How your customers perceive the quality of the Customer Experience delivered can have a significant impact on both their future behaviour and loyalty. Poor Customer Experience is a major driver of disloyalty, causing existing customers to stop doing business with your organisation.
When existing customers choose to stop using your business, its products or services, you are forced to replace these customers through increased acquisition efforts. In short, you have a scenario which could be referred to as a “leaky bucket”. This is an expensive approach for any business to take and can put a serious dent in current (and future) business revenue streams.
But by investing in improving Customer Experience, businesses can avoid customer attrition scenarios and save the cost of additional acquisition. By retaining existing customers, organisations can then enjoy the benefits of repeat custom and look to grow lifetime value.
Watch our short video to better understand what impact poor Customer Experience can have on your organisation and why The Research Locker advocates investing in Customer Experience:
Customer interactions are 4x more likely to drive disloyalty.
“You can’t manage what you don’t measure”
World renowned management thinker Peter Drucker is often quoted as saying “you can’t manage what you don’t measure”. At The Research Locker, we interpret this to mean that you can’t know if you have been successful if you don’t define what success is … and then track your progress towards it. This sentiment is especially true when it comes to Customer Experience!
First, use customer (and employee) research to understand what Customer Experience expectations are and how well your organisation currently delivers;
Secondly, use this research feedback and insight to design what the optimum Customer Experience should look like;
Thirdly, then plan how you are going to improve Customer Experience and begin implementation; and
Lastly, continue to measure progress and impact.
At The Research Locker, we employ qualitative, quantitative and mixed methodology research to understand the Customer Experience and map the end-to-end customer journey. We not only establish what is important to your customers, we use statistical analysis to identify key loyalty drivers and where the opportunity to optimise improvement lies.