The customer experience has emerged as the single most important aspect in achieving success for companies across all industries, according to a new study released by ForeSee.
At the end of 2013, there were more mobile devices on Earth than people, the study shows. The business challenge is to increase the velocity of growth through:
Customer Retention
Customer Upsell
Acquire New Customers
Acquire through marketing
Acquire through word of mouth
Among some prime business challenges are poor investments, missed opportunities, channel sub-optimization, and customer disconnect, the study shows.
Marketers and companies themselves need to keep in mind some crucial points, according to the study:
The importance of the customer
The power of positive word of mouth
Easy and simple for company leaders to understand
Rallying the entire organization around the importance of the customer (low-hanging fruit)
The research was conducted among 67,600 holiday shoppers from Nov. 29, 2013, through Dec. 17, 2013.
In the study, “Innovating Analytics: Gaining a Competitive Advantage in a Customer-Driven World,” it speaks to why satisfaction matters. A highly satisfied shopper is:
76% more likely to purchase in-channel
44% more likely to purchase in another channel
59% more likely to make future purchases
53% more likely to recommend
The next generation customer experience analytics include: Multichannel, Integration, and Innovation. Within customer experience analytics, integration will involve better metrics, better business decisions, and better customer experience.
“Next generation customer experience analytics utilizing multichannel predictive analytics n the measurement and analysis of the customer experience is radically changing the way critical investments and decisions are made, leading to a competitive advantage,” the report says.
Some of the companies measured included half of the Fortune 100, half of the Top 100 Retailers, six of the Top 10 bank, with over 95 million surveys collected.
ForeSee offered some key takeaways for marketers to seriously consider in their future efforts to improve the overall customer experience:
Marketers cannot manage what they do not measure
If marketers are not measuring the customer experience, they’re operating in the
dark
Measure from the customer’s perspective, not just the organization’s
Consumers are multichannel, which means your measurements and
analytics need to be multichannel
Marketers need to keep innovating and moving forward in order to
stay ahead