Your product. Your customer experience.
One and the same.
While 80% of brands believe that they provide a superior experience, customers say only 8% actually do. Not having an understanding of what a consumer’s expectations are is like selling a car without a steering wheel - it won’t get you where you need to be.
Modern expectations to listen for
Customer experience is your customer’s perception of your company based on their interactions with your brand across every stage of the customer journey. A company that provides positive experiences generates loyalty, which in turn motivates customers to make frequent purchases, share their pleasant experience with others, and easily forgive a company when it faces shortcomings. As customer loyalty strengthens, company-to-customer relationships result in increased profitability.
While all three of these elements affects customer loyalty behaviors, an improvement in the emotional element provides the biggest lift.
Are they able to do the things that they want to do?
How did they feel about it?
How easy or hard is it to do the thing they want to do?
It's no secret that great customer experience makes a huge difference. In fact, most categories that offered a great experience saw an increase in the likelihood of their customer base showing loyalty-based behaviors from 15% to over 80%! That's a 4.5x increase! This is where revenue increase comes from.
A study evaluating the impact of Customer Experience improvement over a three-year period for companies with $1 billion in annual revenues in 20 different industries shows how loyalty differs between the consumers who gave companies very poor to very good customer experience ratings.
On average, these companies gained $775 million over three years by improving the experience they delivered to customers, that’s almost 78% increase! How can CX and loyalty grow revenue in such a significant way?
When customers feel they have had an amazing experience, the company gains their loyalty and an increase in dollar spend on premium services or products. A recent poll showed that most customers are willing to pay a premium for great customer experience.
There is no shortage of opportunities to interact with your customers. The question is if each interaction is leading them where you want them to go. Are you delivering your message, your service, your promise to them consistently? And do you have the tools to do that efficiently?
Learn how in the guide
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