Today’s leading brands have adopted an omnichannel mentality. In other words, your brand is the sum total of experiences that every customer has with your company. Whether a customer interacts with your social customer service team, mobile site or sales representative, every touchpoint should compliment the other.
Take Adidas, for example. Even though Adidas’ brand portfolio spans across many products, services and channels, the customer experience is seamless. Herbert Hainer, the CEO of Adidas, recently explained that the company’s “consumer-obsessed mindset is strongly embedded in our 2020 strategic business plan and is the foundation to create brand desire with our consumers.” This clear brand vision, coupled with customer centricity, means that in-store shoppers have the same great experience as someone using a miCoach mobile app.
There’s also a financial incentive to focus on customer experience. Companies like Adidas that obsess over customer experience outperformed the S&P 500 by more than 25 percent over a six-year span. Conversely, companies that failed to improve the omnichannel experience fell by more than 30 percent over that same time period.
We collected 13 impressive statistics that show the importance of—and opportunity in—improving customer experience.
13 Statistics on the importance of customer experience
Customer expectations have changed.
- A vast majority (86 percent) of buyers would pay more for better service. (Tweet this stat!)
- Brands need to provide a more consistent experience according to 87 percent of today’s buyers. (Tweet this stat!)
- Seventy-five percent of online customers expect a response within five minutes. (Tweet this stat!)
Businesses are now competing for better service.
- In 2016, 89 percent of organizations will compete for customer experience. (Tweet this stat!)
- Eighty-nine percent of marketers think customer experience will be their main differentiator by 2017. (Tweet this stat!)
Perfecting the customer experience can do wonders for business.
- Improved experience can grow revenue by five to 10 percent—and cost 15 to 20 percent less—over a span of three years. (Tweet this stat!)
- Loyal customers are seven times as likely to test an offering, five times as likely to buy again and four times as likely to refer. (Tweet this stat!)
- Three out of four people have spent more with a company because of a history of positive experiences. (Tweet this stat!)
One bad experience can be devastating for brands.
- People talk: 95 percent of customers tell others about a bad experience. (Tweet this stat!)
- $1.6 trillion = The estimated cost of customers switching due to poor service. (Tweet this stat!)
Customers want to be loyal to brands and give their input.
- Nearly 40 percent of retail leaders say that earning the loyalty of millennials is their greatest challenge. (Tweet this stat!)
- Ninety-seven percent of global consumers cite customer service as important in their brand choice and loyalty. (Tweet this stat!)
- In the U.S. alone, there are 3.3 billion loyalty program memberships—an average of 29 per family. (Tweet this stat!)
We’re in the middle of what many people are calling the ‘Age of the Customer.’ This is where customers shape strategies and decide what to buy and when. In this scenario, however, business leaders have very little control over what customers say or where their loyalties lie when it comes to making buying decisions. What brands can control is the customer journey.
Customers often don’t recall where or when they first interacted with a brand. What they do remember—and will happily tell others about—is how they felt, how much effort they had to expend and whether their visit was successful. This is where customer experience comes in.
The best brands out there are the ones that have complete control over the entire customer experience, without the customer ever realizing it. As consumers, we like to think that we’re creating unique interactions and experiences every time we engage with a brand. It’s up to brands to make it feel that way (while keeping it positive and effortless).