Enterprises today are highly focused on improving their CX scores and that’s why they consider customer experience statistics seriously. What their customers feel while being associated is a major determinant of whether or not it shall be a long-term association in wake of goodwill.
What is customer experience?
The essence of a customer’s journey with an enterprise comprises of customer experience. As lenient it may seem customers today are willing to invest with enterprises for a better experience. A good customer experience statistics help enhance brand image banking on customers’ trust and loyalty. This trust is gained from quality service and product.
Benefits of good customer experience statistics
1. Improved customer engagement
2. Reduced costs on marketing
3. Better customer retention
4. Improved decision making
5. Enhances customer loyalty
Customer experience statistics & reports 2021
1. 86% of customers today are willing to pay more for a better experience
2. Companies with a customer experience mindset drive revenue 4-8% higher than the rest of their industries.
Bain & Company
3. Two-thirds of companies compete on customer experience, up from just 36%.
4. 84% of companies that work to improve their customer experience report an increase in their revenue.
5. 73% of companies with above-average customer experience perform better financially than their competitors.
6. 96% of customers say customer service is important in their choice of loyalty to a brand.
7. 83% of companies that believe it’s important to make customers happy also experience growing revenue.
8. Brands with superior customer experience bring in 5.7 times more revenue than competitors that lag in customer experience.
9. 73% of consumers say a good experience is key in influencing their brand loyalties.
10. 77% of consumers say inefficient customer experiences detract from their quality of life.
11. Customer-centric companies are 60% more profitable than companies that don’t focus on customers.
12. Customers switching companies due to poor service costs U.S. companies a total of $1.6 trillion.
13. Loyal customers are five times more likely to purchase again and four times more likely to refer a friend to the company.
14. American consumers will pay 17% more to purchase from a company with a reputation for great service.
15. Companies that excel at customer experience have 1.5 times more engaged employees than less customer-focused companies.
16. Companies with initiatives to improve their customer experience see employee engagement increase by 20% on average.
17. Companies with engaged employees outperform the competition by 147%.
18. 81% of companies view customer experience as a competitive differentiator.
19. 68% of customers say the service representative is key to a positive service experience.
20. The top reason customers switch brands is because they feel unappreciated.
21. 64% of companies with a customer-focused CEO believe they are more profitable than their competitors.
22. 63% of CEOS want to rally organizations around customers as the top investment priority.
23. 90% of CEOs believe the customer has the greatest impact on their business.
24. Customer experience leaders are more likely to have senior executives leading company-wide efforts.
25. 22% of Fortune 100 companies have a C-level customer officer, compared to 10% of Fortune 500 and 6% of Fortune 1000.
26. 90% of CEOs believe customers have the biggest impact on company strategies.
27. 75% of customer experience management executives gave customer experience a top score for being incredibly important to business.
28. 59% of companies with a CEO who is involved in customer experience report higher revenue growth, compared to just 40% of companies without a customer-focused CEO reporting growth.
29. 39% of CEOs say customer experience is the most effective method of creating a competitive advantage, which was the most common answer.
30. 90% of global executives who use data analytics report that they improved their ability to deliver a great customer experience.
31. 77% of consumers view brands more favorably if they seek out and apply customer feedback.
32. Companies that earn $1 billion a year will see an average gain of $700 million within three years of investing in customer experience.
33. Customers tell an average of nine people about a positive experience with a brand, but they tell 16 people about a negative experience.
34. 69% of U.S. consumers shop more with brands that offer consistent experiences in-store and online.
35. Companies that use tools like customer journey maps reduce their cost of service by 15-20%.