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Where’s the value in customer experience?
For organizations to lead from a customer-centric position, they increasingly need a comprehensive view of the full customer journey, as well as the ability to obtain deep, granular insight on what is driving customer experience. They need immediate and individual signals in order to take action “in the moment” and to create relevant experiences for each customer…
McKinsey, Feb 2021
Awareness
A business with excellent reviews can result in 31% more spending by customers. (Invesp, 2019)
78% of consumers trust peer recommendations while only 14% trust advertising (Deloitte)
74% of consumers identify word of mouth as a key influencer in their purchasing decision. (Ogilvy Cannes)
92% of global consumers trust UGC and WOM more than advertising. (Jay Baer)
Marketers rated the quality of a word of mouth lead to be 4.28 on the 5 point scale. (Referral Rock)
49% of marketers believe that 20-40% of their leads come from referrals. (Referral Rock)
81% or marketers said that exceptional service was their method for promoting of mouth to happen. (Referral Rock)
Consideration
72% of consumers will take action only after reading a positive review. (Search Engine Watch)
89% of consumers began doing business with a competitor following a poor customer experience. (RightNow)
Using customer testimonials regularly can generate approximately 62% more revenue (Strategic Factory).
Customer testimonials placed alongside more expensive items increased conversion rates 380% (Power Reviews)
On average, testimonials on sales pages increase conversions by 34% (Impact)
More than two-thirds of companies now compete based on CX (Gartner)
90% of buyers who read positive customer success content claimed that it influenced their purchasing decisions. (Dimensional Research)
Purchase
There is an 80% increase in revenue for businesses that focus on improving customer experience. (Forbes)
If B2B buyer has a high brand connection with your company they are 5 times more likely to consider buying from you, 13 times more likely to purchase and 30 times more likely to pay premium. (CEB)
A positive customer experience encounter can increase customer spending by up to 140%. (Deloitte)
70% of buying experiences are based on how customers feel they are being treated, rather than anything metrics-based. (McKinsey)
Engaged customers spend 300% more over the course of a year. (Rosetta)
Consumers will pay a 16% price premium for great customer experience. (PwC)
Retained customers will pay a 17% price premium if it means getting excellent service. (American Express)
Retention
64% of consumers are more likely to recommend a brand to others if it offers simpler experiences and communications. (Siegel+Gale)
71% of people recommend a product or service because they received a “great experience”. (Convince & Convert Consulting)
65% of all consumers find a positive experience with a brand to be more influential than great advertising. (PwC)
Only 19.3% of customers that have had a bad customer experience with a brand will report directly to such brand. (Smart Insights)
A 10% increase in customer retention leads to a 30% increase overall in the company’s value. (HBR)
Satisfied customers are 14x more likely to buy your product again compared to a new customer. (Groove)
Retaining customers is from 5-25x less expensive than acquiring a new one. (Harvard Business Review)
It costs 80% less to retain a customer than to acquire a new one. (CIM)