Customer experience is about your customers' entire journey with your company, product or service over time. When that total experience feels authentic and creates a truly personal, emotional connection, it builds loyalty. And loyalty builds value.
Customer loyalty is worth building
Loyal customers spend more money and often provide powerfully effective free word-of-mouth advocacy for your company’s products or services.
Numerous statistics underscore the value of loyal customers. For example:
- On average, loyal customers are worth up to 10 times as much as their first purchase. (Source: White House Office of Consumer Affairs via Help Scout)
- It is 6 to 7 times more expensive to acquire new customers than it is to keep a current one. (Source: White House Office of Consumer Affairs via Help Scout)
- The probability of selling to an existing customer is 60–70 percent; the probability of selling to a new prospect is 5–20 percent. (Source: Marketing Metrics via Help Scout)
Loyalty isn’t just about whether a customer happens to buy from you—even if regularly. There are many reasons a customer might purchase from you that have little, if anything, to do with loyalty.
Convenience, price, habit, and lack of information are just a few examples why a customer might routinely buy from you. Those reasons are often easy for competitors to overcome. Losing that customer might be a convenience-click away.
Create personal connections and true believers
A loyal customer believes in your company’s product or service. A loyal customer wants to do business with you because of who and what you are.
A loyal customer feels something for your company, products and services. To gain that kind of loyalty you must create a real, personal, and emotional connection with your customer—and honor that connection across the entire customer experience.
Be something worth believing in
When your brand is caring, authentic, and transparent—and your customer experiences that across their entire journey—it builds a loyal relationship and tremendous mutual value. That’s why it’s so important to really win at customer experience.