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For many companies, one common assumption is that the burden of the customer experience falls solely on the customer service representative. While they are the ones most likely directly interfacing with the customer, the truth of the matter is that attention to the customer experience needs to be fluid throughout the entire company hierarchy: from C-level executives to the employee at the front desk. Why is a collaborative effort so important in customer service? Well, pick...

If you were to ask yourself “What’s the key to winning over a customer”, what would you say? In year’s past, answers like “price”, “product” and “speed of service” would have been at the top of the list. And while those answers are certainly still important in making a sale, studies show that by 2020 one key factor will trump them all as the key differentiator in winning over customers: the customer experience (CX). CX is...

There’s one simple truth for any company out there providing a product or service: negative feedback stings. The goal for any customer experience is for it to be a pleasant one, so when a customer expresses their dissatisfaction it’s a tough pill to swallow. Negative feedback is rarer than you may think: a typical business only hears from 4% of their dissatisfied customers. The real issue with that number is those that don’t express their complaints...

In the modern-day financial landscape, consumers and businesses are faced with the decision of choosing between either a bank or a credit union. Right now, credit unions serve a little over 100 million members, which includes 43.7% of the economically active population. The growth has been steady for credit unions, averaging between 2-3 million (roughly 2% of the U.S. population) new members per year for the past fifteen years. Banks and credit unions both come with...

We’ve all failed at work. Whether it was an awful first interview, failure to secure funding from an angel investor, or failure to close a sales deal, everyone has tasted bitter defeat. The best thing about failure? There is a lesson to be learned, making it preventable in the future.  Failure is an especially difficult pill to swallow in the realm of the customer experience (CX). It can mean losing a customer or negatively affecting a...

Since the dawn of time, humans have been a storytelling species. We are able to connect with stories through content that is compelling and personal to us. It’s no surprise then, that businesses everywhere have used storytelling as a way to attract more business. Whether it’s re-telling the trials and tribulations of a business start-up or a success story from a customer or business partner, stories can play well into a marketing scheme through engagement. But businesses...

As our economy increasingly depends on digital devices, online retailers everywhere are adapting their sales strategies to cater to a new type of client: the omnishopper. The idea of the omnishopper was studied extensively in a recently released Mastercard study. As you will read in this article, it is a study that is supported strongly by real-world examples. Omnishoppers are defined as consumers who use a broad spectrum of technology in order to make their purchasing...

So now that you’ve reeled in a new customer, the hard work is over, right? In many cases, the work has just begun. Customer retention is just as important as customer acquisition. According to Amy Gallo’s report in the Harvard Business Review, “increasing customer retention rates by 5% can increase profits by 25% to 95%.” Plus, while the likelihood of a new customer buying your product is about 20%, the probability of an existing customer making...

It’s a pretty well known fact in the world of ecommerce that the most effective form of marketing is through word of mouth. Consumers trust a referral from a friend, family member, online review, or testimonial far more than any claim that the company itself makes. A recent Nielsen survey found that 84% of consumers say they either completely or somewhat trust product recommendations from family and friends. So you’ve brought a stellar product to market, have an...