How Customer Experience Research Pays Off

How Customer Experience Research Pays Off

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In the workplace environment, there is a huge gap in the experiences that customers desire and whatever organizations want to give them.

 

Over 67% of customers reference bad experience as a result for churn, though only 1 out of 26 unhappy customers complain. However, according to Esteban Kolsky, if a customer isn’t satisfied, 13% of them will let 15 other people know that they’re unhappy. Even one bad customer experience could be devastating as 51% of customers may never do business with a company again. What’s worse is that it is 5 to 25 times more expensive to get a new customer than retaining a current one.

 

Therefore, it’s essential that we do our best to keep our customers happy without any hint of negative feedback and failing to bridge that gap could be costly. So before you realize which areas you need to improve upon, you have to commit yourself to vigorous customer research to get a better idea of customer experience, as well as the factors that are vital to customer satisfaction metrics.

 

You have to understand every stage of the customer journey if you are to fully engage with your customers. There are different types of research that organizations can perform at each stage of the customer lifecycle to grasp what their customers experience, from the time they find a product to the moment they become long-time brand loyalists.

 

Creating Awareness

Every new company needs to come up with a way to make their business stand out to their customers both in terms of being different and compelling. It is here that website optimization and competitive research are factored in.

 

Website feedback is crucial in helping you know what prospects think of your website, whether they can find the information they need or if there are items or anything else that’s missing. You can interview a random set of your online visitors to understand them better or come up with other methods of interaction that is helpful.

 

Competitive benchmarking is another strategy that gives you a better understanding of your brand’s strengths and weaknesses and each of your competitors. Survey your own customers as well as those of your top competitors to determine your competitive advantages.

 

Brand Preferences

Finding out what factors give your brand preference over your competitor’s brand is essential for maximizing consideration.One way to do that is to perform a competitive wallet allocation relationship analysis. It gives you insight about the brands your customers prefer and why. First, ask your customers what they think of your brand, rank it and then other brands of the same category. Then follow up with them using questions to get more information.

 

You could also perform a post-interaction survey. This helps you understand your mistakes and also boost the chances of your target audience picking your company over others. This type of survey comes to users as live-chat, navigation research and shopping cart abandonment or personal interactions.

 

How Your Customers Make Decisions

Customers decisions are very important: they provide you with plenty of ways to improve and increase your opportunities to capture potential customers, even if they don’t go as planned.

 

To understand their decision process, you can perform Win/Loss Analysis. This is an in-depth analysis of the reasons why you won or lost a customer. Ask a bunch of questions to your prospects about their purchase decisions, such as pricing expectations, the experience with your staff, product features and other factors.

 

Another good way to get a glimpse of your customer’s decision process is to gather customer feedback. This is crucial for your business as it enables you to learn about the overall experience of your customers. You can ask the prospect how they found out about you, what impacted their decisions, what additional information may have influenced their decisions, and then finally, why they did or didn’t choose your brand.

 

Another good practice is to collect online purchase feedback. This procedure can provide more insight into the user-friendly aspect of your website as well as the overall experience of your customers. Once again, you can ask them questions about the process and whether it was hard or easy if they were able to find the products without a hassle and be open to suggestions for improvements.

 

Finally, you can also collect location purchase feedback. While more costly, it can be very efficient, because in-person interactions are essential in knowing what attracts your clients and drive them away from your physical store. You can provide questions to customers and prospects about what they thought of the store organization, cleanliness, staff friendliness, product selection and more.

 

Making Good Use Of Customer Experience Research

Another relevant and imperative piece of business is knowing how your customers interact with your products. Doing so will provide you with insights into new opportunities to attract new customers and also retain existing ones. This way, you will have the necessary ingredients for maximizing profits.

 

First, you can collect event feedbacks. Those feedbacks allow you to capture the attention of your customers’ experiences and are ensuring that your events align with their needs and objectives. You would also want to ask about feedback for content, sessions, logistics and overall impressions.

 

Note that you should know whether your project succeeded or failed, implementation is important. You can also collect feedback after status meetings, post-training, following major milestones, etc. Another thing you should know is how customer satisfaction rates differ between products and services so that you get a better idea about what you need to do to become more customer-centric. Then get feedback on customer’s satisfaction with individual products.

 

Make Sure Your Clients Are Happy After Resolving Their Issues

It is important to learn about and bounce back from bad experiences to protect and even enhance your brand. You can acquire such data during the support phase. There are two such metrics all businesses should track : the customer effort score and the Transactional NPS.

 

The first one, the customer effort score, is an industry benchmark that measures how much a customer puts into getting their issue resolved. You can ask them a question such as “How much do you agree with the following statement: The company made it easier for me to resolve my issue.”

The second one, transactional NPS (NPS stands for Net Promoter Score) enables you to measure customer loyalty. Be sure to give your customers an NPS survey right every support interaction or at the end of other major customer touchpoints such as implementation sign-off.

 

A Few Growth Metrics

During the growth stage, you should focus on retaining and upselling your products and services to your existing customer base or create a loyalty program.

 

Here are three tools that can translate customer experience research into sales growth.

 

The first one, the relational NPS, lets you know how your business is doing as a whole and whether your customers have a good or bad view of it. Ask customers follow-up questions once they have provided a rating to know what is good and bad within your organization.

 

The second one is your loyalty program. It’s not enough to have one. You should also be conducting loyalty research, in order to measure the effectiveness of your loyalty rewards program. Ask your customers a question such as: “What and how was your overall experience with our loyalty rewards program?”

 

The third one is the customer satisfaction score. This metrics measures how much a customer is satisfied with your product(s) or service(s). Ask this question: “How would you rate overall satisfaction with the product/service and the experience from it?”

 

Customer Insights And Growth

Putting the needs of the customer over everything else is a must. Being customer-centric is what pushes sales – all from attracting customers to your products and services to retaining your present and best customers long-term as well as increasing your customer value.

Customer research is what provides you with valuable insights into your customer centricity and also gain long-term brand loyalty. A great customer experience program seals the loop at scale and the track your entire organization’s performance.

 

By Laraib Shahzad

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