Focusing on retention supports long-term growth. Existing customers who see value in your product/service are more likely to come back for more, spend more, and refer others to your business.
Many business experts see customer retention as the biggest indicator of a company’s success. Probably because increasing customer retention rate by just 5% can increase profits between 25% and 95%, according to Bain and Company.
Knowing the significance of customer retention, how can businesses keep its existing customers and reduce churn? The answer: focus on customer experience (CX). Nothing has a greater impact on retention than CX. And businesses across every industry can use Guided CX solutions like cobrowse, screenshare, and more to build better customer experiences that bolster retention efforts.
What is Guided CX?
The Guided Customer Experience, also known as Guided CX or visual engagement, bridges the human connection gap for organizations selling and supporting products and services in digital spaces.
With Guided CX, company representatives can join customers right where they are in their digital journey, removing frustration and friction from digital CX. Solutions like cobrowse, screen share, and video allow customers and representatives to get on the same page, literally, to make complex purchases and processes easier.
Here’s an example: If you were applying for a loan online through your bank, with cobrowse a loan officer could join you in your screen, guide you through the application process, and even help you fill out certain non-private portions of the application. This transforms what might otherwise be a frustrating and confusing process into a “wow” moment that humanizes the experience and deepens the customer relationship with the brand.
Read: Why visual engagement is important and how to refresh it for maximum impact
4 ways Guided CX improves retention
The advanced visual engagement tools in Guided CX make one-on-one, real-time customer interactions engaging and empower agents to provide better customer experiences that lead to reduced churn and more loyalty.
Here are four ways Guided CX tools including cobrowse, screen share, live chat, and video chat improve customer retention.
1. Guided CX establishes trust
Establishing customer trust requires strong relationships. Relationships require connection — genuine connection. Guided CX facilitates better human-to-human connections that help establish trust much faster and better than solutions like chatbots. AI has a time and place, but when customers want human support, they want to interact with a real person. And if that real person has secure visual engagement tools that make the experience less “DIY” and more “Let’s do it together”, that can go a long way in establishing trust.
2. Guided CX offers standout, personal experiences
Delighting customers at every stage of their journey can help support customer retention. A 2023 Zendesk report found that:
- 70% of consumers spend more with companies that offer fluid, personalized, and seamless customer experiences.
- 62% think companies could do a better job personalizing their experiences.
- 70% expect anyone they interact with to have full context.
Guided CX creates human-to-human interactions that are personal, seamless, and easy for agents and customers. Support is provided right within the context of the app or webpage the customer is already using, giving them the same level of support as if the agent was sitting right next to them.
3. Guided CX can keep customers returning, even after they had an issue
According to Salesforce research, if a company’s customer service is excellent, 78% of consumers will do business with them again after a mistake.
Read that again: Most consumers will do business with you again after you make a mistake, if your customer service is excellent. In fact, 83% of customers feel more loyal to brands that respond and resolve their complaints.
Excellent customer service is the cornerstone of customer retention. Glance Guided CX can help customers get quicker, more personal resolutions — along with a memorable experience — that can build loyalty rather than frustration.
4. Guided CX can support customers during make-or-break moments
In the customer journey, there are certain moments that can make or break the customer experience — like onboarding, major purchase decisions, or online application completion. These Critical Advisory Moments can either keep your customer moving forward with you, or prompt them to terminate the process and start a new journey with one of your competitors.
Providing real-time, in-the-moment assistance through Guided CX can transform pain points into rave points. By joining them on their screen, customers will feel supported, confident, and connected during pivotal moments in their journey.
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