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Why Companies Should Invest in the Customer Experience

Why Companies Should Invest in the Customer Experience



Companies spend millions on advertising every year, but is it worth it?

Sure, companies need to get their names out there, but maybe even more important for the acquisition of new customers are the experiences of existing ones.



The Value of Customer Experience



Good Experiences Grab Customers



40% of people began purchasing from a competitive brand because of its reputation for great customer service

55% are willing to recommend a company due to outstanding service, more so than product or price

85% would pay up to 25% more to ensure a superior customer service experience



Top Reasons Why Customers Switch Brands

Interaction with a rude employee

Unexpected charge or fee

Poor quality of product or service



Bad Experiences Push Them Away

82% of people have stopped doing business with a company due to bad customer service

95% of customers have taken action as a result of a bad experience. Of those, 79% told others about their experience.

85% wanted to warn others about doing business with the company

66% wanted to discourage others from buying from the company

55% wanted to vent anger

24% wanted to see if the company would take action to resolve the issue



The Power of Persuasion

The Great Divid



Businesses are expected to spend $214.3 Billion in advertising in 2011.

But...

Only 4% of Americans trust advertising the most as a source for product or service information.



Trusted Sources

Though significantly more money is spent on advertising than customer service, a recent study shows word-of-mouth recommendations from customers with good experiences are more influential than ads.



83% trust independent sources with whom they have a personal relationship over advertising.

These include:

Family

Friends

Colleagues



Where the Customer Is King

In terms of good customer experiences, these companies get it right. Satmetrix recently ranked companies with the best customer loyalty in a variety of industries.



Airline

JetBlue



Auto Insurance

USAA



Brokerage & Investments

Vanguard



Cable & Satellite TV

Verizon



Cell Phone Service

Metro PCS



Computer Hardware

Apple



Consumer Software

Symantec



Credit Cards

American Express



Dept., Wholesale & Specialty Stores

Costco



Grocery & Supermarkets

Trader Joe's



Health Insurance

Kaiser Permanents



Life Insurance

State Farm



Online Search & Information

Google



Online Shopping

Amazon.com

Why Companies Should Invest in the Customer Experience

shared by Column Five Media on Jul 23, 2011 in Business

Why Companies Should Invest in the Customer Experience

shared by Column Five Media on Jul 23, 2011 in Business

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Companies spend millions on advertising every year, but is it worth it? Sure, companies need to get their names out there, but maybe even more important for the acquisition of new customers are the ex...
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