Customer Experience Key to Consumer Loyalty
Creating exceptional experiences for your customers and prospects can set yourself from the competition. This can be anything from providing consistent experiences across channels, providing excellent customer service, or recognizing a customer both offline and online.
Customers no longer base their loyalty on price or product. Instead, they stay loyal with companies due to the experience they receive. In fact, 86% of consumers are willing to pay more for a great customer experience.
Brands recognize the power of the customer experience but providing consistent experiences can be challenging. According to a recent survey by Adobe, respondents named the following as the biggest challenges:
- 4% – Developing the necessary capabilities inside the organization to design, deliver and monitor the customer experience
- 1% – Determine the contribution of each touchpoint to the overall customer experience and identifying critical touchpoints
- 8% – Mapping all elements of the customer experience
Brands were also asked to rate themselves on customer experience compared to their competitors. Overall, brands feel they are not doing as well as the competition. Survey respondents gave themselves an above-average rating in “assuring that customer experiences are compatible with their brand”, resulting in a mean score of 0.31 (-1= feel below competitors, 0= on par with competitors and +1= feel above competitors). CMOs were least confident in their performance in measuring customer perceptions, emotions and behaviors throughout the customer journey (-0.22).
In addition to customer experience, the CMO Survey study also examined other areas such as social media. Spend on social media as a percentage of the overall marketing budget continues to rise.
With spend at a current rate of approximately 12% of overall marketing budget, brands expect their spend to increase over the next five years to a total of 22.5%.
Social Media and the Customer Experience
With social media becoming an increasingly important channel on which younger generations expect to engage, brands must pay attention and incorporate these channels into the marketing mix. Teens use these teens frequently, with 70% using these channels more than once a day.
Take a look at some of these additional stats on how consumers use social media:
- 80% of consumers use social to engage with brands (Forrester)
- Customers reach brands across an average of seven social media channels (Pew)
- Customers that receive a response from brands on Twitter are willing to spend up to 20% more and are 30% more likely to recommend the brand (Twitter)
- 54% of customers prefer social messaging channels for care over phone or email (AdWeek)
- It costs 6x more to solve a customer issue through a call center than on social (Forbes)
Mobile Customer Experiences
Mobile spend is also continuing to significantly rise. At a current rate of 12.8% of the overall marketing budget, this is expected to continue to increase to 21.8% of the total marketing budget in five years.
According to Deloitte, 56% of every in-store purchase is influenced by a digital …read more
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