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.
The numbers speak for themselves
#1
Differentiator
Customer Experience has overtaken Product and Price to become the most important competitive differentiator.
+60%
Profitable
Customer-centric companies are 60% more profitable than companies that don’t focus on customers.
5.7x
Revenue
Brands with superior customer experience bring in 5.7 times more revenue than competitors that lag in customer experience.
84%
Increase
8/10 of companies that work to improve their customer experience report an increase in their revenue.
5x
Loyalty
It costs five times more to create a new customer as it does to retain an established one.
75%
C-Level
3 out of 4 organizations have a board-level member accountable for CX. More than half have a CX-dedicated executive.
2x
Accountability
Companies tend to overestimate their level of promoters by a factor of 1.5 and underestimate their level of detractors by 2. CX uncovers the truth and holds divisions accountable.
90%
Digital
90% of organizations said they accelerated digitization and automation during the pandemic to improve their CX capabilities.
13%
Spend
Customers are willing to pay a price premium of up to 13% when receiving a great customer experience.
Feedback
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.
#1
Referrals
Outstanding Customer Experience is the number one driver of recommendations.
86%
Wallet
86% of buyers are willing to pay more for a great customer experience.
72%
Word of Mouth
72% of customers will share a positive experience with 6 or more people.
90%
AI
90% of companies are planning to invest in AI within 3 years to enhance their CX.
1/26
Churn
Only 1 in 26 unhappy customers complain. The rest just leave when they find an alternative. 1 in 3 customers will leave a brand after just one bad experience. 92% would completely abandon a company after two or three negative interactions.
For more information or just a friendly chat about CX feel free to reach out to us anytime: