Improving customer experience allows companies to generate more revenues at a lower cost and increases cross-and-up-selling opportunities. Here’s how to do that.

As a leader in your organization, you know how difficult it is to choose the right strategic agenda. If the aim is to boost the financial health of your organization, what’s the best strategy? Create more competitive pricing? Upskill staff? Lower overhead costs? Create a new product or service? Expand the business’ footprint? How about security? There’s so much talk around that nowadays.

For most executives, the answer is some of these and more. Only a mix of pointed strategies can create the greatest impact on the health of the organization.

Here’s an important question: Is customer experience on your agenda? And how much of a priority is it?

If there’s one takeaway from the 3:00 minutes you spend reading this article, it’s this: Pound for pound, focusing on customer experience can ensure greater profitability than most other strategies.

Here’s why.

Greater CX=Greater Profitability

First, acquiring new customers is cheaper than finding new ones. For many, this is not news. Over time, you’ve probably heard that it’s between seven to 10 times more expensive to find new customers as it is to retain existing ones. Some estimates go as high as 30 times more expensive.

A full 85 percent of Indian organizations view contact centers as competitive differentiators.

As a business or IT leader you already know this. Marketing costs, on-boarding costs, all of these add up quickly as companies try to get new customers.

This is why it’s smart to focus on keeping existing customers happy–especially the 20 percent of your customer roster that’s bringing in 80 percent of your revenues.

How do you keep customers happy? We will get to how in a bit. Before that, here’s another reason to make customer experience one of your primary agendas: It opens up cross-and-up-selling opportunities.

Greater customer experience=repeat customers=deeper engagements=more revenues with lower costs.

According to McKinsey’s CEO Guide to Customer Experience, “customer-experience leaders…achieve revenue gains of 5 to 10 percent, and reduce costs by 15 to 25 percent.”

It bears repetition: Greater customer experience=greater profitability.

Here’s another important pointer: 86 percent of buyers are willing to pay more for a better customer experience.

These insights are probably why a majority of Indian businesses already say customer experience is becoming more of a priority. A full 74 percent of Indian CXOs indicate that the importance of customer experience management is growing within their companies, according to an EY report, titled Dialogues on Delight: Customer Experience Trends in India-2016.

Building Better CX

So how exactly can your business boost customer experience? Without too much fuss, investment, and quickly, please.

The simple answer? Invest in a call center, or what’s also called a contact center.

You’re probably thinking too expensive or too complex. You are wrong. But we’ll talk about that in another article.

According to McKinsey’s CEO Guide to Customer Experience, “customer-experience leaders…achieve revenue gains of 5 to 10 percent, and reduce costs by 15 to 25 percent.”

In the meanwhile, know this: Indian businesses that have invested in contact centers don’t just believe that they are useful: A full 85 percent of Indian organizations view contact centers as competitive differentiators.

Why do you think this is so? Because having your own contact center solves many of the basic challenges of customers.

Take this for example: In the EY report, researchers asked Indian CXOs for their top challenge in delivering the best possible customer experience. The top reason, cited by 57 percent of respondents, is maintaining consistent experience across multiple channels.

That’s exactly the sort of things contact centers excel at.

Contact centers also ensure Indian customers get two of the top things they want: customer experiences that are personalized and based on real time, in the moment behavior.

Good contact center solutions also fix some of the top things Indian customers hate: Having to repeat information across multiple service platforms (think email, SMS, telephone, webchat, etc), and not being connected to a person who can fix their problem or advise them correctly.

Fix these challenges and you’ll have happier customers. And that, as we’ve said, means better profitability.