What makes customer experience a new competitive advantage?

With the rise of digital technologies and the increasing availability of information, customers have become more competitive advantage

competitive advantage

With the rise of digital technologies and the increasing availability of information, customers have become more demanding and discerning.

Customers won’t acknowledge poor or even mediocre experiences anymore. According to Emplifi, after just two to three experiences of poor customer service, 86% of consumers who were once loyal to a brand would switch. This implies that every error, regardless of how small, can lead to the loss of the customer.

In order to stand out from the competition and retain customers, companies need to prioritize their customer experience and make it a key part of their business strategy. In a highly competitive world, businesses that provide excellence in every customer interaction can stand out. In fact, investing in CX initiatives can bring a business both new and repeat customers.

In this article, we’ll explore what makes customer experience a competitive advantage.

But before we dig in, let’s first understand what “customer experience” is.

Customer experience encompasses the entire emotional journey of a customer- from initial brand discovery to post-purchase interactions.

This includes all content consumed, conversations with service representatives, and any interaction with the product.

Customer Experience: The New-Age Competitive Advantage

Customer Expectations: Today’s customers are well-informed, & tech-savvy and expect personalized, convenient, and efficient experiences. Companies that can meet and exceed these expectations will be more successful in retaining and attracting customers.

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Competitive Differentiation: According to Forbes Insights and Arm Treasure Data survey, 74% of customers stated they would likely make a purchase based just on experience. Thus, businesses that prioritizes customer experience can set themselves ahead of the competition by providing customers with a distinctive and unforgettable experience.

This differentiation can help them create a unique selling proposition and attract new customers.

Increased Sales: A positive customer experience can lead to increase in sales and revenue. According to a report, 61% of buyers say they’ll spend as least 5% more if they anticipate having a positive shopping experience.

New purchases and brand recommendations are more likely to occur when customers are happy. Additionally, companies can upsell or cross-sell to customers who have a positive experience with their products or services.

Customer Retention: Customers are more loyal to experiences that meet their needs and exceed expectations.

A happy customer is more likely to return and purchase more products or services from the same company. They are as well likely to give positive reviews and word-of-mouth referrals as well. This, in turn, can attract new customers and increase revenue.

How outsourcing customer support can help companies enhance customer experience:

Outsourcing customer support has become a popular trend for companies seeking to enhance their customer experience. This is because outsourcing offers many benefits, like:

Access to a pool of skilled and experienced professionals: Through outsourcing services, businesses may have access to customer service expertise. This can ensure that customers receive prompt and high-quality support, leading to higher satisfaction.
Improved response time: Outsourcing customer support can help companies improve their availability and response time. By having support agents available 24/7, customers can receive assistance whenever they need it, leading to increased loyalty and repeat business.

Higher flexibility: Outsourcing can provide companies with the flexibility to scale the number of support agents up or down depending on their needs. This can ensure that companies are always able to provide the right level of support to their customers.
Access to technology and innovation: Outsourcing agents constantly stay updated with the latest technology and innovation in customer service. This can allow companies to stay ahead of the curve and provide a cutting-edge customer experience.
Multilingual support: Multilingual support can be especially beneficial for companies that operate in multiple countries and need to communicate with customers who speak different languages. By outsourcing, you can offer customer support in the language of your customer’s preferences, which can increase their trust in you and their level of satisfaction.

Conclusion

With customer expectations only increasing, it is crucial for businesses to prioritize customer experience in order to remain competitive in today’s market. By outsourcing customer support to experts like BolsterBiz, companies can focus on their core competencies and leave the customer support to professionals, helping them to achieve their business goals and succeed in today’s competitive marketplace.