Welcome to Success Strategies | July 2023
Are You Losing Customers and Hurting Your Brand Because of Poor CX?
Is poor CX causing customer loss and brand damage? In today’s competitive business landscape, customer experience (CX) plays a pivotal role in shaping brand perception and customer loyalty. It’s time to assess whether your CX efforts align with your brand values and if they are positively impacting your business.
In my recent blog post titled “Your Brand and Customer Experience: Is CX Part of Your Brand Now?” I explore the vital connection between CX and the brand. Building on this discussion, most companies know they should act on their Customer Experience Feedback, which significantly impacts customer loyalty and brand reputation. However, most companies are not acting on their own feedback. According to Pointillist research, most companies (61%) agree that the most significant consequence of poor CX is the loss of customers, but don’t take the necessary actions to improve CX. In other words, they have the customer feedback, know they should act on it, but don’t.
The Link Between Poor CX and Customer Loss
Numerous studies and articles have shed light on the connection between poor CX and customer loss. According to a report by Esteban Kolsky, a customer experience strategist, 13% of dissatisfied customers will share their negative experiences with 15 or more people. For example, I did this in my recent blog by sharing my negative experiences. This negative word-of-mouth can significantly impact your brand’s reputation and potential customer acquisition.
Remember, a positive CX not only fosters customer loyalty but also boosts your brand reputation, differentiates you from competitors, and ultimately drives business growth.
To delve deeper into Brand and CX I suggest these articles:
- “The Business Impact of Customer Experience” – Forrester Research
- “Customer Intelligence Series: Customer Experience” – PWC
- “The New Science of Customer Emotions” -HBR
Remember, investing in CX is not just about retaining customers; it’s about safeguarding your brand’s reputation.
Wishing everyone a safe and joyous celebration on Canada Day (July 1) and Independence Day (July 4)!
FEATURED BLOG POST
Your Brand and Customer Experience: Is CX part of your brand now?
Too often, for B2B managers, the idea of a brand is just the logo and tagline. Customer Experience is your brand. More thought should be given to how CX is now a critical part of your brand. Based on our extensive research, one of the most critical parts of a B2B brand is the support for the products or services sold and one of the best areas of your CX journey to make a positive impact.
Your Brand and Customer Experience —The Connection
To better understand the connection between CX and your brand, let’s start with a definition of branding.
B2B branding is all about building a relationship with the customer. Products and services are generally sold through direct interaction with a salesperson, and the brand must provide a complete solution (not only a product or service but ongoing support and someone to service the relationship). (SCORE)
In the B2B market, customer experiences are at the root of a great brand. Specifically, you can have the most innovative product or service, but without excellent product support, it can be for naught, as the following personal stories suggest. READ MORE
CX TRAINING AND COACHING
CX Program Leader Certification
Lead Your Team to More Loyal Customers
Next Training: August 8 & 9, 2023, Charlotte, NC
We help CX Program Leaders succeed. In our two-day onsite and follow-up sessions, you will learn how to establish or refine your CX program from The Daniel Group experts and your peers.
Topics include: How to develop your company’s CX strategy, audit customer touchpoints, engage frontline team members, analyze customer feedback, build a customer-centric culture, and drive continuous improvements.