Customer Experience describes the quality and nature of the interaction that occurs between a company and its current and prospective customers. These interactions span the customer lifecycle - from activities that initiate the customer relationship to activities that extend the relationship.
Companies must be able to deliver excellent customer experience in the relevant customer channels including stores, internet, call center and others; while providing the right messages and the right services in order to be able to succeed in today’s competitive environment.
Why is Customer Experience so important?
• Never before have customers had so much control over how and where they research, compare, and purchase products and services.
• Customer expectations continue to increase despite the tightening marketing budgets.
• The high cost of acquiring new customers has become a major challenge for profitability.
• The service quality has been an increasingly important factor in determining customer loyalty, new customer acquision, and the frequency and amount of customer purchases as well as major metrics such as Net Promoter Score (NPS).
• 46% of the organizations organizations do not think that they are sucessful in providing the desired in-store customer experience.
• It costs six times more to attract a new customer than to keep an existing one.
• Companies can boost profits anywhere from 25% to 125% by retaining merely 5% more of existing customers.
• Happy customers tell 4 to 5 others of their positive experience. Dissatisfied customers tell 9 to 12 how bad it was.
• Two-thirds of customers do not feel valued by those serving them.
• Only one out of 25 dissatisfied customers will express dissatisfaction directly to the retailer.
What are the typical returns on customer experience investements?
Deloitte’s Customer Experience Management Service Offerings: