To say that we often talk about Customer Experience is an understatement. Our work revolves around the customer experience. We therefore believe that organizations can benefit enormously from improved customer experience. In this article, I’d like to take you through some of the most insightful statistics that show the value of a good customer experience and can be directly related to concrete business results.
Results of various studies into the ROI of offering a good customer experience
4-8% Organizations offering a good customer experience are seeing sales growth of 4-8% above that of comparable organizations in their market segment. When a company offers an extraordinary experience, it will lead to increased customer loyalty and thus repeat purchases (Bain, 2015).
71% Of the organizations with an above-average customer experience, financially outperform their competitors. 32% of these companies say they have significantly better financial performance than their competitors, while only 13% of the CX lagging companies perceive it as such (Temkin Group, 2018).
43% Of the customers are willing to pay more for more convenience, 42% are willing to pay more for a fine experience. In addition, 73% indicate that customer experience is an important factor in their purchasing decisions (PWC, 2018).
60% Organizations that put their customers first are 60% more profitable than organizations that don’t. It is important for this that you as an organization offer a good customer experience throughout the value chain, whereby you have a 360 degree customer view and have the goal to fulfill the needs and wishes of your customer (Deloitte, 2017).
10-15% Brands that are able to improve their customer experience see their sales increase by 10-15%. At the same time, the costs for a good customer experience will decrease by 15-20%, as companies become more efficient in better structuring their service processes (McKinsey, 2014).
300% Organizations report an ROI of $ 3 for every dollar they invest in a good customer experience.
- 40% of these respondents see credit targets
- 38% report a better financial position than their competitors
- 37% report improved sales cycles
- 34% sees a better profit margin
The organizations of these results also reported sales growth of 18-21%. 40% of organizations already experienced results within 12 months, with their increased customer satisfaction score rising to 60% (Avenade, 2016).
17% Customer experience leaders show 17% revenue growth in five years, while CX laggards show only 3% growth in the same period. Customers who have a good experience with an organization are less likely to stop making repeated purchases and are more likely to recommend the organization (Forrester, 2016).
15-20% We know that brands with a good customer experience not only generate more sales, but at the same time also reduce their costs by 15-20%. Organizations with a customer satisfaction score of 9/10 or 10/10 will have more satisfied and loyal customers than organizations with a customer satisfaction score of 6/10 to 8/10 (McKinsey, 2014).
86% Of the customers are willing to pay more if it results in a better customer experience (Oracle, 2011).
A good customer experience is therefore extremely important. With a direct impact on sales and profit, it ultimately also translates into a clear benefit for your shareholders. According to research by McKinsey (2017).
What do these numbers mean?
Investing in customer experience therefore pays off. Various studies show that this is partly because your current customers will spend more, and your costs decrease and on the other hand the customer experience increases the distinctiveness of the organization.
In this article I mainly look at the statistics about general business results, but there is more to that. Want to know more about this? Then keep an eye on this blog and read the article “14 statistics about the concrete influence of CX on customer loyalty and your competitive position”.
Want to know more?
At GriDD we are committed to bridging the gap between striving for a good customer experience and realizing it in order to create real impact. Would you like to discuss how you can make your effort in the field of CX have more impact? Please contact Patrick.
Patrick Kerling is a creative and analytical consultant. He likes to use his knowledge and creativity to devise effective and user-oriented solutions for information issues.