Why Customer Experience is Your True Competitive Advantage
If your industry is growing more competitive all the time, it’s safe to say that there are (unfortunately) a lot of companies out there who do what you do. They offer similar products or services and, as a result, you’re worried about getting lost in the shuffle. But the fact of the matter is, nobody does what you do quite like how you do it – and that simple idea is the key to your next decade of success and beyond.
It’s indicative of the fact that, if you haven’t already begun to prioritize the quality of the experience you’re offering to your customers, now would be an excellent time to start.
Why Customer Experience is the Most Powerful Weapon in Your Arsenal
This is also a large part of the reason why customer experience is so important – not only is it the major way you separate yourself from both brick-and-mortar and online competitors, but it’s also something people have shown that they value a great deal. Consider the following statistics that help underline that point:
- A full 86% of buyers say that they’re willing to pay more for a great customer experience.
- Not only that, but 73% of people say that customer experience is one of the most important factors that they consider before deciding to purchase from a particular company in the first place.
- 65% of people even say that a positive experience is more influential in their minds than the greatest advertising campaign can ever be.
One study from the experts at Walker even revealed that by as soon as 2020, the quality of your customer experience is going to overtake both your prices and your products as your key brand differentiator.
Creating an incredible customer experience, however, isn’t something you’re going to be able to orchestrate overnight. This is why these are the types of things you need to be thinking about today.
But perhaps the most important statistic for you to understand of all is the following: experts agree that it costs literally five times more for your business to obtain a new customer than it does to keep one of your existing ones. Not only that, but satisfied customers also spend more money over longer periods of time, too.
A rock solid customer experience naturally leads to higher levels of customer engagement, which itself gives way to customer retention. Another study found that highly engaged customers are five times more likely to buy exclusively from a brand that they’re already satisfied with. Likewise, about 60% of consumers say that they will enthusiastically tell their friends, family members and other loved ones about brands that they’re loyal to.
So from that perspective, an investment in your customer experience today is about more than just making it easier for someone to complete a purchase. It’s literally an investment in the future success of your organization.
Creating a better customer experience brings with it higher levels of engagement, which has the added benefit of a dramatic increase in the loyalty that people feel to your store. That triggers increased profits and revenue, and becomes the major competitive advantage that you hold over everyone else in your marketplace.
People can buy products or services like yours in a lot of different places. But they can only get your unique customer experience from one source on Earth: your business. In an era where about 26% of people already say they feel more loyalty to a brand versus that brand’s products, it’s crystal clear that this is something you need to be devoting the maximum amount of attention to.
Not tomorrow, not next week – today.
Tomorrow’s Customer Experience is Born From Today’s Insight
As a pioneer of real-time location sharing technology, Glympse is an organization dedicated to helping you solve the last-mile gap between your company and the customers you’ve dedicated yourself to serving in a way that creates the best possible situation for everyone involved.
If you’d like to find out more about why the customer experience is your true competitive advantage, or if you’d like to discuss how Glympse can positively impact your business with someone in a little more detail, please don’t delay –contact us today.