This post was part of the Customer Experience Professionals Association’s 2013 Customer Experience Day celebration. The second annual #CXDay is October 7th, 2014. Come celebrate with us! (Scroll down for more details.)
What’s the value of customer experience? It’s an interesting question.
Whether by your customers or from within your organization, the value of customer experience can be measured in so many ways.
Value to customers
As customers, we are aware when experiences go really well or really not well. We not only share those experiences, we become loyal (or don’t) because of them.
- According to the 2012 American Express Global Customer Service Barometer, 75 percent of us say we’ve spent more with a company because of consistent positive customer service experiences.
- Customers who are surprised and delighted with their experiences share their experiences with others. Thanks to social media, that can be a lot more people.
- Humans are smart. We know what to expect when we walk into a Costco versus a Saks Fifth Avenue. If the experience exceeds our expectations, we appreciate the extra effort. We feel valued and provide loyalty in return.
Value to organizations
Organizations must consider business results when considering the customer experience.
- Even during the recession years of 2007-2012, customer experience leaders averaged double-digit gain in stock performance, besting customer experience laggards by an impressive margin, according to The Watermark Consulting Customer Experience ROI Study.
- Investing in not just acquiring customers, but keeping them long-term, can pay off in huge dividends. In one report by Adobe, it was estimated that for each 1% of shoppers who return for a subsequent visit, overall revenue will increase by approximately 10%!
- Empowered and engaged employees translates into lower turnover, better performance and increased profitability. A 1% increase in employee commitment can lead to a monthly increase of 9% in sales, according to IES.
While some organizations struggle with defining the “what’s in it for me” of designing a powerful and proactive customer experience, other organizations simply commit to delivering a great experience for their customers. Companies that committed to this include Zappos, Warby Parker and others who enjoy success year over year.
The Second Annual #CXDay is October 7th, 2014
Our first global Customer Experience Day was a huge success! It was pretty exciting to see tangible results to share about why this is all important. So we’re doing it again this year! There will be many online and in-person events, so everyone can celebrate! Won’t you join us?
There’s a huge global lineup of online CX Day events including webinars, Google Hangouts and Twitter chats throughout the day. There’s something for everyone! Check out the full agenda here.
Local Networking Events
Meet with other local CX professionals to enjoy speakers, break-out discussions, networking, food and more. These are free events, so please come and join us! Find an event in your area here.
As we continue to invest in creative ways to improve customer experiences, we’ll gain even more knowledge about the distinct benefits to this work.
This post is part of the Customer Experience Professionals Association’s 2013 Blog Carnival “Celebrating Customer Experience.” It is part of a broader celebration of Customer Experience Day.