Customers today have more choices than ever before. Businesses are finding that simply competing on product and pricing alone are no longer differentiators in their quest for loyal customers. On top of changing consumer, behaviors are the move to digital. Companies must be able to demonstrate positive, unique, yet consistent experiences to meet consumer demands no matter what channel the customer uses to interact with the brand.

The following are customer experience statistics which show a clear indication of this shift in consumer trends and needs. These are important to take notice of any business looking to build and grow loyal customers.

10 Customer Experience Statistics

  1. A moderate improvement in CX would impact the revenue of a typical $1 billion company an average of $775 million over three years. (Temkin Group)
  2. 67% of consumers and 74% of business buyers say they’ll pay more for a great experience. (Salesforce)
  3. By 2020, more than 40 percent of all data analytics projects will relate to an aspect of customer experience. (Gartner)
  4. According to a 2018 ContactBabel report, metrics the C-Suite keep their eye on most are overall revenue (24%) and Net Promoter Score (23%). (ContactBabel CX Decision-Makers Guide 2018)
  5. Organizations that lead in CX outperformed laggards on the S&P 500 index by nearly 80%. They retain a higher share of wallet and have customers that are seven times more likely to purchase more from the company, eight times more likely to try other products or services, and fifteen times more likely to spread positive word of mouth. (Qualtrics)
  6. Loyal customers are seven times as likely to test an offering, five times as likely to buy again and four times as likely to refer. (Temkin)
  7. 84% of organizations working to improve CX report an increase in revenue. (Dimension Data)
  8. Increasing customer retention rates by 5%, increases profits by 25% to 95%. (Bain & Company)
  9. Let’s talk about it: 95% of customers tell others about a bad experience and 87% share good experiences. (Zendesk)
  10. Only 19% of businesses have a customer experience team tasked with bridging gaps in the business. (Genesys State of CX Report)

With all of this CX data and much more still out there, my challenge to you is: How will you focus on improving the customer experience for your company? For additional information, check out the CX Life resources and the Journey Mapping eBook: An Outside-in Approach to Delivering Great Customer Experiences.