Welcome to Success Strategies
Are you setting up your company for sustainable business growth with excellent CX?
Excellent CX is the key to keeping your customers loyal and having them become your best sales team by telling others about you. In 2003, Fred Reichheld, a consultant with Bain & Company developed the Net Promoter Score. He found that the NPS question (how likely are you to recommend) was strongly correlated with several business outcomes, most notably business growth. Over the years, the connection between positive customer experiences and outcomes such as sales growth and customer retention has continually been seen. In this issue of Success Strategies, I want to dig a bit deeper into the connection between customer experience and business growth, from Fred Reichheld’s perspective.
Sustainable Growth Through CX
We were fortunate to have Reichheld as our keynote speaker at our last client conference. I followed up with a three-part interview with him. Here are a few things he said about the connection between CX and sales growth. “Whether you’re a CFO or the head of marketing, or anywhere in the organization, I think if you understand the economics of a sustainable, profitable business, you understand this fundamental. The only way to grow profitably through the years is to treat customers so they return for more and refer their friends. That’s the only sales force you can afford in a cost-sensitive world. And if you have to buy your growth because you can’t earn it through loyal customers, it’s a real short-term victory.” We have seen the natural connection between good CX and growth as a firm. Over 90% of our firm’s revenue has come from referrals for the past twenty years. For us, good CX makes a difference.
Now, shifting gears, Some recent personal experiences have highlighted the need to think broadly about CX. Much of our consumer experience happens after we get the product home and begin using it.
After-sale experience is pivotal in securing repeat customers, generating word-of-mouth referrals, and maintaining a positive brand image. My recent blog, “Why the Customer Experience After the Sale is Crucial for Your Business Success,” highlights the significance of after-sale CX and provides valuable insights on ensuring your customers remain content long after the sale. For additional reading on after-sale CX, I found a Hubspot blog that underlines the benefits of after-sale CX, reinforcing Fred Reichheld’s assertion that sustainable growth is achieved through exceptional customer experiences.
I found some additional articles that you will find helpful in your continuing efforts to help your business achieve sustainable growth through excellent CX:
- Returning Customers Spend 67% More Than New Customers – Keep Your>Customers Coming Back with a Recurring Revenue Sales Model
- Customer Service And CX Are Not Just For People On The Front Line
Upcoming Events for 2024
We have opened registration for two events in 2024 to you help you further your journey towards achieving sustainable growth through excellent CX:
March 5, 6, and 7, 2024 CX Client Conference Build a Stronger CX Culture, Charlotte, NC We’ve expanded this conference to two and one-half days from one and one-half days. This year, we will have two keynote speakers: Authur Greeno, Chick-fil-A, and Benny Suggs, a former Harley Davidson executive.
Both speakers come from companies where brand and CX go hand-in-hand. Click here for more information and to register.
Please let us know if you want to share how you make CX work in your company. We love to share what works in CX with our clients.
Founder & CEO