The importance of Customer Experience
Having recruited over 25 Senior Management Customer Experience (CX) roles in the last 2 years I believe I have a good understanding of what a great CX is. What I love the most about this industry though is that regardless of the organisation or industry you are in CX will always be one of the key factors to your success.
To put this in perspective, when researchers analysed the experience and revenue data from two $1 billion+ companies for a recent study published in the Harvard Business Review, they found that:
- In transaction-based businesses, customers who had the best experiences spent 140% more than customers who had the worst experiences
- In subscription-based businesses, customers who had the best experiences had a 74% chance of being a subscriber one year later, yet customers who had the worst experiences only had a 43% chance of remaining a subscriber a year later
Customer experience clearly has a big impact. But what is customer experience, exactly? It’s become a widely used phrase in the last few years, but the problem is there’s no commonly accepted definition. Each person you ask will give you a different explanation.
That being said, let’s try to get a clearer picture of what it really means.
The definition of customer experience (CX)
According to Forrester, CX is how customers perceive their interactions with your company. They define good customer experiences as being made up of three things from the customer’s perspective:
- Useful—they deliver value
- Usable—the value is easy to find and engage with
- Enjoyable—they’re emotionally engaging and people want to use them
And they define interactions as any time when you and your customers have a two-way exchange.
For recruitment companies there are 2 main customer types the client and the job seeker. At Insearch Talent Solutions we strive to exceed our customers expectations of their experience with us. The value we deliver is in our ability to build and maintain strong customer relationships. As a small agency we are usable in the sense that we deliver exceptional value and focus on human interaction and engagement as a priority. The last key element enjoyable is what we love the most. Our human centred approach to recruitment enables us to create an emotionally engaging relationship with all of our customers, which leads to long lasting mutually beneficial relationships.
In short we love what we do!