what is customer experience

Customer service is an opportunity to exceed your customer expectations – John Jantsch

Did you know that investing in customer experience initiatives has the potential to double your revenue in 36 months?

Don’t be surprised!

Another research by American Express found that 86% of customers are willing to pay more for a better customer experience (CX).

What is customer experience (CX)?

Is it about offering freebies, rewards, coupons, or heavy discounts to make a customer happy?

Not at all! – it is more about self-motivating the customer to do business transactions with the brands in speedy and convenient manner.

So, let’s redefine customer experience, which is “Creating an emotionally satisfying, positive experience with your brand or business, that leaves the customer feeling happy and satisfied that they did business with the brand.”

Why is customer experience important?

We all know companies have everything – the latest technology, lavish showrooms, the costliest hardware & products in the world to attract a customer.

But is it sufficient to build a lasting bond with the customer?

Did we forget an essential ingredient?

Yes!

Sometimes companies stop conveying human emotions connected with customer experience.

An excellent customer experience can be due to multiple reasons found helpful by a customer like helping finalize a product quickly, offering excellent competitive pricing for the products, or exceptional after-sales service to make a customer happy.

A positive customer experience:

– Increases brand loyalty

– Improves brand image

– Better customer engagement

– Boosts organic business growth

– Helps stand out in the competition

– Ensure positive word of mouth publicity

Improving customer experience with electronic signatures

eSignatures significantly improve customer experience by providing blazing fast access to customer services like esigning documents, KYC, customer approvals, Tax return filing, legal services, HR services, and many more. They are popular in the industry for their speed and simplicity. As for businesses, they reduce paperwork, cut short the time in signature and approval of the contracts, workforce hiring, limit purchases of printing devices, and storage of physical documents.

So, how do eSignatures improve customer experience?

• No more waiting time to access services

According to a study, eSignatures reduce the average document processing time from five days to 37 minutes.

If you want to purchase a mobile sim, apply for a banking loan or sign a crucial document, you don’t need to sign a physical document and wait for weeks or more for the company’s confirmation and access to these services.

You get instant access to the needed services by signing in electronically from your own trusted device and complete the service formalities in no time. The application is instantly verified and accepted by the company. You get full access to the applied services the same business day. Apart from this, it saves you from the lengthy hassles of printing the application & identity document, self-attesting, and mailing it to the company for verification and confirmation.

• Fully secure to use

Using a physical document for daily business activities brought in many issues like managing, storing, and keeping it safe from getting stolen or forged for misuse. There were frequent cases of the stored documents getting lost or leakage of the customer details.

In contrast, the esignature technology does document management systematically as all your documents are present in the cloud, with no chances of confidential data getting leaked or lost. You can share the document within or outside the professional network safely and securely.

Is eSigning a document safe?

An eSignature solution uses

• Advanced Electronic Signature (AES) to ensure protection against forgery
• 256-bit HTTPS advanced encryption is complicated for hackers to breach security

These eSignature security measures confirm that no one is spying on your connection.

Customers or businesses can fully trust esignature solutions to sign online contracts securely, initiate service or key announcements without doubting the source and authenticity of the signed document.

Ensuring a secure business environment helps reinstate customer faith in a brand, encouraging them to do more business transactions without the fear of their identity or confidential data getting stolen for misuse.

• It helps track your documents

Physical documents are challenging to track. You have to constantly follow up with different stakeholders in the company or with new partners or clients on phone calls, emails & physical visits to know the signed documents’ status and remind other people who have still not signed it.

eSignature helps you make this task easy. Here is how you can easily track and esign the documents using LunarPen

• Create or upload a document
• Add signers’ email to decide who receives the document
• Use LunarPen app to add eSignature box, date & time
• Send the document for eSignature
• Use the LunarPen interface to eSign your document
• Track your document online

Now, no more wondering where the documents are, no more chasing them down, and no more delays. You can track the live status of your documents anytime.

• Enables self-service for faster response

Customers want a solution for their problems, and they want it fast. The most important attribute of customer experience is fast response time.

How can you respond faster to a customer?

By customer self-service. Do you know that more than 40% of customers prefer self-service over human contacts?

In 2021, self-service is not a choice. It’s an absolute necessity.

It empowers your customers to explore service and find answers on their own.

How eSignature provides Self-servicing benefits to customers in 2021?

• Faster service: You don’t have to rush to the printer & mail department for printing-scanning-mailing the physical document. One single tap on the eSignature app lets you speed past the create-sign-email cycle in minutes.
• Less room for error: Even well-trained, experienced professionals make errors in creating and signing a document. When you use eSignature solutions, you create online documents with a lesser probability of mistakes in a shorter time.
• Customer Satisfaction: As you use eSignature apps on your own, it gives you total command, confidence, and satisfaction in knowing, experiencing, and using the app features.
• Simplify and modernize the sales process

A traditional purchasing process involves showing multiple product options to the customer. Based on the customer choice, a contract or agreement is worked out between the customer and the business to supply the product and complete the sales process. It is a lengthy process where many terms and conditions are negotiated & renegotiated between the parties before signing the actual agreement.

It’s time to modernize the purchase process!

What if you get a customized agreement, mutually agreed by both parties, without the stress of paperwork?

An eSignature solution helps you eSign the contractual documents instantly using digital devices. You don’t need to travel to sign a document, plus you get a super thrilled and delighted customer impressed with the speed and experience of the digital purchase process. It significantly improves the customer experience as they get the privilege to use the latest technology to execute essential business operations.

Case Study

Amway utilized the speed and efficiency of eSignatures to register new distributors for its products and increase revenue in European markets.

Challenge

The biggest challenge to expand in the European markets was to acquire new independent distributors. As a part of the process, contracts were printed, signed, and sent to prospective distributors for review and then sent back to Amway.

However, multiple contracts were returning to the company with missing information and signature. Returning a document without a signature meant a lot for the company, which meant that contractual terms were not acceptable to the distributor. In that case, the contract had to be sent back to prospective distributors for confirmation again. Apart from this, several agreements were lost in the mail, forcing the company to restart the contract process from scratch.

The manual process wasted a lot of business time, created confusion, and increased loads of manual paperwork.

Solution

Amway decided to change the distributor onboarding model from offline to online model using the esignature solution. It made the contractual signing process faster as distributors got the flexibility to sign contracts on the move using a mobile device.

The expectation from the eSignature solution was to increase the number of signed contracts with the distributors, boost company visibility, revenue, and brand image in the market.

Results

In the first year of deployment, the company signed contracts with 90,000 new distributors.

Results were mind-blowing:

– Improved registration experience for Independent Amway distributors

– Contract completion improved from weeks to seconds

– 50% reduction in administration

– Lowered distributor attrition during registration

The simple, intuitive process gives new independent Amway distributors a positive first impression and significantly reduces the number of potential distributors and prospects leaving the company.

Conclusion

eSignature is a valuable digital tool to boost customer experience and plays an undeniable part in the customer journey to transform a new customer into a qualified lead to generate a sale.

Our suggestion for businesses is to work on a dedicated customer experience strategy that will satisfy customers and turn them into advocates for your product.

At LunarPen, we help businesses build customer trust and loyalty using eSignature solutions.

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