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By Rockford Hunt
As the economy continues to boom, customers across many industries will increasingly benefit as companies compete for their business. In 2019, understanding your customer's needs is critical to earning and retaining their business and loyalty.
Even though you may already understand and agree with this fact, it is always beneficial to develop a deeper and more nuanced understanding of why and how this is occurring. What follows are seven power statistics that will further explain why the customer -- and the journey your company takes them on to earn and retain their business -- is so critical.
A decade ago, "customer experience" was considered important, but not nearly as important as it is today. With customers more discerning than ever, customer experience has become a critical component of competitive strategy in the business world. In fact, 89 percent of companies are actively competing on this basis. Don't expect the 11 percent to last very long.
Analyzing the customer journey is one of the most powerful ways that you can improve conversion rates for your business. In fact, recent studies indicate that developing a customer journey analysis can have an even greater impact than A/B testing -- which was, for a long time, widely regarded as the most effective method of conversion rate optimization (CRO).
The best marketing departments and agencies always make sure to focus on the ROI they are able to produce. One area that has shown particular promise in driving ROI is customer journey mapping. In fact, effective customer journey mapping results in an average increase of marketing ROI of 54 percent.
Once a customer makes a purchase, there is still a lot of work to do. Ensuring that the customer has an excellent experience and engages with the product is critical to maximizing customer loyalty and the lifetime value of that customer.
By developing, understanding, and acting on a map of the customer journey, reports indicate that the potential for upsell opportunities increases by an average of 56 percent.
Social media and the Internet have made it so that the transfer of information happens nearly instantaneously. That means your customers will be talking to each other more than ever before. In order to differentiate yourself, it will be absolutely essential that you understand the type of experience your customers want and provide it to them. Differentiating yourself from your competitors is expected to be the primary differentiator by 2020.
There should be absolutely no doubt how important the customer experience is. In case you need one statistic that highlights just how important it is, consider the fact that repurchase opportunities are dramatically more likely to occur if a particular customer has an "excellent" experience with your company.
The information described above is certainly no secret, which is why nearly half of product investment now is centered on the customer experience. If you want to remain competitive in your market in the future, make sure you understand the importance of the customer experience -- and how customer journey mapping can help get you there.
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