DOES A BAD CUSTOMER EXPERIENCE (CX) REALLY MATTER?

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The Interview with Mary Drumond:

• It’s important to look into the reasons why customers make their decisions. Most metrics only look at recommendation potential and satisfaction instead of examining customers’ motivation. That means a huge piece of the puzzle is missing.
• Customers stop doing business with companies for a number of reasons. The number one factor that drives customers away is when their time is not respected. Customers don’t like having to wait or being kept on hold; do this too much, and you may find your customers leaving to do business with someone who has a higher respect for their time.
• Why do companies with poor customer service continue to flourish? For certain business models, the most important factor may not be CX—it could be time and/or money. Customers expect an experience equivalent to the company’s price point, whether that is high or low. Additionally, if the starting price is lower, customers using the service who are not price-sensitive will pay more for upgrades.
• Humans make decisions on a cost vs. benefit and pain vs. pleasure basis. For customers making purchase decisions, this means weighing time and money against quality, product, customer service, etc. The lowest price may not always be the best value.
• Many companies either ignore or miss out on the most important aspect of feedback: the voice of the customer. Survey questions need to be redesigned to allow the customer to voice the issues that matter to them rather than giving data the company wants. Additionally, surveys need to be conducted in a way that eliminates bias entirely, or the data will be skewed.
• When customers are inundated with too many surveys, they will be less likely to participate and may become irritated. This phenomenon is known as “survey fatigue.” This also happens when customers feel as though companies aren’t doing anything with their feedback—they don’t want to make the effort to complete the survey if their voices are going to be ignored.

Quotes:

“You do not want to be the next business that is disrupted. So, listen. Listen to your customers’ expectations. Listen to the speed of change of the market and keep up.” – Mary Drumond

“There’s nothing worse than asking for a customer’s feedback and then doing nothing about it.”– Mary Drumond

“Everyone is subject to the speed of change in the market. No one is immune.”– Mary Drumond

About:

Mary Drumond is the Chief Marketing Officer at Worthix and the editor of the Science Behind Decisions blog.

Shep Hyken is a customer service and experience expert, New York Times bestselling author, award-winning keynote speaker, and your host of Amazing Business Radio.

This episode of Amazing Business Radio with Shep Hyken answers the following questions … and more:

1. What is a CXO?
2. What is content marketing?
3. How has content marketing changed?
4. How can I personalize my content marketing/experience?
5. How can I increase customer loyalty?