It’s no secret that successful companies are the ones with satisfied customers. But while many executives claim to understand the importance of customer experience (CX), it often falls by the wayside as resources are channeled into product development. Yet as we wrestle with a global recession, how you interact with your customers is more vital than ever before. Customer experience is, in fact, the single ingredient that will determine the success of your company.
According to Adobe’s 2020 Digital Trends report, the majority of companies stated that their key focus this year was on customer experience. CX was ranked higher than content marketing, video marketing and even social media. It’s really no surprise, considering that focusing on customer experience can vastly increase a company’s bottom line.
Research by the Temkin Group found that companies with a turnover of $1 billion annually can expect to earn an additional $700 million within three years when they invest in CX. A further report by SmartInsights revealed that businesses offering better customer experience earned between 4 and 8 percent more than their competitors. And a survey by Deloitte found that 88 percent of companies now prioritize customer experience in their contact centers.
The Use of Technology in Customer Experience
Technology plays a key role in creating a memorable customer experience each time a client interacts with your brand. This can include simple tools such as the use of dedicated landing pages and customized emails, as well as more complex CX technologies such as intelligent live chat and AI-based algorithms that can help companies understand customer preferences.
Netflix, for example, uses AI to mine the data of its subscribers and provide highly personalized experiences to more than 180 million subscribers worldwide. https://5415ca31358cb243fcc78be40cbab808.safeframe.googlesyndication.com/safeframe/1-0-38/html/container.html
“We own the Netflix customer experience from the moment they sign up, for the whole time they are with us, across TV, phone and laptop,” stated Todd Yellin, Netflix’s VP of Product Innovation, in an interview with The Guardian.
Customer Experience in Affiliate Marketing
Affiliate marketing is a good example of how excellent customer service can help secure business growth. Using affiliate marketing, a company can collaborate with third parties to reach the right audience in a personalized manner, all while providing an excellent customer experience.
An affiliate program allows companies to connect with warm leads that have already been engaged in conversations. That’s because the third-party service has already spent hundreds of hours learning about their audiences and their expectations.
Services like Affiliate Institute show how affiliate marketing broadens the field of who can play and allows more companies to access rich data about their targeted audience. Marketers can then use this information to optimize touchpoints and treat customers well at every interaction.
The principle is similar to that used by Netflix or Amazon, with the difference being that you don’t do the A/B testing yourself. Affiliate marketers test the audience to see what works and what needs to be improved. Then, they apply the right strategies to market your product and consolidate your relationships with prospects and customers.