Customer experience (CX) has a hand on a lot of things in running a business.
From attracting and retaining customers to resolving issues and complex operational journeys, CX is essential to helping businesses succeed in today’s consumer-centered business economy.
But where CX can perhaps play an important role is in the scaling of the revenue growth of a business. When businesses can adjust their expenses in line with their sales patterns, they can ensure that they remain profitable without undermining customer relationships.
Outlined in this article are ways on how personalized CX can help in scaling the revenue growth of your operations and providing you with more resources to support your growing business.
CX Differentiates Your Brand
Customers no longer value brands that sell similar products and services at cheap prices. In a commoditized market with faster competition and dizzying options, price and quality are no longer enough when scaling revenue growth.
For businesses wanting a shot at making a lasting impact in their industries and perhaps even society as a whole, they have to do it by providing seamless customer experiences.
Like it or not, people will remember brands and come back if they have a flawless path to get to their products. In their minds, businesses like these are not selling products but experiences after buying them.
Your potential customers are probably more comfortable staying where they are rather than taking a chance on something new. Luckily, there are ways to convince them to make a switch and increase your product adoption.
By creating a good Customer Experience (CX), businesses can make a lasting impact in their industry while adding revenue rapidly and consolidating resources to ensure personalized customer journeys.
This, in turn, allows leaders to keep their business consistent throughout the ups and downs and maintain flexibility to adapt to economic changes and pressures.
CX Promotes Customer Loyalty
Part of scaling revenue growth is actually finding the people you can sell to more. Thus, having a structure in place and sufficient customer flow are keys to generating more sales and increasing customer loyalty.
Most businesses change their customer journeys the moment they fail to meet targets or get outperformed by their competitors.
Although this can work, rarely does it happen that you can strike gold at scaling revenue growth with these constant changes.
Confronted with these changes, most business leaders freeze and find themselves caught like a proverbial deer in the headlights. Before they know it, their competitors are already two steps ahead of them.
By delivering superior Customer Experience (CX), business leaders can establish a sense of credibility and trust among their customers. Gaining that elusive customer trust increases the likelihood of repeat purchases and loyalty.
After all, roughly 64% of customers choose to buy from businesses they can trust, especially nowadays when everything seems uncertain. As an added bonus, they may spend more than what you expect them to, which is not bad for your business either.
CX Encourages Word of Mouth Marketing
The power of word of mouth is too hard to ignore, especially if you run a delivery service company. Even if your delivery service business is regional, conversations around your reputation have a potential global reach.
Unfortunately, the reverse is also true for brands that struggle in meeting customer expectations. Like it or not, customers are not afraid to walk away from your company, which can be detrimental in scaling revenue growth.
Just because your shipping fees are cheaper, it does not mean that you can guarantee more sales. To make matters worse, social shaming is on the rise and customers are more than likely to voice out their frustrations online if your delivery service fails to meet or exceed their expectations.
This could lead into a public relations nightmare which can further dampen your efforts in scaling revenue growth. Make sure you reply to your customers’ messages to avoid increasing their frustration; although this might be stressful, you can use comment moderation tools.
On the flip side, they are more than likely to sing praises of your business if they had an excellent experience with your brand.
With more personalized CXs, you can encourage word of mouth marketing from your existing customers. This, in turn, allows you to market to their friends and colleagues without having to spend another dime on advertising.
When you are not wasting money on recovering from your terrible services, you have enough resources for scaling your revenue growth and ensuring that you can provide services that resonate with your customers.
CX Reduces Customer Retention Costs
It does not take rocket science to know that acquiring customers is more expensive than retaining one. In fact, the probability of selling to a new prospect is only 5% to 20%.
By delivering great CXs and reducing friction in customer journeys, you can increase the likelihood of retaining these customers and reducing costs. Retaining existing customers also means repeat purchases, cross-sells, and upsells.
These efforts, in turn, can result in more sales, higher customer lifetime value, and a predictable incoming revenue stream. This is key to scaling revenue growth and maximizing returns on investments.
When businesses can make money without having to spend money to acquire that customer base, leaders can create an engine of continuous revenue growth and re-focus their efforts on improving customer journeys.
Higher customer retention rates are also a healthy sign of brand acceptance. Often, higher churn rates result in organizations to lose revenue both in terms of the loss of that customer’s business and the money spent to replace them.
Through great CXs, you can retain those customers and turn them into brand advocates that will drive more revenue to your business.
And with more people spreading positive feedback and recommendations for your business, the more of the market your brand can occupy.
This is especially true for businesses in the logistics industry. If you let customers track their order information, delivery, and returns across different support channels, you can deliver a more personalized customer journey and reduce frustration.
CX Drives Business Improvement
Scaling revenue growth is a constant process of iteration. Hardly anyone stays competitive without evaluating customer feedback and making the necessary adjustments to improve the overall customer journey.
Customer behaviors are changing rapidly. For business leaders to stay relevant and perhaps even influence their beliefs and behaviors, they collect customer feedback from their online stores.
Through feedback, businesses can determine the issues customers are currently facing, the type of experience they are having with their brand, and the areas they need to work on when scaling revenue growth.
So, you might be wondering where you can get that all-important feedback to improve your customer journey. The answer goes back to using the best customer service tools in 2022 analyzing the experiences of your previous customers.
By assessing past customer experiences, you can determine future customer needs, the market gap, and how your business can take an active part in closing that gap and maximizing the benefits.
This makes it easier for you to scale your revenue growth since you actually have control in reinforcing positive new beliefs, shaping emerging habits, and aligning your messages to consumer mindsets.
The issue with most businesses scaling their revenue growth is that they do not often have strategies in place to resolve end-customer experience issues and complicated operational journeys.
When you can dictate and shape customer behaviors through past experiences, issues and interactions, you can ensure that you have the dynamic variables in scaling revenue growth.
Delivering Great Customer Experience for Increased Revenue
Using customer issues and experiences can go a long way when it comes to optimizing and scaling revenue growth. When you can take full advantage of data from any past Customer Experience (CX), you can ensure that your growth won’t stagnate as you increase your revenue.
One of tools that can help you do that is Feedier. Geared with machine learning capabilities, Feedier is a dynamic feedback solution that lets users listen, evaluate, and translate data into actionable insights that enhance customer experiences.