The customer is always right. While that old adage may not always be true, it can certainly be argued that the customer’s experience directly relates and impacts the health of a company overall. Customer experience is extremely important and businesses that focus on customer value management tend to stand out against their competitors. Here are the top 10 stats that prove that customer focus and customer experience lead to customer value, and ultimately the growth and success of a business.
- Companies that place a priority on customer experience outperform companies that fail to prioritize customer value by nearly 80%.
- 84% of companies that take proactive steps to increase and enhance the customer experience report an increase in profits and revenue.
- 73% of businesses that have an excellent report from customers of a positive experience perform financially better than their competition.
- Nearly 100% (actually 96%) of customers have stated that their loyalty to a brand depends on their customer service experience.
- Companies that take the time and effort to focus on customer value and customer experience are 60% more profitable than the companies that do not have the customer experience as a priority.
- Customers that experience a positive customer experience and value are five times as likely to purchase again from that company, and four times as likely to refer that company to a friend or family member.
- The number one reason that customers indicate that they switch brands or companies is that they feel their customer experience is lacking and that they are unappreciated by the company.
- 64% of those companies that have a CEO or upper management that continually promotes and prioritizes the customer’s value and the customer experience are more profitable than their competition.
- Along with having a CEO that prioritizes customer experienced, 59% of businesses that have a CEO that is directly involved in the customer experience have higher profits and revenue growth, as compared to only 40% of businesses without a CEO that prioritizes customer value and the customer experience.
- 80% of customers have clearly stated that they prefer to spend their money with companies that offer better customer value through personalized customer experiences.
While the value and experience of a customer are oftentimes difficult to quantify, the results of numerous studies are clear. Consumers care about the value and experience provided to them by a business. They will not only take their business elsewhere if they feel underappreciated and undervalued, they are also willing to pay substantially more for a quality customer experience with a company.
These concrete statistics should clearly show any business owner that the time that they decide to put into the customer experience and the value a customer receives will be returned in the form of increased revue and customer loyalty. Taking the time to prioritize the customer experience leads to happier customers, more loyal customers, and more profit over time.