Part 2
Strengthen your brand & win customers
Customer churn is a growth killer for start-ups due to the lag between acquisition and renewal. But an outstanding CX can fortify your brand and keep customers coming back.
If you don’t believe us, believe the numbers. The value of CX cannot be overstated as consumers make it an important part of their purchase decision:
- 93% of consumers agree that it drives their decision making and it’s why 78% are prepared to walk away from a brand after a single sub-par experience.2
- 82% of consumers who feel appreciated or respected report that they’re likely to spend more with a brand, as opposed to 19% of customers who feel unappreciated.3
- Nearly 90% of customers say the experience a company provides is as important as its products and services.4
- Almost 8 in 10 consumers would stop doing business with a brand if the CX was poor.5
Would you stop doing business with a company if you received a poor customer experience?
Answered "Yes"
Answered "No"
Unsure
Source: “Foundever™ CX landscape 2022-2023”
Customer obsession is the cornerstone of sustainable growth
Customer-obsessed brands understand the importance of meeting their customers' needs and creating an exceptional experience throughout the buyer's journey. In turn, this fosters customer loyalty and encourages repeat business and positive word-of-mouth referrals, which ultimately drives higher revenues and increased customer retention. Indeed, customers are willing to spend more on products and services if the customer experience is good.
Would you pay more for a product or service in exchange for a better CX?
Global average
Brazil
France
Germany
Spain
U.K.
U.S.
Source: “Foundever™ CX landscape 2022-2023”
In fact, recent research has also found a close correlation between a company’s sustainable growth and the quality of its customer service.
For example, customer-obsessed enterprise decision-makers report 2.5 times higher revenue growth than those who are not customer-obsessed.6
What’s making or breaking your brand on social media?
As a modern disruptor, you probably already know how influential social media can be for brands.
How do customers perceive your brand and what do they think of your products or services?
Social media reviews — good or bad — can give you valuable insight into your customer experience and how to improve it.
Your CX must be impeccable. People will scrutinize your brand and won’t hesitate to leave a negative review if they aren’t happy with your customer service.
Spotlight
When it comes to gauging your CX and finding out how your customers feel about your brand, meet CSAT and NPS, your new BFFs.
These measures not only help you determine if touch points are creating pain points but also to understand if you’re doing enough to maintain and build loyalty. So, what are CSAT and NPS, and how should you be using them?
Key takeaways
Prioritize CX
Make CX a priority by embracing a “customer-obsessed” mindset — make it a cornerstone of your growth strategy. CX is a critical factor in retaining customers and strengthening your brand.
Establish your presence on social media
Be active on social media platforms to connect with your customers and gain trust and loyalty. Use social listening to gauge how customers perceive your brand, products and services.
Measure your customer sentiment
Measuring customer sentiment will help you understand what areas of CX need improvement. Use this information to fine-tune your CX for an overall positive customer experience.
2 Foundever, “Foundever™ CX landscape 2022-2023,” foundever.com.
3 Forrester, “Customer service unplugged: How to scale empathetic customer service,” forrester.com.
4 Salesforce, “State of the connected customer,” salesforce.com.
5 Foundever, “Foundever™ CX landscape 2022-2023,” foundever.com.
6 Forrester, “The customer-obsessed growth engine,” forrester.com.