⏱️ This post is part of a blog series, “Great Scott! The Future of Marketing is...” that will answer questions about marketing trends from emerging technologies to changing views about the role and purpose of marketing.
Thanks to the digital advancements of the last three decades, today’s consumers have more choices than Netflix has TV shows. In the first post in this series, “The Four Ps to the Four E’s: Time to Remix the Traditional Marketing Mix,” we talked about the transition from the Four Ps (Product, Price, Place, and Promotion) to the Four E’s (Experience, Exchange, Every place, and Evangelism).
The primary factors driving this shift? Endless options and 24/7 access mean the customer is king, and they have more power than ever before.
CX and the Bottom Line
Often referred to as CX, Customer Experience is concerned with every experience the consumer has with the brand. From the research phase to point of purchase and beyond, Customer Experience considers the entire customer journey and strives to create consistent, positive interactions with the brand.
CX used to be a person within the business who looked for and solved problems. Today, it’s likely a team of people who find sustainable solutions, propose structural changes, and track customer responses.
The Customer Experience field is rapidly growing, and with good reason. Seven in 10 Americans say they’re willing to spend more money to do business with a company that offers exceptional service, and brands with superior customer experience report bringing in 5.7 times more revenue.
When it comes to embracing a CX mindset, marketers have room for improvement. While 80% of customers say the experience a company provides is as important as its products and services, only 52% of marketers adapt their strategies based on customer interactions and feedback.
Here are some key ways marketers can align their efforts to reap the benefits of successful CX. 👇
Marketers must begin by honing their listening skills.
Never have there been so many avenues for consumers to talk back to brands, and never has the conversation been so public. Marketers must embrace this opportunity and respond with meaningful action that exceeds customer expectations. They’ll be rewarded if they do, and doubly punished if they don’t.
Happy customers tell an average of nine people about a positive experience with a brand, while unhappy customers share a negative experience with an average of 16 people.
When it comes to successful CX, consistency is key.
All interactions should reinforce a unified message, mission, and voice. Consumers expect the transition from marketing to sales to service to be seamless. Close to 70% of U.S. consumers report shopping more with brands that offer consistent experiences in store and online.
Consistent CX builds loyalty, and loyal customers are five times more likely to purchase again and four times more likely to refer a friend to the company.
In today’s new digital landscape, marketers must ensure customers receive the right message, at the right time, on the right platform—in a way that consistently keeps the promises made by the brand. Organizations that keep their promises keep their customers.
If marketers nurture the customer journey and acknowledge human experience as the number one priority driving business, CX stands to improve both their lives and the bottom line.