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The customer-company relationship has changed. In the past, companies controlled how, when, and where customers interacted with them. Now the tables have turned, and customers are dictating how that relationship develops. It no longer makes sense to look at the customer experience (CX) on each channel independently because customers aren’t using just one channel to interact with a company. The customer experience includes anything and everything that touches your customers. This means that wherever, whenever, and however customers interact with your brand, they’ll be expecting a seamless experience that has the same look and feel, level of service, and brand consistency. Every interaction either adds to or subtracts from their relationship with your company.
As technology makes our world smaller, the same happens with the competitive landscape. The customer experience, across all channels, is now what will differentiate a company from its competitors. Price is no longer the key influencer of purchasing decisions. According to Defaqto Research, 55% of consumers would be willing to spend more money with a company that provides excellent customer service.
There’s also a direct link between customer satisfaction and a company’s performance. Watermark Consulting compared the stock performance of a group of companies that provided excellent customer experiences versus another group that wasn’t focused on the customer experience. During a five-year period, between 2007 and 2011, the CX leaders not only outperformed the broader stock market (27% better than the S&P 500) but performed 128% better than the companies not focused on CX. In fact, the CX laggards’ returns showed a loss of 46.3%.
According to Gartner, CX will be the main battleground for competing companies over the next two years. This means that, if you want to remain competitive, now is the time to focus on making improvements to your customer experience across all channels and devices. Listening to your customers and finding out how they interact with your company at each point in the omnichannel journey will be the key to success. A company is only as strong as its weakest channel. To provide an omnichannel customer experience that goes above and beyond, you’ll need to measure, test, and optimize. To learn how to test and improve your CX, check out our free eBook, Measuring and Evaluating Your Omnichannel Customer Experience.
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