It's intuitive that a positive relationship with customers is likely to lead customers to want to spend more, stay longer, and tell others. A vast amount of research reinforces this, stating that customers are willing to spend between 30% and 140% more for a positive customer experience according to Social Media Consumer Survey and Harvard Business Review. Conversely, the impact of a negative customer experience is that 56% of customers will never use a company again, 25% will recommend to their friends not to use the company, and 14% will share that negative experience on Social Media based on data from New Voice Media.
Thanks to disrupters like Google, Amazon, Uber, Netflix, customers are also expecting significantly more to constitute a “positive customer experience”. Proliferation of digital capabilities in our everyday lives has established completely new standards for access to information, response time, seamless interactions, and intimacy.
Today many businesses are striving for their customers to have that “perfect” experience that will differentiate them from their competitors and generate customers who are forever loyal, and actively contribute to their growth. Many have launched ad hoc Voice of Customer (VOC) activities while others have robust customer experience (CX) programs that have changed the core of their culture, and the performance of their business. With more and more companies understanding the financial value of Customer Experience, many are launching initiatives or increasing their spending on CX programs.
So, how grown up is your Customer Experience Program? See which profile below best describes your company or take our free CX Maturity Assessment to see if you’re “Leading the Pack”.