Bain & Co reports that 80% of companies feel they deliver an excellent customer experience. But, only 8% of their customers agree. American Express found that many customers are willing to pay more for a better experience.
According to the Temkin Group, 86% of those who received excellent Customer Experience were likely to repurchase from that company Forrester found that CX leaders grow revenue faster than CX laggards. Leaders saw a 17 percent compound average revenue growth rate (CAGR).
In 2018, Temkin reported scored dropped slightly. Their survey is based on Success, Effort, and Emotion. Emotional scores were the cause of lower scores.
Why are so many companies still not recognizing the massive benefits of CX?
I’m convinced it’s because of lack of strategy.
How to build a solid CX Strategy
- A solid understanding of who your customers are and what is important to them.
- Your CX strategy must correlate with your core business fundamentals.
- Create clarity for everyone in your company about your customer experience strategy and vision.
Specifically – Define and map the ideal customer experience at a high level.
The strategy you employ must have the customer at the center of it.
Strong leadership will set the tone and the example for the rest of the organization to follow.
The brand promises and company core values must be exemplified every step of the way.