First, let’s talk about those numbers proving the value of CX[1]:
- 42% of customers are willing to pay more if they have a good experience.
- 89% have switched due to a poor customer experience.
- 89% of companies compete primarily based on CX.
I find this last statistic – the competitive value of CX – especially intriguing. Customer experience as brand differentiation can be a powerful thing. In many cases, we’re not competing only with local brands. We’re also competing with national and global companies. But providing that tailored customer experience can make the difference.
Ironically, many companies are so busy fixing their CX problems that they forget to strategize their big-picture goals and future improvements. But that’s a topic for another time.
Now, let’s talk about how CX drives value to the organization. The first statistic is the obvious answer: providing better customer experiences can translate directly into more revenue. But that’s not all; the following areas can all benefit from a good CX strategy:
Within the organization, an improved customer experience can also trim unnecessary costs and streamline operating procedures – as we found out in a recent collaboration with a leading outdoor equipment company.
So, there’s a triple competitive advantage bestowed by superior CX. It sets you apart from the competition. It directly and indirectly increases revenue. And its ripple effects can be felt throughout the company. I’d call that reason enough to invest in CX.
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