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Customer Experience Mistakes Harming your Revenue and How to Solve them

Customer Experience Mistakes Harming your Revenue and How to Solve them

Customers are the center of a successful modern company. Without customers, there would be no sales and, consequently, no revenue. Furthermore, during this digital age, customer experience plays a big role in the decision-making process of consumers. In fact, customers are likely to spend 140% more after a positive experience in comparison with customers who report negative experiences.

Customer experience (CX), meaning the impression customers have of your brand, has cemented itself as an essential factor to generate revenue. As a consequence, every interaction with a customer may lead to either revenue generation or loss, it’ll depend on how the customer views it.

In order to drive revenue and ensure the success of your business, you need to avoid these four common CX mistakes that are harming your revenue, and learn how to fix them:

 

MISTAKE #1 NOT LISTENING TO CUSTOMERS

Customers should be at the center of your business, and not listening to them could prove detrimental to your reputation, customer satisfaction, and retention levels. Customers crave feeling heard and listened to, especially when it comes to their issues or complaints. According to a McKinsey study:

 

“Customer complaints can be expensive but also valuable. If you figure out why a problem arose and then correct the cause, the number of complaints will drop, and so will costs.”

 

Customer complaints tend to signal an issue, and when properly addressed, customers might even feel closer to the company.

 

HORATIO’S TIP:

Always remember that customers are the reason you are in business and your responsibility is to solve their problems and help customers achieve their goals. Pay attention to recurring issues and patterns, while also making each and every customer feel heard and listened to. Take your time to address their concerns and provide support until they are satisfied with your response. This will all strengthen your relationship with the customers.

Horatio is an expert at tracking customers’ needs and wants while providing personalized responses which outcomes leave everyone satisfied. 

 

MISTAKE #2 FOCUSING ON THE WRONG KPIs

Although data analytics is a differentiating factor in today’s competitive market, it is easy to focus on the wrong key performance indicators (KPIs). There’s a real problem when a lot of data is available to analyze, interpret and understand accurately. However, honing in on the wrong KPIs can actually be detrimental to the success of your business.

Putting your resources behind the wrong metrics can not only lead to waste, but also to a wrong comprehension of the business as a whole. In contrast, in customer experience, it is incredibly important for businesses to understand how their customers interact with their products and services.

It’s important, of course, to establish KPIs that reflect the whole journey, from call-center times and customer perceptions of service to impact on churn and revenue.

 

HORATIO’S TIP:

Shift your focus to relevant metrics. Depending on the type of business and interactions you handle, your most important metrics may vary. This is where our expertise and attention to detail can create more impact. With years of quality CX  data analytics under our belt, we’re able to critically analyze data to make better business decisions, elevating the client experience and creating higher customer satisfaction.

 

MISTAKE #3 NOT INTEGRATING OTHER DEPARTMENTS INTO THE CX STRATEGY

Customers make up their minds about your business through their first impression, whether its  about how you handle sales, your product, marketing, or even human resources. Once you’ve started on the wrong foot, turning it into a positive is an uphill battle. Integrating other departments is essential for businesses to achieve a unified customer experience,  This practice also guarantees that customer expectations are constantly delivered.

 

HORATIO’S TIP:

Involve every department, such as sales, marketing, product development customer service, and human resources, in creating and maintaining the customer’s experience in relation to its current event. This will ensure that all teams and departments are working towards the same goal of providing a positive customer experience under the same quality standards

We adjust our efforts and processes to fit your needs, integrating all departments and teams to provide a unified front to your customers.

 

Read more: The Value of Integrating CX into Marketing 📊📖.

 

MISTAKE #4 NOT OFFERING PERSONALIZED EXPERIENCES

Considering that 80% of customers say they are more likely to do business with a company if it offers personalized experiences, no business can thrive without them in today’s highly connected, equally competitive market.

Personalization instills trust by showing customers that your company listens, understands, and can respond appropriately to their specific needs. Therefore, they help build brand loyalty, boost customer satisfaction and make people remember your business.

 

HORATIO’S TIP:

Customers expect the very best. It is up to you to deliver it to them. To do this, you need to devote your time and energy to getting to know your customers and using that information to tailor their customer journey.

Horatio not only assists you in building a personalized, world-class customer experience but maintains the highest level of delivery and satisfaction.

 

LEVERAGING CX TO GENERATE REVENUE

At Hire Horatio, we are committed to growing alongside you, devoting all our efforts towards helping you reach your goals! If you wish to increase customer satisfaction and retention, contact us to elevate your customer experience and drive revenue!

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