Organizations that continually excel in their customer experience and service delivery average increased growth of 4-8% in revenue over competitors in their industry.
Whether your organization is a practitioner of Net Promoter Score (NPS) or some other method of determining customer loyalty and customer advocacy, it’s clear that promoters or loyal customers are critical to the long-term sustainability of the organization and typically result in lower costs to operations.
Bain & Company organized an infographic based on research data conducted by the consultancy group demonstrating the critical impact of customer loyalty and the key drivers of what customer consider an effective customer experience from a service provider.
Are You Experienced Enough in Customer Experience?
Although many organizations affirm to having a focus on developing customer experience and investing in customer service, Bain research from 2005-2009 showed that only 1 in 9 organization actually excelled in all of the critical categories related to customer relations.
Furthermore, Bain points out the 4 key factors can typically be used to measure the impact of excellency when it comes to customer experience.
- Category-leading brand
- Faster growth than competitors
- Substantial profitability
- Higher than average customer loyalty
To be consistent in creating experiences that delight customers, organizations should focus on delivering services that stand out in the eyes of customers. An organizations actions should have positive impact in their target customer demographic and customer feedback should be considered for organizational learning.
Experience-focused organizations should also be able to demonstrate its ability to innovate and modify service and processes based on customer expectations and continue to evolve offerings as customer preferences change over time.