Delivering Customer Experience Excellence offers companies many benefits which in turn create greater shareholder value. By consistently focusing on ‘The CX Framework’, companies will create an emotional connection with customers, creating behaviours and relationships that deliver growth. But what economic impact will ‘The CX Framework’ have on your company?
The following diagram illustrates the economics of The CX Framework and CX Excellence:
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Customers who have a high-quality experience are 2.7 times more likely to keep doing business with you.
Increased Cross Sales
Customers who have an excellent experience are 7 times more likely to try a new product or service.
Lower Price Sensitivity
86% of customers state that the experience is now more important than price and even product.
Increased Employee Satisfaction
Companies who deliver an excellent customer experience have much higher employee satisfaction and greater employee longevity.
Lower Costs to Serve
Satisfied customers make fewer service and support calls resulting in less staff being required to service customer queries.
Customer-centric companies were 60% more profitable compared to companies that were not focused on the customer.
Lower Acquisition Costs
Sales are driven from positive word of mouth rather than expensive sales and marketing campaigns.
1. Forrester 2. Experience Matters 3. Forbes 4. Forbes 5. Digitalist Mag 6. Deloitte 7. Get Feedback