Customer Experience: What's the big deal?
Customer Experience. You've heard the term a lot by now. Do you really know what it means and why its important to your business? If you don't, maybe I can help.
To really understand the essence and to find a solid definition of the term I turned to my fellow experts in the field. In fact 36 of them. I scoured subject matter expert websites and blogs looking for their definition of "customer experience". After compiling all the information I created a word cloud to illustrate the consistencies. Further distillation of the information created this definition for customer experience:
"The sum of all experiences a customer has with an organization over the life of their relationship."
So why is this important to an organization? My first question is what is the lifetime value of your customer? Regardless of the dollar value wouldn't agree the longer that lifetime is, the better all around? Do you know what your customers are feeling and ultimately saying about their relationship with your organization? I will spare you all the statistics and related numbers that prove out the obvious like the claim it cost eight times more to gain a new customer than it does to keep an existing one.
There are so many compelling and common sense reasons we need to understand the impact of the customer experience that I can't do justice to the topic in this blog post. That said, you can expect more to come.