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WHY CX?
As products become more commoditized, customers differentiate based on experiences with your company more than specific product features and functions.
Customers want to feel connected to their favorite brands, and they want the companies they buy from to know and respect them. CX has become the leading competitive differentiator, so businesses must ensure that their CX strategies can deliver personalized, pleasing interactions at every customer touchpoint.
The Benefits
5/ Reduce costs & invest in the right things
- • By enhancing customer experience though improved service provision, recovery costs can be reduced.
• Aligning with the needs of consumers will highlight potential areas for growth and evolution - for example, 90% of companies are planning to group AI within 3 years to enhance their CX.
4/ Keep close to customers & changing behaviors
- • Keeping up to date with the changing needs of consumers ensures the services you provide are in line with evolving expectations.
• Customer Experience programs create a fruitful feedback loop. Investing in CX enables us to learn from our customers and apply those insights to improve products and services.
3/ Boost customer loyalty & advocacy
- • Customer loyalty is an ongoing positive relationship between a customer and a business - it drives repeat purchases and prompts existing customers to choose your company over a competitor offering similar benefits.
• Outstanding CX is the number one driver of recommendations - 72% of customers will share a positive experience with 6 or more people.
2/ Increase brand value
- • Brand value is the monetary worth of your brand if you were to sell it.
• Customer-centric companies are 60% more profitable than companies that don’t focus on customers.
1/ Drive revenue & customer lifetime value
- • Brands with superior customer experience bring in 5.7 times more revenue than competitors that lag in customer experience.
• It costs 5 times more to create a new customer as it does to retain an established one, so increasing the value of your existing customers is a great way to drive growth.
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