SOURCE: Graziano Associates

Graziano Associates

October 01, 2015 03:00 ET

Customer Experience Practices Can Drive Client Retention and Revenue; Part 2 of New CX Tool from Graziano Associates Provides Strategies for Growth and Long Term Success

FAIRFIELD, CONNECTICUT--(Marketwired - October 01, 2015) - Most companies say they want to provide a customer experience that keeps clients coming back, but research shows a lack of strategy prevents this. Graziano Associates introduces the retention portion of its two-part tool to assess a company's CX practices and offer action steps.

Although most companies say they want customers to have a positive experience and they want to keep customers, U.S. businesses lose approximately $83 billion annually due to poor customer service alone. (NewVoice Media) "In order to ensure a positive customer experience, companies must evaluate the most common touch points their clients have with them. Then they must develop or revise business practices as needed to foster efficient, friendly, client-centered contact," says Denise Graziano, President of Graziano Associates. Spending the time, resources, and money to improve your customers' experience with you is well worth the investment. According to Harvard Business Review, reducing your customer defection rate by 5% can increase profitability by 25 to 125%. Graziano Associates has created a two part CX assessment tool to help companies examine how well they interact with clients. Part two addresses 10 points of contact that should be monitored once the client relationship is established. Each point has a checklist of items to assess. Download the full CX Assessment Part 2 here.

Graziano 10 Point CX Assessment -- Retention & Revenue summary:

1) Describe your customer loyalty program
Rewarding loyal customers is simply a no-brainer for boosting client retention and revenue. Having a formal one in place is a must for loyalty and long term success.

2) When you are growing rapidly
Companies are most vulnerable to decline in customer experience during periods of rapid growth. If and when the decline is discovered, how companies react and recover is critical to success.

3) If they have a problem
How conflict resolution is handled can be the deciding factor in whether a client stays.

4) When they want to buy from you again
Trace your customer's journey with you. It may not be as smooth a path as you think.

5) When they interact with your sales team again in the future
A well trained sales staff with access to client history assists with future sales.

6) When you want to introduce a new product or expand into a new vertical
Don't stagnate. As your market and customer needs evolve, be prepared: with product, targeted messaging, and the infrastructure to deliver.

7) When client retention needs improvement
Ongoing nurturing of the relationships drives retention and increases revenue.

8) When thanking and rewarding your best clients
Let your clients know you appreciate their business. Thanking them and offering tangible rewards foster good will and can be a catalyst for future business opportunities.

9) When you want to re-engage inactive clients
Re-engagement usually leads to a shorter sales cycle, so put systems in place to facilitate the customer's journey back to you.

10) When you want to boost revenue from existing clients
If you fully know and understand your customers' needs, it's obvious when they can benefit from additional services you provide. Clients find it easier to award additional work to existing partners.

According to Forbes, 86% of buyers would pay more for a better customer experience, but only 1% of customers feel that vendors consistently meet their expectations. Using Graziano Associates' two-part assessment tool, companies can see where there are weaknesses in staff, infrastructure, or products and make changes accordingly to better meet customer expectations. For example, if tweaking a product reduces repetitive calls into the help center, this decreases expenses, and increases client satisfaction. However, without evaluating common touch points through the eyes of the customer, problems aren't exposed and cannot be corrected. Without this perspective, companies are unable to accurately gauge what their customers' experience feels like.

Ms. Graziano holds executive round tables to help executives understand the importance of CX to the success of their company. In these small, high-level meetings, Ms. Graziano reveals her research on CX, and executives learn and share their experiences. They address why many companies fail at CX when they attempt to address it on their own. She highlights 9 key areas that should be monitored to maintain growth.

To have Denise Graziano speak to your corporation or sales team regarding CX or Employee Experience, contact her at 203-254-0195. Denise Graziano is a leading authority in helping fast growth, mid-market companies to improve customer and employee experience. A strategic thinker and leader with over 28 years of business experience, Denise is a speaker and author of numerous articles on customer experience, client retention, sales, and trade show practices.

Founded in 1992 Graziano Associates helps fast growing mid-market companies in the business-to-business market turn customer and employee interactions into opportunities -- to deepen loyalty, improve engagement, and support sustainable growth.

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