Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

Get it on Amazon (Kindle/Print)

Luxury brands' innovations are earning respect

Four qualities cited as essential for a luxury firm, by a majority of US consumers from households with a minimum annual income of US$150,000, are superior quality (74%), craftsmanship (58%), service (52%) and design (51%).

On each of these four criteria, wealthy consumers under the age of 50 are far more likely than their older cohorts to agree that companies today are executing better than they were in the past. Millennials are more than twice as likely as Boomers (43% versus 19%) to say that quality is improving.

In addition, a far greater share of Millennials (43%) than Boomers (15%) reports a perceived increase in the investment value of luxury goods. Millennials, younger than 35 years of age, and Generation X-ers, between 35 and 49, are also much more inclined than Baby Boomers to applaud improvements in custom products, personalised offers, loyalty programmes, customer recognition, and the ability of a company to anticipate their needs.

Despite relatively high satisfaction, younger consumers still see plenty of room for improvement in quality, craftsmanship, and customer service. As for attributes they deem necessary in a sales professional for a luxury firm, knowledge (75%), professionalism (71%) and courtesy (65%) rank in the top three, followed by honesty (63%) and experience (60%).

Sales professionals in jewellery (41%) and leisure travel (38%) are deemed to be the best overall, while younger consumers often cite grooming, personal finance, and designer shoes as industries represented by exemplary sales personnel.

"Millennials represent the future of luxury and the good news is that recent innovations and investments to enhance the shopping experience are largely well-received," concluded Luxury Institute CEO, Milton Pedraza. "What's important is for firms to continue investing in systems and personnel to deepen customer relationships and ensure that they deliver on the metrics that matter for each customer."

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)