How Customer Experience Can Increase Revenue

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72% of customers are more likely to recommend your business to 6 or more people on the basis of their positive experience. On the flip side, 13% of unhappy customers will share their negative experience with 15 or more people.

This statistic is an eye-opener on how customer experience can impact your business. So what is this customer experience And why is it so important

Let’s explore!

What is Customer Experience?

In simple words, customer experience is defined by the kind of interaction that your business has with the customer. Accordingly, the resulting impression that your business leaves on the customer will help mold your brand perception throughout the customer journey.

Factors like people and products/services play an important role in customer experience and most of these touch-points are cross-functional in nature.

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Why is Customer Experience Important?

As businesses adopt a customer-centric approach, customer experience has emerged as a critical factor that controls and paves the way for the sustained growth of a business. Positive customer experience and effective customer experience management can help in building brand loyalty and affinity while earning new customers through referrals.

customer experience to boost revenue

What is Customer Experience Analysis?

In order to implement customer experience management businesses need to have the requisite data to understand what aspect needs to be worked on or sustained. This is where Customer Experience Analysis comes in the picture.
Customer Experience Analysis is a way to monitor and measure how your product or service performs based on the customer’s expectations. Through this information, your business could discover if your offering exceeds, meets, or falls short on delivery.

How to Perform Customer Experience Analysis?

Before you begin conducting customer experience analysis you need to be equipped with the following data:

  • Ideal Customers or Potential Customers whose experience needs to be analyzed.
  • Key touchpoints in the customer journey measured against the customer experience.
  • Customer feedback and insights: These can be collected with the help of surveys (NPS, CES, CSAT, NetCNS, website, etc.), employee feedback, social media platforms, sales and CRM platform data capture.

Once you have this data, here’s a step-by-step breakdown of how to carry out customer experience analysis:

  • Identify what is lacking in your customer service. You can get this information using the feedback and insights that have been collected.
  • Populate a list of the ideal or potential customers as these are the ones who will extract the most value from the products and services you offer.
  • Next, categorize the customer data into various demographics like age, gender, and location.
  • Once the data has been categorized, you can identify the needs and demands of each group. Note these with respect to the touchpoints.
  • Start by addressing the micro-level issues. You can do that with the help of the feedback gathered from your employees.
  • Next, move on the macro-level issues and identify them as common and serious. Macro-level issues affect the customer journey and affect a larger share of your customers.
  • Compare and study your business customer experience pointers with that of your competitors. Also, keep an eye on the prevailing customer experience trends.
  • The most important step – take action on all the problematic areas that are diluting the customer experience.
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Benefits of Customer Experience Analysis

The major benefits of customer experience analysis include:

  • Insight into how customers interact and engage with your brand.
  • Businesses can study, monitor, and improve upon any problems or potential issues.
  • Risk mitigation.
  • Increased brand awareness and customer retention.
  • Larger customer base.
  • Increased revenue.
  • Deeper customer engagement.
  • Reduction in customer turnover.
  • Customer personalization.
  • Ability to build targeted customer profiles.

How Tatvam can Help Improve Customer Experience and Revenue Enhancement

Allow us to explain the role of Tatvam using a case study:

Georgia Aquarium enjoys a massive influx of visitors due to its wide range of offerings. However, larger crowds translated into a decline in visitor satisfaction. Eventually, a subpar customer experience began to take place shown by a drop in the number of visitors and consequently the revenue.
With the help of Tatvam they identified that the problems surrounding the dolphin show, beluga whales, and other attractions.

However, the main issue emerged to be the complaints about the over-crowding.
Tatvam helped in navigating to the reviews and comments that highlighted the prevailing problems in the Georgia Aquarium. Once they were capable of zeroing in on the main problem and identifying the related deeply rooted issues they took the initiative to mitigate the problem.

They began running promos to incentivize visitors attending the aquarium for durations other than peak times. As a result, the crowd became easier to manage, and guest satisfaction levels began to increase. They continued to monitor the effectiveness of their strategies using Tatvam and made changes accordingly until they performed beyond their customer’s expectations.

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Key Takeaway

Customer experience analysis involves dealing with large amounts of data. As a result, businesses can find it rather overwhelming not only to collect but also to make sense of this data. Hence, it is essential that you allocate this task to a VOC platform that can extract the maximum value from it.

With our user-friendly tools and actionable and scalable guidance points you can sit back and relax as your customer base and revenue continues to grow!