In today’s world, customer experience (CX) matters more than anything else. Customer experience is directly correlated to how people perceive a certain brand and its offerings.
Studies show that for many consumers, customer experience is of greater value than price tags, which clearly means that if companies can deliver an exceptional experience, customers will not mind higher prices. In fact, they will remember the overall experience with the brand including its product or service experience for a much longer time. Happy customers are the best brand advocates and promoters through word-of-mouth publicity. So in a way, further elevating the customer experience is a smart way to minimize customer churn without really slashing prices.
On the other hand, average or poor CX can be pretty damaging for a brand. Studies suggest that more than half of the American population will avoid making a second purchase from brands after a negative experience owing to poor customer service.
Maintaining consistency in creating an unbeatable customer experience is the finest competitive advantage any organization can acquire for themselves. As such the top global companies are nowadays intensifying their focus on CX. They view exceptional customer service not as overhead expenses but as an opportunity to generate more sales. Brands that offer the finest customer experience are willing to learn from their mistakes and keep their customers’ demands and needs in prime focus.
How Do Companies Measure Customer Experience?
Now, to improve the experience, organizations use certain metrics that help track CX. These metrics are entirely customer-centric and allow companies to measure CX and improve thereupon. Some of the most vital metrics used to measure CX are:
- Net Promoter Score (NPS)
- Customer Satisfaction Score (CSAT)
- Customer Lifetime Value (CLV)
- Customer Effort Score (CES)
- Customer Churn Rate
- Customer Retention Management
- Customer Support Tickets, and more.
All organizations measure CX using either one or a combination of a few metrics that are standardized all over the world. NPS is the most commonly used, followed by CSAT and CES. These KPIs are considered the best when it comes to understanding the voice of the customer, which is an essential step to building a robust CX strategy.
Companies That Are Known for Great Customer Experience
In the B2C sector, the following companies are known for amazing customer experience:
- Uber – Uber has identified the actual pain points, people face when they want to hail a cab, and removed them systematically. They also have a rating system for both drivers and users, which helps ensure their services meet the expectations of both patrons and partners.
- Netflix – Netflix has disrupted the OTT landscape worldwide with brilliant CX. Personalization is their key here, and also the mainstay of their customer journey map. They also have the widest range of productions compared to competitors.
In the B2B sector, the companies known for amazing customer experience include:
- IBM – IBM has come a long way from designing PCs to providing cloud solutions, AI tools, data management, and business analytics solutions. Their top-notch CX springs from their extra efforts in helping customers accurately understand how IBM products and services can benefit them.
- FedEx – The second-most trusted B2B company in America, FedEx is known for its open and simplified communication that connects consumers with possibilities, and its commitment to the timeliness of deliveries across distances and borders.
In the retail sector, companies that offer great CX are:
Amazon – One of the most customer-focused companies ever, Amazon takes a genuine interest in customer behavior and interests. They employ a powerful algorithm to their advantage, gauging what each consumer wants and offering personalized recommendations.
- Ikea – Ikea chooses to build upon customer pain points and turn them around to their advantage. Their stores are cleverly designed to encourage customers to spend the longest time selling not just highly valued goods but also a wholesome store experience.
The idea of a great CX varies in essence from one company to another. However, it basically means adhering to the best practices such that the customer’s perception of a brand stays positive throughout.
Experts say that the most vital aspects of a good customer experience include quick problem resolution in a single interaction, employing knowledgeable customer service executives, and definitely not requiring customers to repeat information in case they have to interact with new customer support agents. Moreover, the customer service helpdesk must be easily reachable round-the-clock.
Along with these elements, employee experience is a crucial determinant of delivering a great CX. Employees are actually the internal customers of an organization which intrinsically links employee experience to good customer experience.