Why should companies focus on customer experience?
CX is incredibly valuable and the new competitive advantage. Without a CX focus, companies simply won't be able to compete.
CX studies below provide the the evidence and support for why every company – public or private, large or small – should make CX a top priority.
Accenture. 2016. Selling in the Age of Distraction. CX value: 81% of customers who switched service providers believe the incumbent providers could have done something to prevent them from leaving.
Accenture. 2017. Exceed expectations with extraordinary experiences. CX value: 61% of customers stopped doing business with at least one company last year because of poor CX.
Accenture. 2017. Put your trust in hyper-relevance. CX value: 73% of CEOs acknowledge the need for products, services and experiences that are more meaningful to their customers.
Acquia. 2019. Deliver The CX They Expect: Customer Experience Trends Report. CX value: Only 10% of consumers strongly agree that most brands meet expectations for a good experience. However, 82% of marketers believe their brands are meeting customer expectations.
Bain & Company. 2007. Closing the delivery gap: How to achieve true customer-led growth. CX value: When we recently surveyed 362 firms, we found that 80% believed they delivered a “superior experience” to their customers. But when we then asked customers about their own perceptions, we heard a very different story. They said that only 8% of companies were really delivering.
Bain & Company. 2015. Are you experienced? CX value: Companies that excel at the customer experience grow revenues 4%-8% above their market.
CCO Council. 2014. Annual Chief Customer Officer Study. CX value: 22% of Fortune 100 companies have a C-level customer officer, compared to 10% of Fortune 500 and 6% of Fortune 1000.
CustomerThink. 2018. What drives CX success? CX value: By 2020, CX will overtake price and product as the key bran differentiator.
Deloitte. 2016. The CMO shift to gaining business lift. CX value: 75% of marketers say they will be responsible for the end-to-end experience over the customer’s lifetime.
Deloitte. 2018. The true value of customer experiences. CX value: Customers tell an average of nine people about a positive experience with a brand, but they tell 16 people about a negative experience. Offering a high-quality customer experience can lower the cost of serving customers by up to 33%. Customers are likely to spend 140% more after a positive experience than customers who report negative experiences.
Dimension Data. 2017. New Research from Dimension Data Reveals Uncomfortable CX Truths. CX value: 81% of organizations cite CX as a competitive differentiator with companies reporting increased customer loyalty (92%), an uplift in revenue (84%), and cost savings (79%).
Epsilon. 2018. The power of me: The impact of personalization on marketing performance. CX value: 80% of customers say they are more likely to do business with a company if it offers personalized experiences.
Forrester. 2018. CX predictions for 2019. CX value: 76% of executives say improving CX is a high or critical priority and many companies have established a C-level position to oversee it.
Gallup. 2010. Retail and the "New Normal". CX value: Companies that provide an emotional connection with customers outperform the sales growth of their competitors by 85%.
Gartner. 2018. Key Findings From the Gartner Customer Experience Survey. CX value: 81% of marketers say they soon expect to be competing mostly or completely on the basis of CX.
Genesys. 2015. The value of experience: How the C-suite values customer experience in the digital age. CX value: 64% of companies with a customer-focused CEO believe they are more profitable than their competitors.
Harvard Business Review. 2016. The Most Empathetic Companies. CX value: The top 10 companies in the Global Empathy Index 2015 increased in value more than twice as much as the bottom 10, and generated 50% more earnings.
HubSpot. 2017. Companies should want customers to be happy. CX value: 83% of companies that believe it’s important to make customers happy also experience growing revenue.
McKinsey & Company. 2014. Best of both worlds: Customer experience for more revenues and lower costs. CX value: There are huge opportunities to both cut costs and grow if you invest wisely in customer experience.
McKinsey & Company. 2015. Building a design-driven culture. CX value: Organizations honed in on product experiences outperform their peers on the S&P 500 by 219% over the last 10 years.
McKinsey & Company. 2017. Customer experience: New capabilities, new audiences, new opportunities. CX value: Companies with initiatives to improve their customer experience see employee engagement increase by 20% on average.
Microsoft. 2017. State of Global Customer Service. CX value: 96% of consumers say customer service plays a role in their choice of and loyalty to a brand. 77% of consumers view brands more favorably if they seek out and apply customer feedback.
Oracle. 2011. Customer Experience Impact Report. CX value: 86 percent of consumers will pay more for a better customer experience. 89 percent of consumers began doing business with a competitor following a poor customer experience.
Oracle. 2018. Engage the connected consumer with a modern digital experience. CX value: 77% of consumers say inefficient customer experiences detract from their quality of life.
PWC. 2018. The key factors in building trust. CX value: 90% of CEOs believe the customer has the greatest impact on their business.
PWC. 2018. Experience is everything. CX Value: Give customers a great experience, and they’ll buy more, be more loyal and share their experience with friends.The payoffs for valued, great experiences are tangible: up to a 16% price premium on products and services, plus increased loyalty.
Qualtrics. 2017. CX ROI: Better Customer Experience = More Purchases. CX value: Consumers who have had a very good CX are 54 %-points more likely to buy from a company than consumers who have had a very poor CX.
Qualtrics. 2017. Economic Impact of Experience Management. CX value: Organizations that lead in CX outperformed laggards on the S&P 500 index by nearly 80%.
Qualtrics. 2018. ROI of Customer Experience. CX value: Companies that earn $1 billion a year will see an average gain of $700 million within three years of investing in customer experience.
Salesforce. 2019. Need-to-Know Marketing Statistics. CX value: 52% of marketers adapt their strategies and tactics based on customer interactions and feedback.
SuperOffice. 2019. How to Create a Customer Centric Strategy For Your Business. CX value: A 2% increase in customer retention is the same to profits as cutting costs by 10%.
Temkin Group. 2016. Employee Engagement Benchmark Study. CX value: Companies that excel at customer experience have 1.5 times more engaged employees than less customer-focused companies.
Temkin Group. 2016. The (Large) Connection Between Emotion And Loyalty. CX value: Consumers who had positive emotional experiences are 15.1 times more likely to recommend the company.
Temkin Group. 2018. ROI of Customer Experience. CX value: Loyal customers are five times more likely to purchase again and four times more likely to refer a friend to the company.
Temkin Group. 2018. The State of CX Management. CX value: 73% of companies with above-average customer experience perform better financially than their competitors.
Walker Information. 2017. The Customer-Focused CEO. CX value: 39% of CEOs say customer experience is the most effective method of creating a competitive advantage.
Watermark. 2019. The Customer Experience ROI Study. CX value: Customer Experience Leaders outperformed the broader market, generating a total return that was 45 points higher than the S&P 500 Index.