more on retaining their existing customers, who currently only stay with them for 2.5 years.

It’s about 50% easier to sell to existing customers than it is to sell to brand new prospects, according to Marketing Metrics and Alex Lawrence, Five Customer Retention Tips for Entrepreneurs.

“80 percent of your future profits will come from just 20 percent of your existing customers”, Source: Gartner and CMO.com contributor Jerry Jao / Kelly Weiss in Customer Retention Should Outweigh Customer Acquisition, who shares the following infographic:

RetentionScience_small

 

Maximizing ROI through customer experience is critical to business growth.

What’s Next?

Now that we understand why it’s so important to focus on the customer experience, our next blog post will share tips for how to create the ultimate customer experience.

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