• As most companies are lost in a “ sea of sameness ”, CX can help them to differentiate their businesses from competitors , even to the point of charging a premium price .
• CX drives loyalty and maximises customer retention . According to Harvard Business School , 74 % customers feel loyal to a particular company . Their research shows that a 5 % increase in customer retention can grow profit by as much as 75 %. Following this , it ’ s also important to note that it is 6 to 7 times more expensive to acquire a customer than retaining a new one .
• CX drives recommendations and employee engagement . According to Harvard Business School , 95 % of customers tell others about a bad experience , while 87 % of customers share their good experiences with others . Additionally , by implementing initiatives to improve CX , companies saw employee engagement increase by 20 % on average , resulting in 1.5x more engaged employees compared to their competitors .
In our work of helping companies define and implement CX programs , we have seen astonishing results — increase in sales conversion rates , decline in service costs , increase in customer loyalty , and readiness of the customer to pay more for convenience or better experience .
“ Just like the expectations of our customers , a company ’ s strategy should also adjust to meet the demands of the
Experience Economy .”
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