Customer Experience and Improved Sales
Delivered October 4, 2019. Contributor: Jennifer P.
Goals
Gain an understanding of how creating a connection or delivering a positive customer experience results in improved sales as well as more predictable usage outcomes
Early Findings
One study showed that companies typically receive $3 in profit for every $1 they spend on improving customer experience.
Customers surveyed noted being willing to pay between 13-18% more for a great customer experience.
Large companies have the most to benefit from improving customer experience. Companies that are currently earning $1 billion per year are projected to increase revenue by $700 million within the first three years of improving customer experience.
Customer experience may soon be the key brand differentiator, with a study predicting that by the end of 2020, it will outweigh both price and product quality.
86% of buyers noted that they would be willing to pay more for a product or service that offers a great customer experience.
Lost sales are exponentially related to customer experience with 1 in 3 customers stating they would leave a brand they love after one bad experience, and 92% would leave after 2-3 negative experiences.
It is noted that approximately $1.6 trillion is lost per year by businesses in the US due to poor customer experience.
Research proposal:
Only the project owner can select the next research path.