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)

Good customer experiences are more profitable

The survey's results showed that an exceptional customer experience creates more loyal customers and that it also has the power to impact a company's top and bottom lines. The report concludes that, by focusing on delivering exceptional customer experiences, businesses have the opportunity to grow their customer base, improve brand loyalty, and increase overall revenues.

Nearly all of the consumers surveyed (85%) said they would be willing to pay more over the standard price of a good or service to ensure a superior customer experience. Of those consumers that said they would pay more for an excellent customer experience:

• 55% would pay 10% or more;
• 27% would pay 15% or more;
• 10% would pay 25% or more.

As a result, it appears that delivering a more positive customer experience can help to increase revenue. For example, in 2009, Cyber Monday alone generated some US$887 million in revenue for US e-retailers. Based on the results of this study, the industry could have generated an additional US$87 million in revenue in only one day, simply by providing better customer experiences.

The results also suggest that a great customer service experience significantly impacts purchasing decisions. For example:

• Nearly all consumers (82%) said they have stopped doing business with an organisation as a result of negative experience and most (75%) do not return;
• 55% of consumers said they became customers of a company based on its reputation for great customer service, and 40% of consumers have switched to a competitive brand simply because of its reputation for exceptional service.

But consumers do not only voice their customer experience preferences with their wallets. They also influence their peers. According to the report, customer advocacy (word of mouth) should also be a key focus because:

• Customer service is still the number one reason consumers recommend an organisation, more than products or price;
• Word of mouth is the number one influence on consumers' purchasing decisions (76%), followed by customer reviews and online feedback at 49%;
• 79% of consumers that have had a negative experience with an organisation told others about it, and 97% chose to share their experience via word of mouth;
• 85% wanted to warn others about the pitfalls of doing business with that company and 66% wanted to discourage others from buying from that company.

Finally, the report revealed the top factors that make most consumers stop doing business with a company, including:

• Rude staff (73%);
• Issues that weren't resolved quickly (55%);
• Unknowledgeable staff (51%).

Companies can therefore improve their overall customer experience by providing more friendly, knowledgeable support, and by resolving issues in a more timely manner.

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)