How to Strengthen Your Customer Experience Strategy During Financial Crises

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Last year was tough on many businesses, and with the global economy still limping, the challenges will continue this year to some extent. Brands will have to tighten their marketing and operational budgets to survive in the market. During these times, even customers seek brands that offer value for their money. But did you know that having a strong customer experience strategy can help brands shine through the challenges?

In fact, as per the latest CX trends, customer experience will be one of the top priorities of many businesses this year. But how can you adapt your CX strategy to navigate the obstacles and win your customers’ loyalty? How can you remain competitive, maintain a solid brand image, and thrive in the market when market conditions are not in your favor?

Here are some ways that can help.

The Need for Improved Efficiency

It’s no secret that many brands are functioning with budgetary constraints. However, the present conditions also demand a high level of efficiency and productivity to thrive in the market. Therefore, brands should look at cost-effective ways to stay ahead of the game while keeping their customers satisfied and happy.

Setting clear goals, adopting the best CX metrics to track progress, and improving employee engagement are crucial aspects of productivity. Automating repetitive tasks also helps in reducing unnecessary workload and improving employee satisfaction, which will be reflected in customer satisfaction. A good customer feedback management platform (like Feedbackly :)) can also improve efficiency and is cost-effective in the long run. 

Here are some examples of actions that you could consider automating: sending out satisfaction surveys (via email, SMS, website widgets), triggering custom notifications and messages based on the feedback given, customer support chat (using chatbots), and analyzing open text feedback (with AI).

You can incorporate AI to understand and cater to your customers’ expectations without going over budget. AI is one of the key CX trends in 2024, and there’s no better time to hop in! Check out our blog on how AI can elevate CX in your brand

Focusing on Customer Retention 

Attracting a new client has always been costlier than retaining existing clients. But it’s even more expensive now, and many brands may not have the luxury of spending on heavy marketing campaigns. So, now would be the ideal time to focus more on retention, loyalty, and word-of-mouth marketing.

Retaining your existing clients has a lot to do with winning their trust and loyalty. For this, brands need to ensure they offer an excellent customer experience for their clientele (emotional experience!), make continuous improvements to the buying journey, and take a proactive approach to customer feedback. 

Satisfied customers take it upon themselves to promote your brand to people they know and also remain loyal. It will provide businesses with a consistent revenue stream, establish a good brand image, and attract new customers at little to no marketing cost. Make sure you use KPIs like EVI® and NPS to keep track of customer satisfaction and loyalty. 

Measuring the Financial Impact of CX Strategy

Naturally, brands would want the best ROI for their efforts to ensure their money is spent wisely. This is especially important during difficult times. While quantifying the ROI on CX may sound difficult, it’s actually not. In fact, you can actually get a data-backed picture of the impact of CX on the financial performance of your business. Here’s when data enrichment comes into play. 

Enriching your CX data with financial data will help you understand how better CX leads to higher revenue. For example, when you pair EVI® data with sales data, you will be able to identify how different emotions affect purchases and, thereby revenue. It will also help you determine the emotions that contribute to bigger purchase sizes and you can focus on evoking them throughout the buying journey with necessary improvements. 

In addition to giving you the ROI, data enrichment also provides context for your CX data, helping you understand different factors that motivate customers to purchase from your brand as well as factors that deter them. 

Takeaway: The Key to Strengthening Your CX Strategy is Quality Data

Customer experience is vital for navigating tough economic conditions and operating in fiercely competitive markets. Emotional experience, in particular, will be a focal point of attraction for customers in the hunt for personalized shopping experiences. So, centering your strategies around it and working with clear goals in mind can help you cut back unnecessary costs.

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