Bruce Temkin of Forrester has just published new data showing a relationship between a focus on the customer experience and loyalty.
These results are similar to his findings last year except that the correlation has gotten stronger. What is the difference between 2007 and 2008? The recession.
In an earlier post on CustomerThink, I discussed how experiential value is still a significant factor in customer decision-making—in spite of concerns about recessionary budgets. Temkin’s data adds to the argument that customers value experiences. This doesn’t mean that customers don’t seek out discounts. The question businesses should be asking themselves is “Do I want my customers focused on price or value?” If it is value, emphasize the customer experience and let them shop on price elsewhere.