There’s no doubt it’s the “Age of the Customer,” and companies that are not systematically improving Customer Experience (CX) will continue to lose money. A customer is 4 times more likely to defect to a competitor if the problem is service related than price or product related and a 5% reduction in the customer defection rate can increase profits by 5 to 95% (Bain & Company). That’s the realization that Benjamin Easaw, President of Revesis, conveys to his clients before helping them identify the strategies needed to deliver the most profitable customer experience.
Customer Experience is essentially how customers perceive their interactions with a company. In an era where products and services have been commoditized, in many ways, it is today’s “game-changer.”
Because the customer has so much more control of their buying decisions than ever before, companies need an effective strategy. With the advent of social media, and access to the Internet, a customer base can choose to spend their hard-earned money with a company simply by gathering information from the review of a company’s service delivery, or considering a friend’s recommendation. A dissatisfied customer will tell between 9-15 people about their experience. Around 13% of dissatisfied customers tell more than 20 people (White House Office of Consumer Affairs).