Customer Experience is the New Currency; get your Return on Investment

Most people will intuitively recognize the value of a great customer experience. We, as customers, love interacting with the brands that deliver those experiences, become loyal to that brand and tell all our friends and family about our experiences, even the tiniest things people do for you. Creating this customer experience is not just another thing to do, or a trend, but it is a necessary investment for the future. You might wonder; why should we care?

Today’s customer is in charge. It will become more difficult for companies to sustain differentiation based solely on price or product., so the option that remains is customer experience. The main drivers for companies to invest in their customer experience are the improvement of retention, satisfaction and cross- or upselling. (Aberdeen report – Engaging Loyal Customers to Evangelize Your Brand)

The analytical people amongst us might want to know what the return on investment is when we put time, effort and money into shaping a customer experience that will excite customers. The effect of customer experience can’t easily be measured by, for instance, an increase in a number of visitors, but there are interesting facts and figures about the effect of great customer experiences.

Over 86% of customers are willing to pay more for a great customer experience.

When creating a great customer experience keep in mind the most important customer; your current customers. Turn them into your loyal Raving Fans and they will spread the word for you. The book Marketing Metrics, reports fascinating findings from their research: “The probability of selling to a new prospect is 5-20%. The probability of selling to an existing customer is 60-70%.”

Besides the probability of selling there is another interesting fact found in research by Harvard Business Review. Their research shows that loyal customers spend on average 140% more than any customer with a poor past experience. They are most likely more open to upselling offers too.

The fact that experience has become leading is more and more apparent. 59% of customers are willing to try a new brand for a better experience. Providing a great experience is in that case rewarding, as you not only secure retention but also have the possibility of drawing in those customers on the move between brands. Your Raving Fans will persuade them to become your customer too.

So why should we care we asked? All figures point in the direction in favor of great experience. Sustainability and value for both customers and business

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