Are You Maximizing the Value of Your Omnichannel Customers?
Whether they are researching a new smartphone for themselves or evaluating potential software solutions for their organization, today’s customers are rewarding companies that deliver a consistent, seamless and agreeable experience across the buyer’s journey – just as they are penalizing those that fail to lean in and live up to rising expectations. For example:
- 78% of customers have terminated a transaction or not followed-through with an intended purchase, due to a negative experience.
- 95% of customers will tell others about their negative experience.
- It takes 12 positive customer experiences to offset the impact of a single negative experience.
Given these statistics, it is not hard to understand why in separate studies, Gartner and Walker, respectively, have arrived at the same conclusion: customer experience is fast becoming – and in some industries and marketplaces already is – the most important brand differentiator, surpassing the influence price and product.
However, there is another compelling reason why companies should be allocating more resources and aligning strategy to foster happy “omnichannel customers”, which are those that connect through multiple touchpoints and channels such as web, search, social, knowledge bases, community portals, phone contact centers, and so on. They are more profitable. Here are 5 key factors why:
- Omnichannel Customers Buy More
A study featured in Harvard Business Review found that satisfied omnichannel customers spend an average of 4-10% more than single-channel customers. Perhaps even more notably, the more channels that omnichannel customers used the greater their purchase amount.
- Omnichannel Customers Buy More Often
Not only do impressed omnichannel customers buy more, but they are also more loyal and buy more often. Mobile relationship management company Mgage highlights that within six months of a positive experience, 23% of omnichannel customers return for another transaction.
- Omnichannel Customers Churn Less
Customer churn is a threat for all companies. But it can be fatal for SaaS organizations that don’t just want customers to remain on the roster, but need this to happen in order to offset high up-front and CapEx costs, and generate profits. Happy omnichannel customers are more likely to stick around. Conversely, unhappy omnichannel customers will start looking for an exit. As noted by Nick Mitchell of the customer experience company 7: “A customer may initiate contact via a mobile app, come back later to fill in problem details using a Web form and finally call a live agent for a one-on-one consultation. Asking them to answer the same questions two or three times increases customer effort and frustration, which eventually leads to increased customer churn and attrition”.
- Omnichannel Customers are Unpaid Salespeople
Regardless of what changes on the business landscape – today’s best practices can become tomorrow’s outdated approaches – one thing will always remain consistent: word-of-mouth marketing is invaluable. Naturally, delighted omnichannel customers will be inspired to share their positive story. As noted by mobile client acquisition company CardTapp: “Only customers who like and trust you will send you referrals. Embracing an omnichannel approach is a great way to earn referrals, because most businesses aren’t providing this type of experience for their customers”.
- Omnichannel Customers Cost Less to Help
At first glance, supporting omnichannel customers across multiple channels and touchpoints may seem like an expense; one that could be hard to justify, especially for smaller businesses. However, in the long-run omnichannel customers can be cheaper to help, because they’re more aware of – and hence more likely to take advantage of – self-support options. Frankly, this isn’t because they’re trying to be efficient, but because self-support (provided of course that it’s good) is what they want. A survey by digital marketer Steven Van Belleghem reported in Fast Company that 56% of customers prefer self-service options when conducting pre-sales research, and 48 % want self-service options when addressing post-sales issues.
Making Omnichannel Customers Happy
The undercurrent that runs through all of these factors is that providing an omnichannel experience, while important, isn’t enough. It must make customers happy! Otherwise, companies will struggle with poor pipelines, high churn, and a bruised reputation in the marketplace. That’s where a digital experience management platform makes the difference.
A digital experience management platform enables companies to target, fortify, manage and monitor all channels and touchpoints along the buyer’s journey. What’s more, it doesn’t matter what routes customers take or devices they use. Whenever and however they engage, customers enjoy a consistent, seamless and agreeable omnichannel experience – while companies that serve and support them enjoy more sales, loyalty, referrals and profitability. In short: everyone wins!