Satisfying customer experience is a defining factor in retaining customers and boosting brand loyalty.
Three out of four customers will stick to brands only if they have a satisfying experience with them. In fact, 86% of consumers will pay for a better customer experience. A highly satisfied customer can contribute up to 14 times more revenue than a dissatisfied client can.
Brands must analyse the customers’ preferences and expectations to offer relevant experiences. Moreover, converting a new buyer into a loyal customer can prove costly to the company’s resources. Instead, brands must resolve any grievances their existent customers have and maintain their brand loyalty.
Satisfied customers recommend the brand among their social circles and help in generating positive word-of-mouth for the business. This explains why more than 84% of customers rely on personal recommendations instead of advertisements to associate with brands.
[5 minute read]