Gavin Walsh at MarketStorm Global Ltd underlines the importance for businesses to focus on their customers as a recent report shows that effective Customer Experience Management (CXM) can affect the bottom line by several billion pounds.
A recent Forrester report cites a $10 billion company that made a modest shift in their customer experience and reported an increase of $284 million at the bottom line, which equates to around £180 million (www.theidm.com). Gavin Walsh, entrepreneur and managing director of MarketStorm Global Ltd explains: “This report clearly shows how a company’s CXM can affect its bottom line, either positively as demonstrated with the Forrester report, or negatively.”
According to the RightNow Customer Experience Impact Report, 89% of consumers began doing business with a competitor after a poor customer service experience. In fact, Forrester’s Customer Experience Index reveals that only 37% of brands received a good or excellent customer experience index score in 2012, while almost two third, 64% of brands were rated okay, poor or very poor from their customers (www.technicallymarketing.com).
“It is crucial to recognise the value of effective CXM and the consequences on the business if underestimated”, says MarketStorm Global Ltd’s managing director Gavin Walsh. Companies need to take the time to understand that each customer may have different needs and therefore set a high value on a personalised experience at all touch points. When however businesses were asked about their CXM, only 26% answered they had a well developed strategy in place for improving the customer experience, according to the Econsultancy MultiChannel Customer Experience Report (www.technicallymarketing.com).
Focusing on CXM in order to increase customer satisfaction, sales, customer retention, loyalty and return on investment, means having a strategy in place that concentrates on business operations and processes around the needs of the individual consumer. Satisfied customers are more likely to remain loyal and tell their family and friends about it (www.theidm.com). “Nowadays, consumers have the power to decide what they want and where they get it from. They want value for their money”, insists Gavin Walsh at MarketStorm Global Ltd. As a matter of fact, 86% of consumers are willing to pay more in order to receive a better customer experience, according to Right Now Customer Experience Impact Report (www.technicallymarketing.com).
MarketStorm Global Ltd is a direct sales and marketing company based in Leeds. By consistently focusing on effective CXM, MarketStorm Global Ltd help raise brand awareness and promote and sell products and services on their clients’ behalf. “We are in constant communication with our clients. They can give us useful information that helps us personalising the customer experience. In return, our sales representatives build long-lasting relationships with consumers and listen to interesting feedback we can forward to our clients. Since MarketStorm Global Ltd have increasingly focused on CXM, sales have increased by over 40% which has lead to further growth. MarketStorm Global Ltd are now planning to expand into further national markets by the end of 2013, and into the European market in 2014.