84% of businesses focusing on CX increase revenue

focus on offering an excellent customer experience

The experience your customers enjoy (or not) when they interact with your business is more important than ever. As the number and quality of online options increases, so it becomes more important for offline business to focus on this great potential differentiator – the customer experience. As offline options increase and the number of international brands offering great customer experience grows, so all businesses must focus on offering customers a unique and engaging experience. This is the first of five thoughts on this subject.

Research undertaken by Dimension Data in the United States found that 84% of businesses that devote resources specifically to enhancing the customer experience (CX) report a return on their investment by way of increased revenue.

Research completed by Thinkjar in the United States found that 55% of consumers were prepared to pay for a guaranteed customer experience, further emphasising the potential for a good customer experience to drive revenue.

There are some very good reasons why, in 2018, the customer experience especially offline (but also online) is so important:

  • A large percentage of consumers are prepared to pay more for a positive experience.
  • Repeat business often depends more on the customer experience than product purchases.
  • Consumers often struggle to differentiate products (goods and services). Customer experience then becomes the key differentiator.
  • Increasingly, customers are as interested in the experience as they are in the product. This is certainly the case for Apple customers.
Australian businesses have paid far too little attention to customer experience and are increasingly paying the price as international brands that understand the importance of customer experience enter the market. Zara, for example, changes all its stock every 14 days.

So, what is a good customer experience?

This is not for me to say. The quality of the customer experience is judged by the target market – highlighting the importance of data. To offer an optimal customer experience, businesses have to get closer to their customers and deliver what they want – plus some!

In 2018, focus on offering an excellent customer experience

Every year – put the facts ahead of intuition and guesswork.

Sources of core statistics – Dimension Data, Verndale, Wunderman, Thinkjar, Customer Think. Red, Forbes, Answer Dash, Post Funnel, Micro strategy

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