Articles

Importance of Customer Experience

Every Customer Interaction creates a Personal Reaction. From the customer’s perspective, if the reaction is positive, she not only desires to have more such interactions, but shares her experience with her trusted ones. If the reaction is negative, it is bad news for both the customer and the company, but it costs the company a ton because:

• 96% of unhappy customers don’t complain, however 91% of those will simply leave and never come back
• 85% of customer attrition is because of poor customer experience, not pricing or competition!
• 70% of buying experiences are based on how the customer feels they are being treated
• It takes 12 positive experiences to make up for one unresolved negative experience
• Acquiring a new customer costs more than 5 times the cost to retain an existing customer!

The real fault lines between different processes, departments, divisions and channels are exposed in each Customer Interaction.

The secret of good customer experience is seamless & consistent customer interaction, and a good measure of customer experience is customer churn rate!