Customer Experience(CX) : The secret ingredient in your product success.

The power today belongs to the customer. Customers?today?are?more?outspoken?and?have?a?variety?of?ways?to?express?their?satisfaction?or?dissatisfaction,?with?many?choosing?to?do?so?regularly?through?digital?and?social?channels. Customers have a wide range of options at their disposal as well as the resources needed to educate themselves and make independent decisions to use your product or not.

Entrepreneurs and brands frequently placed a higher priority on product development and competitive pricing than on the real customer experience. But in today's connected world, the sales, brand loyalty, and customer retention wars will be won by products that prioritize the customer experience and employ techniques that resonate with target demographics.

As you can see from the above PwC survey, customers are ready to pay more for better CX. According to 73% of respondents, customer experience is a crucial consideration in buying decisions. Yet only 49% of consumers say products provide a good customer experience.

American Express research found that 86% of customers are willing to pay more for a better experience.

According to a survey by Temkin Group, businesses with yearly revenue of $1 billion may anticipate earning an average of $700 million more after investing in customer experience with in just 3 years.

Modern brands are monitoring customer reviews, analyzing data, and incorporating the inputs into new product designs even before they launch a product. Numerous innovative businesses have developed products to market needs even before the consumers themselves are aware of those needs.

Successful brands are aware of how important the customer experience is to their ability to stand out from the competition and that it must be implemented throughout the whole value chain. Every customer interaction presents a chance to gather feedback directly or indirectly and contribute to the continual flow of ideas/features for rapid product development. In actuality, consumer data powers the full lifecycle of the product.

Successful CX strategy requires a 360-degree view of the customers, with integrated , up to date data on customer accounts and its a continuous process through out the product life cycle.

Customer expectations are increasing more quickly than brands can enhance the customer experience. Customers expect that every engagement with any product, not just yours, will be the best one they have ever had. Brands must go extra mile to anticipate the customer trends and be prepared to cater to these trends in order to stay successful.

Any product that wants to enjoy continuous success must provide an outstanding customer experience. A satisfying customer experience enhances brand advocacy, loyalty, and customer retention.

If you are looking to design a winning CX strategy for your start-up/product or want me to review your existing CX strategy, feel free to send me a DM to start the discussion.