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19 Customer Experience Statistics for 2019

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This infographic looks at 19 CX stats every CX professional should know in 2019, and how much great or bad Customer Experience can impact your bottom line.

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19 Customer Experience Statistics for 2019

  1. 1. KEY TAKEAWAY Brands must have the measures in place to confirm their customers’ needs and expectations throughout the entire customer journey. Collecting customer feedback across all your touchpoints at critical moments in the customer experience is key. $1.6T lost every year in the US (estimated) as a result of poor customer service4 32% ST with a bran after one b Source: PwC - Exp $1.6 TR Estimated as a result Source: Accenture BAD CX CAN BE COSTLY GREAT CX HELPS BOOST YOUR REVENUE (MORE QUICKLY TOO) It’s no surprise that companies offering great Customer Experience see their revenue grow faster than those who don’t put CX as a top priority. 67% of customers say they will pay more for a great experience1 15% Average annual revenue growth rate of ‘Experience-Driven Businesses’ vs. other companies (11%)5 KEY TAKEAWAY Sometimes, customers may be willing to open their wallets a little more if it means that they will receive a better and more pleasant experience down the line. 74% will likely switch brands if they find the purchasing process too difficult7 56% of consumers say ‘the overall enjoyment of the purchase experience’ is important in their decision to buy a product or service6 BREED CUSTOMER LOYALTY AND BOOST CUSTOMER RETENTION WITH GREAT CX 38 percent of consumers say they are more loyal now than they were two years ago8 . Brands need to capitalize and further entice them to stay. 32% stop doing business with a brand they love after only one bad experience9 32% S with a br after one Source: PwC - $1.6 T Estimate as a resu Source: Accent BAD CX CAN BE COSTLY 64% are more likely to recommend a brand to others if it offers a simpler experience and communications3 57% have stopped buying from a company because one of their competitors provided a better experience1 CUSTOMER EXPERIENCE ALSO IMPACTS WORD-OF-MOUTH It’s easier than ever for people nowadays to share their experiences (or horror stories) with others. Great CX helps to make sure people paint a good picture of your brand to others. KEY TAKEAWAY There’s a lot of business at stake when it comes to the Customer Experience you’re offering, whether it’s repeat business from existing customers, or new business from potential customers. 50% Americans would choose word-of-mouth if asked to pick only one source of info10 71% recommend a product or service because they received a “great experience”10 PUTTING THE CUSTOMER FIRST BENEFITS YOUR ORGANIZATION AS A WHOLE Focusing on customers first can lead to happier employees, which can lead to more effective and positive Customer Experience efforts. 20% Organizations with a ‘cross-team approach with the customer at the heart of all initiatives’ are likely to significantly exceed their top business goals vs. other orgs (11%)11 1.3x - 1.5x ‘Experience-Driven Businesses’ see greater personal, team and department satisfaction than other companies5 19 CUSTOMER EXPERIENCE STATS FOR 2019 Today, consumers’ buying power is growing and growing, and so are their expectations. As a result, Customer Experience (CX) is now a top competitive differentiator among brands in all industries. More than ever, brands need to optimize their Customer Experience Management (CEM) efforts. Otherwise, their bottom line might suffer for many different reasons. Here are 19 Customer Experience stats you should know for 2019 that show you just how impactful good (and bad) experiences can be to your bottom line. CUSTOMER EXPECTATIONS FOR THE CX ARE AT AN ALL-TIME HIGH Brands are in a constant struggle to keep up with customer expectations, which are becoming harder to meet thanks to a combination of technology and data. KEY TAKEAWAY Every experience counts, and you need to act quickly to remedy poor experiences. It’s important to consider both the short-term and long-term impacts of great (or poor) CX. KEY TAKEAWAY For your CX program to succeed, your entire organization must work as a team and have a culture of customer- centricity engrained in all of its efforts. Adjusting your business to offer optimal customer experiences throughout the entire customer journey is a big endeavor. AND NOT JUST A BUZZWORD 67% of customers say their standard for good experiences is higher than they’ve ever been1 76% of customers say they expect companies to understand their needs and expectations1 $98B left on the table every year by companies who fail to provide ‘simple’ experiences3 62% say they share bad experiences with other people1 1 IN 2 Experience-Driven Businesses see increased advocacy as a result of their experience investments5 1.6x - 1.9x Higher YoY growth for ‘Experience-Driven Businesses’ vs. other companies in terms of customer retention, repeat purchase rates, average order value and Customer Lifetime Value (CLV)5 But in the grand scheme of things, it can be a worthwhile investment that gives you a valuable advantage over your competitors and boosts your bottom line in different ways. Launching a Voice of the Customer (VoC) program across the entire customer journey empowers you to be customer-focused in your CEM efforts. Not only that, but it also helps you align internally more quickly, allowing you to act on your customers’ expressed intentions and needs so you can deliver optimal experiences at key stages throughout their journey. CX SOURCES 1. Salesforce – State of the Connected Customer: Second Edition 2. Gartner – Gartner Survey Finds Importance of Customer Experience on the Rise - Marketing Is on the Hook 3. Siegel+Gale – The World’s Simplest Brands 2018-2019 4. Accenture Strategy – Digital Disconnect in Customer Engagement 5. Forrester and Adobe – The Business Impact of Investing in Experience 6. Deloitte – CX marks the spot: Rethinking the customer experience to win 7. Salesforce – State of the Connected Customer 8. Greenlight Digital (via Netimperative) – Marketers ‘are underestimating customer brand loyalty’ 9. PwC – Experience is everything: Here’s how to get it right 10. Convince & Convert – Chatter Matters: The 2018 Word of Mouth Report 11. Adobe and Econsultancy – Digital Intelligence Briefing: 2018 Digital Trends © 2019 iperceptions Inc., All Rights Reserved. The expert guided approach to Customer Experience Management iperceptions.com 64% find the Customer Experience more important than price when purchasing something2 CX IS AN INVESTMENT