At every meeting we attend to propose a customer experience study , we are asked the same question:
- “What return on investment will we have by conducting a customer experience study?”
Customer Experience Study Analysis
To answer this question, the results of the study on the maturity of Customer Experience in Spain carried out by the Association for the Development of Customer Experience (DEC) and The Boston Consulting Group are very interesting.
The data analysis of the study focused on two aspects: on the one hand, the perception of the customers of 200 brands (they carried out 25,000 surveys), and on the other hand, the self-assessment of Customer Experience of 60 companies from different sectors of activity.
The results of the report conclude that there are three key variables that impact the growth of a company's results, and these are:
On the one hand, customers who have a better experience generate more revenue. On the other hand, they are less likely to change brands, thereby reducing the churn rate. And finally, by recommending the company that provided them with that good experience, they contribute to attracting new customers.
The report concludes that there are four key dimensions with a clear impact on Customer Experience: value for money; product; service; and emotions (for example, trust in a company or customer identification with the brand).
62% of buyers acknowledge that family and friends are their main source malta phone number information when purchasing a product or service. Leading companies are rated three times better in emotional factors and recommendations, especially by word of mouth.
Getting better customer ratings is correlated with having a solid Customer Experience model.
Between the best and worst companies in Customer Experience in Spain there is a difference in annual growth of approximately 20%. This figure shows the importance of investing in Customer Experience to maintain and grow in the markets, with a clear impact on improving customer retention and loyalty and increasing their recommendation levels.