Everyone is paying close attention to their customer experience lately. New technologies have led to increasing global competition, innovative new methods to do business and many different ways to reach out. These new technologies have also led to data; lots and lots of measurable, instructive data.
Paul Greenberg, author of the best-selling CRM at the Speed of Light says:
Customer Experience Management (CXM) is a business science that has the purpose of determining the strategy and programs that can make the customer feel good enough about the company to want to continue to do business with the company.
So what can all this information tell you about your customer? Here are eight stats that can help you develop successful relationships with your customers.
You get more from existing customers:
1. 86% of consumers are willing to pay more for an upgraded experience (HuffPost).
A great example of this is seen in the travel and hospitality sector. A better seat on a flight or better amenities with a higher-end hotel room are some of the ways they upsell to customers, increasing revenue and encouraging customer loyalty.
2. 65% of companies can successfully upsell or cross-sell to existing customers (HuffPost).
Upselling is a sales technique where the customer is convinced to purchase a more expensive item, upgrade a service or add-on products or services making the sale more profitable.
3. Only 12% of companies can successfully upsell or cross-sell to new customers (HuffPost).
Cross-selling is the practice of selling an additional product or service to an existing customer. It can include things like the same product in another colour or travel insurance when a holiday is booked.
4. It is 6-7X more expensive for companies to attract new customers than to keep existing customers (HuffPost).
We’ve known this for years and it is the motivation behind customer loyalty programs and memberships. We see this supported in online shopping with the option to set automatic re-ordering. Building long-term relationships with your customers pays off!
Work with what you have. Your current customers are valuable and worth focusing on. It is much more effective to spend time and money on building your current customer relationships than always just going after new ones.
Customers like to share:
5. Customer frustration leads to the following: 13% tell 15 or more people if they’re unhappy (HuffPost).
We all like to vent, your customers are no different. What’s different now is that they have a variety of platforms to do it on and these platforms also have greater reach; but this can be turned to your advantage!
6. On the other hand, 72% of consumers will share a positive experience with 6 or more people (HuffPost).
This is where your social media platforms can become great tools for both marketing and customer relationship building. Get your customers to share their positive experiences by encouraging them to reach out through promotions, contests or recognition.
7. Only 1 out of 26 unhappy customers complain. The rest churn (HuffPost).
Churn is a phrase applied to customers when they stop doing business with a company, often calculated as a percentage within a given time period; so don’t assume that no news is good news.
8. 91% of unhappy customers who are non-complainers simply leave (HuffPost).
The lack of feedback isn’t a sign the customer is happy. You don’t want unhappy or indifferent customers. Giving these customers multiple opportunities and outlets to engage with gives you more chances to fix the problem.
The Key Customer Experience Takeaway:
There are many opportunities for businesses when they take the time to look at their customers and the data behind their behaviour. Take advantage of these opportunities to get to know your customers and grow your business.
Inclera understands data. Not just a payment tool, Inclera also delivers analytics reports, providing you valuable insight from your sales information.