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Why customer experience matters more in Recession |
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Making the case for customer experience just got tougher. As markets around the world continue to decline, credit stays tight, and job cuts escalate, customer experience projects will come under assault. |
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| Author: Amarpreet97 |
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Making the case for customer experience just got tougher. As markets around the world continue to decline, credit stays tight, and job cuts escalate, customer experience projects will come under assault. Cost cuts may be unavoidable, but they won't come without pain to the business in the form of.
Forrester found that a 1% improvement in customer retention resulted in $100 million in revenues.
Cutting investments in customer experiences can increase costs for years to come.
As per the Forrester outlook, Customer experience leaders that freeze or slow development may be more easy to catch now than in more flush economic times. For firms looking to close the gap, this represents an opportunity to catch up by investing in improving customer experiences for their customers.
While managing in a recession can demand a dynamic shifting of priorities oftentimes focusing more on cost cutting and short-term goals customer experience professionals should find ways to stay on the path to longer-term objectives.
Firms can ensure that the experiences they offer don't degrade and hopefully improve during the economic downturn. To do this, customer experience professionals should.
Keeping an eye on Current Projects: It's easier to hold on to funding for in-flight efforts than it is to sell the business on new initiatives especially in a downturn.
Despite best efforts, some cuts may be inevitable. But even a small budget can fund serious improvements when customer experience professionals concentrate on the right types of project.
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