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Why Businesses Need To Value A Customer’s Experience With Their Business

Why Businesses Need To Value A Customer’s Experience With Their Business

Reported by Liku Zelleke

One thing, without a doubt, that can ensure the success of any business is the concentrated effort it puts into making sure its clients and customers are satisfied with the goods or services they are provided. Investing in improving customer experience is a truly worthwhile venture that every business should seek to improve and invest in.

To prove this fact, here are some quotes that come from businesses that have realized it:

  • According to a global customer satisfaction report by Accenture, “Price is not the main reason for customer churn; it is actually due to the overall poor quality of customer service.
  • Bain & Company realized that “a customer is 4 times more likely to defect to a competitor if the problem is service-related than price- or product related.”
  • Marketing Metrics advises businesses to hang on to their current customer base because “the probability of selling to an existing customer is 60 – 70%. The probability of selling to a new prospect is 5 – 20%.”
  • Lee Resource points out that it is important for businesses to listen to what their customers have to say because it is only the very few that actually make those complaints because “for every customer complaint there are 26 other unhappy customers who have remained silent.”
  • The flip side to that is that although 96% of customers that are unhappy with the service they are getting will not make a complaint, 91% of them will leave to never return.
  • The advantage of improving customer experience isn’t only about making sure they are happy but ensuring a healthy profit at the end of the year by cutting costs, according to Emmet Murphy & Mark Murphy in Leading on the Edge of Chaos. They say just increasing customer retention by a mere 2% “has the same effect as decreasing costs by 10%.

As the saying goes, the customer is always right, so making sure they are completely satisfied at your place of business is the key to your business success.

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