The customer experience (CX) is of critical importance for any business growth. Positive customer experience will make your clients happy, and thereby helping you reap additional revenue. It can build brand loyalty and affinity, so that people refer their friends and family to your business, and leave a positive review that further helps you earn new clients.
These are not the only reason why delivering excellent customer experience is essential. There are still more that are highlighted in the Infographic given below. It has eye-opening statistics that every CX professional needs to know, plus some key takeaways to assist your customer management efforts.
Why is Customer Experience Important?
- The customer experience (CX) is the number 1 brand differentiator in 2020.
- 84% of customers consider experiences to be equally important as the product or service.
- 66% of clients are willing to pay more for excellent customer experience.
- 56% of customers agree that their overall enjoyment of experience helps them in the decision-making process.
“We see our customers as invited guests to a party, and we are the hosts. It’s our job every day to make every important aspect of the customer experience a little bit better.” ~ Jeff Bezos, Founder, and CEO of Amazon
What Can Poor Customer Experience Do To Your Business?
- $1.6T is lost in the US alone every year because of poor customer experience.
- 32% of clients stop buying from their favorite brand after a single bad experience.
- 57% of people will not purchase from you if any one of the competitors offer a greater CX.
“You’ve got to start with the customer experience and work back toward the technology, not the other way around.” ~Steve Jobs, Founder of Apple
Impact of CX on Word-of-Mouth
- 62% of people share bad experiences with their friends and family.
- 64% of clients will endorse your product to people if you deliver better CX.
- 71% of customers directly recommend your product if they receive a great experience.
“The key is to set realistic customer expectations, and then not to just meet them, but to exceed them—preferably in unexpected and helpful ways.” Richard Branson, British business magnate
Customer Expectations keep Growing Drastically
- 67% of clients agree that their standard for excellent CX is higher than it was earlier.
- 73% of buyers reveal that a single extraordinary experience increases their expectations from other businesses.
- 63% are happy to say that the best brands usually exceed expectations across their journey.
“Customer experience better be at the top of your list when it comes to priorities in your organization. Customer experience is the new marketing.” Steve Cannon, the President, and CEO of Mercedes-Benz USA
How are Businesses investing in CX?
- Companies will spend $641B on CX technologies in 2022, which is over $130B in 2019.
- 81% of marketers agree that they compete mostly or sometimes entirely based on CX.
“Whatever you do, do it well. Do it so well that when people see you do it, they will want to come back and see you do it again, and they will want to bring others and show them how well you do what you do.” Walt Disney, pioneer of the American animation industry
Key to Successful Customer Experience Management
- Understand who your customers are
- Make your CX as personalized as possible
- Celebrate your loyal customers publicly
- Create an emotional connection with them
- Be available on mobile and social media platforms
- Act upon regular customer feedback
“If you are not taking care of your customers, your competitor will.” Bob Hooey, celebrated author & speaker
Source: IDC, Accenture, Salesforce, Gartner, Wunderman, Deloitte, PwC, Siegel+Gale, Convince & Convert Consulting