We hear the terms “customer experience” and “CX” everywhere, but what do they really mean?
John Foley from Oracle defines customer experience as “the idea that businesses can use everything they know about a customer to personalize and maximize the transaction at every touchpoint and across business channels – in the store, on the phone, online, and via social media and mobile.” Greg Gianforte from RightNow Technologies, Inc. defines customer experience as “the sum total of all interactions that customers have with a brand, and the perception they form as a result.” Superoffice makes it even simpler. “Customer experience is your customers’ perception of how the company treats them.”
Though customer experience is a general term, there’s a reason we hear it so often – it’s what makes businesses competitive in a market rife with options, especially in the times we’re living in. We have the data to prove it. We compiled the top statistics to depict the current state of the customer experience in 2020.
How important is customer experience?
Very! A positive customer experience improves sales, brand image, customer loyalty just to name a few benefits. Plus, your customers are demanding it:
- 80% of customers say the experience a company provides is as important as its products and services
- 73% of all people point to customer experience as an important factor in their purchasing decisions
- 65% of consumers find a positive experience with a brand to be more influential than great advertising
What are your customers’ expectations?
Customers’ expectations of an interaction with your brand or evolving and rising. Here is what consumers have to say:
- Only 3% of U.S. consumers want their experiences to be as automated as possible
- Consumers say 56% of businesses lack adequate self-service options for customers
- 70% of customers believe that a single phone call should be enough to get in touch with a company
How are businesses responding to expectations?
Businesses have recognized the importance of customer experience and are rising to the occasion:
- 81% of businesses have increased focus on creating a more cohesive customer journey
- 28% of customer service leaders cite social media engagement and analytics as top priorities for their organizations in 2020
- 89% of digital businesses are investing in personalization
What are the top challenges for businesses today?
With process and operational improvements comes challenges, and businesses across the board are having a similar experience:
- 56% of companies say “deriving real-time insights” is the top challenge of improving customer experience
- 48% of businesses struggle to improve their customer experience because the strategy is not cohesive across departments
- 44% of businesses working to improve their customer experience have trouble with the ability to respond in real-time
What metrics best represent customer experience?
Tracking customer experience metrics is the best way to tell if you’re improving. These are a great place to start:
- 80% of consumers point to speed as being among the most important elements of a positive customer experience
- Among the metrics used to measure customer experience, retention rate (65%) and satisfaction (65%) are considered the most important
- 86% of organizations rank employee engagement high in importance of delivering great customer experience
How can you improve your customer experience?
Your customers have spoken and are here to tell you what they want:
- 90% of consumers are willing to share their behavioral data if additional benefits are provided that make shopping cheaper or easier
- Human interaction matters now—and 82% of U.S. and 74% of non-U.S. consumers want more of it in the future
- 59% of customers have an increased demand for personalized service
2020 is a year full of uncertainties and these customer experience statistics prove that customers are practically begging for a dependable and positive interaction with your business.
As an entrepreneur with limited resources, it may seem daunting to provide a customer experience that truly dazzles. However, research shows there is plenty of potential to do just that — only 49% of U.S. consumers say companies provide a good customer experience today.
More than 85% of businesses have more data on their customers than they did two years ago. By getting to know your customers, using personalization, and providing human customer service as often as possible, you can blow your competitors away with an efficient and exceptional customer experience that keeps them coming back for more.
