CXM in Startups

CXM in Startups

Importance of CX

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New Startups have a very challenging task ahead of them. You are launching new products, to a new market, to new customers. You have to market your product, increase awareness, make sure the customer realizes the value of your product and makes a conscious decision to spend money on your product. These steps, on their own, seem exceedingly challenging, imagine trying to achieve all of them at once. The survival of the startup is dependent on achieving them. In such extreme scenarios, CX becomes a very important tool to make sure your startup succeeds.

Retention is Key for Startups

Retention is Key for Startups

68% Customers leave because they perceive you are indifferent

2% increase in customer retention is equivalent to 10% decrease in costs

Decrease of 5% in customer defection rate can increase profitability by 25% to 125%

Acquiring customers can cost 5 times as much as retaining current customers

Happy Customers Refer New Customers

Happy Customers Refer New Customers

Your CX also relates to funding!

CX is your most important Battle Ground

Startups do not have the luxury of time to get it right with their customers. Customers will leave!

72% of customers expect companies to know their unique needs and expectations

31% of customers are surveyed once a year or less!

Decision Makers are removed from customers as they grow!

Startups have to scale CX, NOT THE PRODUCT!

Startups Fail a Lot

Startups Fail a Lot

Focus should be on Customers

A founder gets an idea >> builds the solution >>tries to sell it >> nobody buys the solution >> the founder runs out of money >> the startup dies.

We focused only on building, and were terrified of one thing in particular — negative feedback. We were terrified of failure and rejection.

4 Steps

Encourage Positive Experiences

Encourage Positive Experiences

Understand Customer Needs

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Make Sure Decision Makers are Involved