In the ongoing battle for market share, brands pore over metrics and tweak strategies to increase customer loyalty. The stakes are high, customer acquisition costs are expensive, and most businesses can't afford to lose sales to competitors. With prices commoditized in many industries, today's battleground is centered squarely on customer experiences.
Data from an American Express Service Study shows that excellent customer experiences are the key to winning a customer's heart – literally speaking. More than 1,500 consumers were tested under laboratory conditions, and greater than 60 percent felt their heart rate increase when thinking about a great customer experience. For more than 50 percent of the group, receiving great service triggered the same cerebral reactions as love.
The realities of business introduce challenges to brands that are working hard to stir these kinds of emotions. The continued pressure on cost, customer expectations, rising complexity and decreasing cycle-time make it difficult to provide outstanding experiences while maintaining margins. However, according to Sean Erickson, EVP, chief marketing and infrastructure officer, Sitel, customer experiences can be improved through a number of methods including technology and innovation, customer service operations, employee management and global sourcing.
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