The typical support “strategy” is to let common issues roll in for your support team to address. But this approach not only overwhelms your team, it also means customers frequently have to wait hours or even days to get the help they need. This is costly not just for your team’s bandwidth and budget – but also for your customers’ satisfaction and overall perception of your brand.
In the ‘2021 CX Industry Report’ by UserTesting, it was found that despite the efforts to improve CX, many companies are still in the early stages of establishing their CX practices. Sixty percent of respondents admitted that their organization doesn’t have a formal CX strategy in place or only reacts to issues as they happen.
Customer Experience Is Gaining Traction. The vast majority of customers say they prefer to buy from companies that treat them like people rather than numbers. Not just that — they also like buying from companies that care to understand how they use their products and service
74% of senior executives believe that customer experience impacts the willingness of a customer to be a loyal advocate. If you want your customers to stay loyal, you have to invest in their experience!
Financial institutions were already undergoing tremendous changes due to market and competitive factors prior to the pandemic. Then drastic shifts in consumer behaviors during the crisis led many banks and credit unions to radically alter their customer experiences simply to deal with the extraordinary circumstances.
Understanding the customer is key. That means leveraging journey mapping, customer feedback programs, and behavioral data to evaluate where the journey requires improvements.
Did you know it costs five times more to acquire new customers than it does to retain current customers?
And did you know existing customers are 50% more likely to try a new product of yours as well as spend 31% more than new customers? Whether or not you currently have a loyalty program that encourages your customers to return and conduct more business with you, the above statistics clearly show the importance and impact of a successful customer loyalty program.