The ROI of Customer Experience

March 28, 2013 in Resources, Revenue

As customers become more connected and share their experiences freely with one another, customer experience is having a profound impact on corporate business performance. Customers now expect nothing short of outstanding experiences from the companies they choose to do business with, based on exceptional experiences they’ve received from companies like Apple and Amazon. Customers have little tolerance for bad experiences or mediocrity. What’s more, if customers don’t have great experiences across all of the touchpoints they use, they’ll switch their allegiances to companies that can deliver them.

It’s not just about the product anymore. Customers shape their attitudes and behaviors toward companies based on the totality of their experiences with a brand, including support and other interactions they have. Indeed, customers base their purchasing decisions on a variety of factors, including recommendations, previous experiences with a brand, and current needs. Why is it, then, that companies are still measuring their performance based on outdated productcentric metrics like units sold per quarter or by region? New Economy leaders have figured out that the old model no longer works and they are gathering—and acting—on customer insight to drive product, campaign, and service strategies. They are focusing on customer metrics, such as willingness to recommend and likelihood to purchase, as drivers for business growth.

These actions are critical in the socially connected, always-on economy. When customers post about their experiences on Facebook, Twitter, or other online forums, it can have serious business consequences for companies, both positive and negative.” Source: Teletech

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