It is no more surprising that customer experience is so high. Many types of research by American Board found that 86% of customers are willing to pay more for a better experience. Meanwhile, many professional groups have also published a study and found that companies that earn $1 billion annually can expect to earn, on average, an additional $600 million within 2 years of investing in customer experience. That’s a 70% increase in revenue within 36 months!
Putting it in simple words, companies that have successfully implemented a customer experience strategy have achieved a higher customer satisfaction rate, reduced customer churn, and increased revenues.
In this article, we have simply focused on how a customer experience is important and how a bad customer experience can affect a company or any professional business platform.
How important is the customer experience?
A business or any professional platform cannot exist without its customers, and this is why companies are focusing on how to win new business and, perhaps more importantly, retain existing customers. A survey was taken recently by the most highly flourished companies, and as per the survey, the companies who have implemented customer experience strategies, have grown up to 75% since 2019.
Talking about the other side, how can a bad customer experience affect or impacts a brand or a business platform? Let’s take a look.
Impact of bad customer experiences
If a great customer experience is focused on ensuring each and every interaction as well as the loop points with your business are easy, enjoyable, and seamless, then the exact opposite is quite true when it comes to a bad customer experience.
More than approximately $72 billion is lost and also wasted each year to bad customer service says the study. Meanwhile, another study has also found 81% of unhappy customers leave a brand without complaining.
Some of the most common causes of bad customer experiences involve:
- Difficult or clumsy purchasing processes
- Negative experiences with customer support
- Compromising a customer’s personal security
- Waiting too long on hold
- Ignoring customer feedback
Note to be taken
So in simple words, if you are a professional business platform or a brand owner, you should surely implement customer experience strategies and evaluate the loopholes and address them to make a solution. On other hand, bad customer experience should never be neglected and should be kept in mind while evaluating the other prospects for the company’s growth.