17 Stats to Prove the Importance of Customer Experience

MX Bites / November 25, 2021

Customer experience has become a buzzword and many companies are continuously working in this area for the tremendous benefits it offers. However, many others are struggling to understand the concept.

It is because measuring the value of customer experience is not as easy as it is to measure the ROI of any other investment. In a highly competitive environment, it is impossible to survive until the company focuses on its customers.

Let us have a look at the 17 most prominent stats:

• • Companies offering superior customer experience are likely to generate 5.7 times more revenue than the competitors that underperform. 
  • 84% of the companies that focus on enhancing customer experience register an increase in revenue. 
  • 96% of the customers consider customer experience as a key factor for brand loyalty. 
  • Companies with a customer-centric approach are 60% more profitable than the ones without it. 
  • A company offering great customer experience has 1.5 times more engaged employees than companies that lag. 
  • Engaged employees can outperform the competition by 147%. 
  • One of the main reasons for customers to switch brands is because they don’t feel appreciated. 
  • 90% of the CEOs agree that customers have a major impact on their business strategies. 
  • 71% of the companies believe that the cloud has an impact on customer experience. 
  • 65% of brands believe that data analysis is crucial to improving customer experience. 
  • Two-thirds of the customers are willing to share personal information in exchange for some kind of value. 
  • Companies offering an ‘emotional connect’ to their customers register 85% more sales growth than their competitors. 
  • Increasing customer retention by 2% is equivalent to cutting costs by 10%. 
  • Around 52% of marketers consider customer interactions and feedback while framing their strategies and tactics. 
  • 80% of customers will prefer a company offering personalized experiences. 
  • Customers with a positive experience might spend 140% more than those with a negative experience.
  • Customers can talk with 9 people about a positive experience, whereas they talk with 16 people about a negative experience.