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.


Leave a Reply

Your email address will not be published.Required fields are marked *


Helen Murray
Article by: Helen Murray

News & Insights

Recommended for you
Solution Designer
Service Provider
Technology Enabler
Blog
How Gen Z will affect the Generation Game

As the Millennials move steadily into their 20s and 30s, their successor Generation Z is emerging as a global consumer force to be reckoned with. In preparation for our forthcoming Generations series Polly Ashdown, Marketing and Communications Director, examines what makes Gen Z so distinctive and how brands can capitalise on the opportunities they provide. Born into the age of the Internet,...

News
Oor Wullie’s Big Bucket Trail | Charity Week

Webhelp is delighted to sponsor Oor Wullie’s Big Bucket Trail 2019, Scotland’s first-ever national public art trail, raising vital funds for children in hospital across Scotland. Each week of the event takes on a different theme, as it is Charity Week, it’s a perfect time to look back at...

News
Groupe Bruxelles Lambert enters into exclusive negotiations for the acquisition of the Webhelp group

GBL announces today it has entered into exclusive negotiations to acquire a majority stake in the Webhelp group, together with its co-founding shareholders, Olivier Duha and Frédéric Jousset, who would retain their role as founding executive directors, and its management team. Founded in 2000,...

Whitepaper
The Hybrid Model

As an international healthcare services organization, Direct Medica develops and implements innovative solutions to reshape the relationships between healthcare professionals, patients, industry players, hospitals and payers. For the past two years, the company has been developing a very...

Case Studies
[Fashion] Fifty Jeans – Launch your brand without cashflow problems!

...

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