customer is the king and so can be a business!
a common trait among leading companies is that the customer is at the heart of their strategy. multiple successful companies that are performing exceptionally well are also offering a superior customer experience. this leads to a strong belief that customer experience plays a critical role in generating sustained value for businesses. to understand the influence of customer experience on financial metrics and qualify how it creates intrinsic and sustained value for a company, KPMG in India, in collaboration with EQUiTOR, undertook a detailed study that included a consumer survey. some of the key findings are –
CX plays a critical role in generating sustained value for businesses
- superior CX can help businesses enhance their valuation by 125–400%+
- unlocking the potential of CX can enable brands (across nine categories) to collect USD200 billion of value that they may have been leaving behind.
CX is a differentiator for acquiring and retaining customers and building loyalty
- 52 per cent of a consumer’s purchase decision is dependent on the experience the customer expects from the brand (not necessarily delivered currently by brands) as opposed to the reputation of the brand
- the consumer survey highlighted – 63 per cent respondents are willing to pay some premium for enhanced CX
- CX is a critical lever for customer loyalty – the consumer survey revealed that approximately 45 per cent of respondents were extremely satisfied with the experience while using the brand and are highly likely to continue using the same brand
- superior and targeted CX can convert customers into brand ambassadors
- by meeting CX expectations, companies can increase the probability of buyers noticing, recognising, and/or thinking of their brand in buying situations
- consistent CX helps build “Best Brand” – 66 per cent of respondents consider a brand as ‘best’ if it ‘provides a similar experience everytime’.
organisational orchestration is a must for superior customer experience – connected enterprises that align their front, middle and back offices create business value and drive sustainable growth.
CX is universally relevant across all industries, both B2C and B2B, – the CX expectations of B2B buyers are largely influenced by their experience in the B2C environment.
Source – KPMG