Customer Experience (CX) is a blend of customer’s sentiments, thoughts, and perceptions when they see a brand, explore, use a product or service, interact, and receive support from customer care representatives.
Our study too corroborates the importance of CX and its significance to overall corporate reputation – Our research shows that CX is the most important driver with the highest weight of 27% contributing to overall reputation score. That huge CX is, which makes customer the linchpin. The explosion of internet and tech disruption has blurred the line between physical and digital world. The rate of change is overwhelming, which has made CX even more critical and a key differentiator. Those who could adapt faster are growing, while laggards are already facing the brunt of it.
Other several public studies show that the companies that lead in customer experience are already outperforming laggards by nearly 80%. It is found that only an iota of eyeballs generated bring in mula, hence keeping all things constant, a brand with superior CX bring in 5.7 times more revenue than competitors that lag in customer experience. 73% of companies with above-average customer experience perform better financially than their competitors. 87% of customers with a great experience becomes repeat customers, compared to only 18% of customers with a poor experience.
Hence, organisations whatever they do, they keep customer at the centre of all their decision making. Customer-centric companies are 60% more profitable than companies that don’t focus on customers. And the realisation is only growing as 66% of companies compete on customer experience today, up from just 36% in 2010.