Close

Choose a country

United KingdomEnglish
South AfricaEnglish
IndiaEnglish
InternationalEnglish

A Great Customer Experience Helps Business Growth

Blog
19th October 2016

customer experience business growth

What are the most basic strategies that sit at the top of the priority list for most executives? Reducing the cost of running the business is one. Increasing revenue or profit (or preferably both) is another. However, in recent years almost every industry analyst has suggested that improving the customer experience (CX) has become the single highest priority across all industries.

This is because analysts and researchers have proven that there is a strong connection between business success and a focus on improving the customer experience. Great CX drives other behaviours, such as loyalty and improved engagement, and ultimately this creates more business for the brand.

But what if it could be proven that focusing on your CX has a direct impact on cutting costs and increasing revenue? This is what Forrester Research suggested recently, when VP and Research Director Harley Manning addressed an audience in Florida.

Manning said that by making customer experience the number one area of focus, companies will find that other benefits occur naturally. These include the ability to grow revenue faster, reduce service costs, achieve greater pricing power, and reduce risks around regulatory compliance.

This is particularly true in markets where strong competition exists because there is then a greater ability to distinguish between rivals. When one market player treats customers significantly better than most there is not only the effect of customers gravitating to that company, but also the ability of the leader to push their prices up. Many customers are prepared to pay more for convenience and a better experience, and only the CX leader has the ability to set prices above the market rate.

Manning also noted that a focus on CX has benefits within the company. When your own team feel better about the way they are able to look after the customer, it improves internal employee satisfaction and creates a positive feedback loop. Because you create a situation where the team is more empowered, the team functions better, the customers are happier, and the team continues to feel and function better because their job and levels of satisfaction have significantly improved.

Industry analysts have talked for the past few years about how important it is to focus on CX, but I think this is the first time I have seen one of them claiming that all those other important business priorities can be achieved just by concentrating on the customer experience alone. Do you think that the Forrester research is correct? Leave a comment below or contact me on LinkedIn and let me know.


Helen Murray
Article by: Helen Murray

News & Insights

Webhelp Payment Services
Solution Designer
Service Provider
Technology Enabler
News
Webhelp response to the Covid-19 Coronavirus

Webhelp Business Continuity in a responsible manner How we respond to the Covid-19 crisis to ensure the continuity of our business for the benefit of our people, our clients and their customers. We face an unprecedented time of stress and uncertainty. From individuals, to families, to companies, we have all been impacted by the effects of the virus. We recognize that the global landscape of...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
Blog
How COVID-19 will create a revolution in flexible working

Preface 01/04/20 Since the time of writing this, just a few weeks ago, the world has changed dramatically, with entire countries entering strict lockdown periods and large regions operating under shelter in place instructions. My thoughts below on the importance of flexibility and looking after...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
News
A message from the Founders

  ​​​Hello, We are facing an unprecedented situation today, which requires that we take an exemplary citizen's approach to protect the most vulnerable people and to do everything we can to limit the spread of this pandemic. Thank you for your mobilization in recent...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
Whitepaper
#4 OneShot – Culture

Table of Content: A Word : Location A Figure: 32% stock market valuation for companies with a strong customer culture Three Opinions: Culture, what impact does it have on your performance? A piece of information: At Renault, design has become THE cultural priority. A Demo : Cultural...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
Case Studies
[Fashion] Fifty Jeans – Launch your brand without cashflow problems!

...

Read 212CAAF2-CC0E-4D90-9134-028C45BDF837 Created with sketchtool.
Load more
×

Webhelp Cookies Preference Centre

Strictly Necessary Cookies
The website requires the use of cookies for essential functional requirements and these are outlined in the cookies policy.

Enhanced Functional Cookies
Some features of this website use services provided by third parties websites. These features use cookies to implement their services on this website and may collect data about your visit to help them optimize their functionality. The Webhelp cookies policy outlines the cookies used by these services.

We have links to social networking such as Twitter, Facebook and LinkedIn.
These websites are third party sites. We do not place cookies on their behalf, and do not have control over the way they collect or use your data.
We encourage you to read more about their policies:
Twitter
LinkedIn
Facebook