The Customer (Experience) Is Always Right

How Important Is Customer Experience?

When you think about improving how your clients are interacting with you and what your customer experience is like, it’s important to realize how much this encompasses. From the moment a potential client lands on your website to submit that initial inquiry, all the way through closing, and potentially even into servicing, the customer experience refers to the overall impression a client has of your business based on all their interactions with your company. Sure, you may have a general idea that a positive interaction will drive more transactions and a negative interaction will cause a decrease, but it may be surprising to know just how much of an impact each interaction can have.

When it comes to a positive customer experience, according to a survey by Khoros, a customer engagement software company, “when making a purchase, 83% of customers cited good customer service as their most important criterion for deciding what to buy.” Also, in a separate HubSpot survey, it was found that “68% of consumers say they are willing to pay more for products and services from a brand known to offer good customer service experiences.” Not only are clients seeking out companies with great customer service as a prerequisite of what businesses they will work with, but they are also willing to pay more for a better customer service experience.

The biggest takeaway, however, comes down to customer retention and how much repeat business you could potentially get just based on a positive customer experience. In a Salesforce research study, it was found that “91% of customers say they’re more likely to make another purchase after a great service experience” and “78% of customers would even forgive a company for making a mistake if they received excellent service.”

Focusing on creating a great customer experience can result in not just that first transaction, but the second, and the 10^th and even beyond. Plus, it provides a greater sense of security knowing that a client wouldn’t immediately run to a competitor should a mishap happen. Developing customer loyalty with a positive customer experience can be invaluable to the long-term success of a business.

On the flip side, it’s almost scary to see just how detrimental a negative customer experience can be for your company. In that same survey by Khoros, “65% of customers said they have changed to a different brand because of a poor experience.” You could potentially lose about a third of any repeat business if you aren’t putting customer service first. Even worse still, in a report released by Zendesk, a customer service software provider, “After more than one bad experience, around 80% of consumers say they would rather do business with a competitor.” So, these clients aren’t just stopping business with you, they are purposefully seeking out your competitor for their next deal. With every bad experience you provide, you are essentially sending your clients right over to your competition.

Plus, as most of us in the mortgage industry know, word of mouth is extremely powerful. It won’t just be that one unhappy customer yelling into the void about a bad experience. “A customer who is dissatisfied will tell between 9-15 people about their experience, with over one in 10 telling 20 people about their bad experience.” That wronged customer is likely going to tell their colleagues and other industry professionals, spreading the word of the negative experience like wildfire, and further damaging your company’s reputation. Save yourself the headache of trying to do damage control and focus on creating that great customer experience from the start.

Save Face & Stand Out

In today’s highly competitive mortgage industry, it is no longer just about rates and terms. Focusing on the customer experience will give your business the edge it needs to thrive amongst the competition. Businesses that prioritize a positive customer experience can expect increased loyalty, repeat business, and overall higher satisfaction. So, if you are looking for ways to stand out in a sea of competitors, focus on prioritizing your customer experience for more business and long-term success.