It might seem too obvious to mention, but happy customers are loyal customers. Provided that your product is reasonably competitive, customer loyalty brings repeat business and free word-of-mouth advertising.
With an increase in the number of communication channels between businesses and customers, most notably via social media, customer experience has become even more important. Not only would a majority of customers happily pay a premium simply for a better experience, but negative experiences can be amplified to an incredible degree.
The same social media phenomenon driving influencer marketing has a potentially unpleasant flipside: negative customer experiences and even negative perceptions can spread like wildfire, creating what amount to negative customer experiences by proxy, with every social media user functionally being an influencer at a smaller scale.
This does, of course, have two sides: positive experiences can create positive feelings, even without a direct interaction. A worthwhile example is the North American fast food chain Wendy’s, whose official Twitter account ‘roasts’ both customers and competitors. While one might reasonably expect insulting customers to end badly, Wendy’s has instead created a huge fan base and garnered a positive image, even with people who have never eaten there. This can be evidenced through the countless articles found by a simple search.
When it comes to social media, customer perception and experience is everything – and the reality of the modern world is that social media is everywhere.
Customer Service Stats: https://www.salesforce.com/blog/2013/10/customer-service-stats-55-of-consumers-would-pay-more-for-a-better-service-experience.html
Customer Experience is the Future of Marketing: https://www.forbes.com/sites/danielnewman/2015/10/13/customer-experience-is-the-future-of-marketing/#1a5f50d193d5
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