10/10) spend 140% more and remain loyal for up to 6 years. Customers that rate companies with a high customer experience score (i.e.49% of buyers have made impulse purchases after receiving a more personalized customer experience.Customers are willing to pay a price premium of up to 13% (and as high as 18%) for luxury and indulgence services, simply by receiving a great customer experience,.1 in 3 customers will leave a brand they love after just one bad experience,.Customer experience is set to be the number one brand differentiator in 2020 (and beyond).This is why companies that deliver a superior customer experience outperform their competitors - and this means they'll be spending more with your business (and less in theirs!).įor example, here's a few statistics that caught our eye: So, if you treat your customers poorly or ignore their customer service emails, then they are more likely to stop doing business with you. The happier you are with a brand, the longer you stay with them. Simply put, happy customers remain loyal. If you want your customers to stay loyal, you have to invest in their experience! In fact, according to a global CX study by Oracle found that 74% of senior executives believe that customer experience impacts the willingness of a customer to be a loyal advocate. What is customer experience?Ĭustomer experience (also known as CX) is defined by the interactions and experiences your customer has with your business throughout the entire customer journey, from first contact to becoming a happy and loyal customer.ĬX is an integral part of Customer Relationship Management ( CRM) and the reason why it’s important is because a customer who has a positive experience with a business is more likely to become a repeat and loyal customer. Ready to increase your investment and improve the customer experience? In fact, our own research found that only 44% will increase the investment in their CX initiatives. Surprisingly, less than half of all organizations will be investing in the customer experience next year. That's a 70% increase in revenue within 36 months!Ĭompanies who successfully implement a customer experience strategy achieve higher customer satisfaction rates, reduced customer churn and increased revenues. While recently, the Temkin Group published a study and found that companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience. Research by American Express found that 86% of customers are willing to pay more for a better experience. It’s no surprise that customer experience is so high. If you guessed ‘ customer experience’ (or CX), you guessed right. We surveyed 1,920 business professionals and asked them what the top business priority is for the next 5 years - and once again, the same answer came out on top.Ĭan you guess what the top priority for a business is? The customer experience impacts all areas of your business, but how do you get started? Here, we provide you with 7 steps, along with examples and case studies to help you create a great customer experience strategy.Yet, one is a single touchpoint with a brand, while the other impacts feelings and emotion, and encompasses the entire customer journey. For many, customer service and customer experience are seemingly interchangeable.Customer experience is a top priority to businesses for the next 5 years and the reason is simple the companies that focus on customer experience reduce churn and increase revenues - leading to higher profits!.