This article is part of our March 2019 series about emerging technology. Click here for more.
“Get closer than ever to your customers. So close that you tell them what they need well before they realize it themselves.” —Steve Jobs
Studies show that companies that make experience their business are outperforming the competition. Now these companies are onto the next phase of digital transformation, customer experience management (CXM), which gives organizations the ability to orchestrate and personalize the entire end-to-end customer experience, moment to moment, at scale, on any channel, in real time.
The following stats put into perspective just how important a customer experience focus and CXM is to a company’s future success.
1. Over 80% of organizations expect to compete mainly based on CX this year. (Source: Gartner)
2. Companies that are experience-led have 1.6x higher brand awareness, 1.5x higher employee satisfaction, and 1.9x higher average order value. Experience-led businesses also have 1.7x higher customer retention, 1.9x return on spend, and 1.6x higher customer satisfaction rates. (Source: Forrester)
3. In a survey of customer experience team leaders, 100% of respondents agreed that customer experience management cannot succeed without engaged employees. (Source: Customer Think)
4. In the same study, 97% of CX team leaders agreed that CXM is a business strategy for creating loyal customer relationships, and 89% said it includes any effort to improve customer satisfaction. (Source: Customer Think)
5. Fifty-two percent of CX professionals believe that CXM requires a chief customer experience officer to be successful. (Source: Customer Think)
6. Organizations classifying themselves as “very advanced” at customer experience are almost three times more likely than their peers to have exceeded their top 2018 business goals by a significant margin. (Source: Adobe Digital Trends Report)
7. Customer experience leaders are four-and-a-half times more likely than other companies to have a highly integrated, cloud-based technology stack (32% vs. 7%) to fuel their customer experience management strategies. And companies with a unified tech stack are 131% more likely to have significantly outperformed their top 2018 business goals (30% vs. 13%). (Source: Adobe Digital Trends Report)
8. Half of brands say they are planning to increase CX-related technology spending in 2019. (Source: Adobe Digital Trends Report)
9. To deliver on their customer experience management goals, 55% of marketers are prioritizing more effective audience segmentation and targeting. (Source: Adobe Digital Trends Report)
10. Eighty-six percent of consumers are willing to pay more for a great customer experience. In fact, by the year 2020, customer experience will overtake price and product as the key brand differentiator. (Source: Walker)
11. Consumers with an emotional connection to a brand have a 306% higher lifetime value, stay with a brand for an average of 5.1 years vs. 3.4 years, and will recommend brands at a much higher rate (71% vs. 45%). (Source: Motista)
12. Loyal customers—those who support a brand over time—spend 67% more than new customers. (Source: Edelman)
13. Customers who have had an unpleasant experience on a brand website are 88% less likely to return. (Source: Clicktale)
14. Sixty-one percent of users are unlikely to return to a mobile site they had trouble accessing, and 40% end up visiting a competitor’s site instead. (Source: McKinsey & Co.)
15. Companies with the strong omnichannel customer engagement strategies retain an average of 89% of their customers, compared with 33% for companies with weak omnichannel strategies. (Source: Aberdeen Group)