Looking at your return on investment (ROI) to determine the effectiveness of any of your marketing strategies is very important. Your customer experience ROI is no different and may even prove to be the most important.
What is Customer Experience?
Forbes defines customer experience as the perception your customers have of your brand. This perception comes from all of the interactions they have with your organization, your customer service representatives, your products, your website….everything. And just one poor interaction can ruin a customer’s perception of your brand.
Determining your customer experience rating currently and making a plan to improve that rating will increase customer satisfaction and ultimately help your organization succeed. In order to determine your current customer experience rating, you’ll need to quantify it by figuring out your customer experience ROI.
What is Customer Experience ROI?
Quantifying customer experience is a bit more complex. However, to simplify it, getfeedback explains how you can calculate customer experience ROI with the help of a formula: Customer Experience ROI = Return / Investment. This formula will help you set a baseline and determine the effectiveness of all the measures you take to improve your ROI.
The next step is to make those improvements. In order to help, we’ve compiled 10 tips for improving your customer experience ROI.
Tips to Improve Your Customer Experience ROI
Tip #1 Improve Your Customer Service
According to a study by Glance, 78% of customers have decided not to purchase due to single poor customer experience. Simply encouraging your employees to provide the best customer service will keep customers interested in your products or services. Reward those that provide good customer service.
Tip #2 Train Your Staff
Make sure your employees have proper knowledge of customer service techniques. Also, make sure they are well informed about the products and services they are selling. Train them on where to go when they don’t have answers to specific questions.
Tip #3 Combine Sales and Marketing
Coordinating your sales and marketing efforts can help your customer experience ROI considerably by ensuring your messages are consistent, feedback received by sales is employed in marketing efforts, and customer accounts are accessible by both sales and marketing.
Tip #4 Don’t Forget About User Experience
In order to ensure a good customer experience, you’ll need to remember to put some focus on your user experience. Your customers should have a positive experience when using your app or on your website in order to have a positive overall customer experience.
Tip #5 Point System for Reviews
In order to measure your customer experience effectively, using a point system to put value to your reviews is a great way to determine which hold more weight than others and how you are doing.
Tip #6 Measure Your Customer Retention
Calculating the number of customers you are able to retain can help improve your customer experience ROI. Since retaining customers costs much less than acquiring new customers, it will also help with your overall ROI.
Tip #7 Social Media Monitoring
Customers tend to let everyone know how they feel about a brand on social media. By using a social media monitoring tool such as HipSocial, you can listen for mentions of your brand or your products and track how customers are experiencing your brand.
Tip #8 Poll Your Customers
When in doubt, you can always take a poll to find out how your customers feel about your brand. Sending out a poll via social media platforms or a survey via email can tell you a great deal.
Tip #9 Encourage Feedback
On top of actively seeking information from your customers through polls and surveys, encouraging customers to let them know how you’re doing on your various social media platforms and your website will help you gain valuable information as well. Tracking such information will show trends in customer experience improvements and declines.
Tip #10 Determine ROI Metrics
The previously mentioned tips will help you improve your ROI, but how do you know if they are really better? Determine which metrics you are going to use to determine your ROI as a whole, on top of your customer experience ROI. These numbers can include anything from measuring marketing campaign effectiveness to increases in product purchases or customers.
In order to incorporate all of these tips to help you improve your customer experience ROI, it is recommended to implement an advanced customer relationship management (CRM) software such as Agile CRM. This tool can effectively collect, document, and access all of your data that goes into determining how your customer experience is doing and what you can do to improve it.
Positive customer experiences can boost your company’s brand and, eventually, your revenue. Using these tips will help you improve your customer experience ROI and reach your customer satisfaction goals.