“Customer experience leaders have more than a 16 percentage point advantage over customer experience laggards in consumers’ willingness to buy more, their reluctance to switch business away, and their likelihood to recommend.”
This March of 2012 report provides analysis of 10,000 US consumers and 3,000 UK consumers, identifying the financial benefit of improving customer experience. According to the report, a modest increase in customer experience can result in a gain over three years of up to $382 million for US companies and up to £263 million for UK firms.
Companies that want to see these gains need to start by determine the business impact that customer experience has on their specific business.
“Willingness to buy more” is an indicator of customer satisfaction and “reluctance to switch” is an indicator of loyalty. But it is the “likelihood to recommend” that indicates a true advocate for your business.
Only by creating a customer experience strategy with a program embed with metrics and measurments can a business achieve a great customer experience.