These five statistics show opportunities for CX growth and progression in 2021 that any business could take on. Take the time to examine them to see how you can take inspiration from them this year.
1. Customers who engage with companies on social media will spend 20-40% more than other customers. They also are more emotionally committed to the companies and with an NPS that is 33 points higher than other customers.
Many brands neglect to consider social media as part of the customer journey, but it’s becoming an increasingly important touchpoint for many customers. Social media can be relegated to a dedicated social team, often based within marketing departments. But any CX team needs to have an active view and participate in social media monitoring and engagement. In many cases, the customers who interact with a business on social media will be loyal promoters who feel connected to the brand. Alternatively, they can be unhappy customers who want and expect a response to an issue they deem urgent and worthy of public attention. Both public and private social media interactions are important, so make sure your CX team is aligned.
2. Businesses can grow revenues between 4% and 8% above their market when they prioritise better customer service experiences.
Good CX is good business. It’s quite simple, but CX can often be neglected or not prioritised due to other business concerns taking precedence. This statistic from Bain shows that you are competing on customer service within your industry whether you realise it or not. Get the major stakeholders in your business excited about CX by showing them how it can positively affect your bottom line. Obtaining executive buy-in for CX initiatives can be challenging, but this is the kind of statistic that execs love to see. Conveying the tangible value and advantages of enhancing your CX programme is the best way to get everyone on board.
3. 58% of organisations believe their CX will be outdated in just two years.
Many business leaders feel insecure about keeping up with the times when it comes to the constantly evolving customer experience landscape. Customer expectations are rising rapidly, and technology is becoming more advanced each day. All businesses are competing on experience, but keeping up can be tricky! There is no singular way to address this challenge, but not growing complacent is the best way to frame the mindset across your business so that you do not get left behind. All too often, companies define their CX strategy and goals and then act on them, but to be really competent at CX and to remain competitive, you need to be constantly redefining and evolving your goals, strategies and priorities. Continuously action feedback, evaluate the customer journey, analyse competitor strategies, and identify opportunities for improvement. If you actively engage in modifying and improving your CX, it will remain relevant and fresh.
4. More than half of Gen Y and Z consumers, compared to 37% of other consumers, say they have shifted a portion of their spend away from their current service provider when a company disappointed them due to its words or actions on a social issue.
This statistic from Accenture shows the changing times we live in and how important it is for corporations to get on board with authentic, value-driven messaging. Younger customers, in particular, care about a brand’s values just as much as they care about the goods and services the brand provides. Any rhetoric that is either disingenuous or problematic does not sit well with these customers. They will happily go to a competitor who seems to align with their values more. Social media can quickly amplify an individual misstep or inaction from a brand. This doesn’t mean you need to wade into every social issue, but being authentic in your communications and showing customers what your brand stands for, can pay in the long run to maintain the support of younger generations.
5. 53% of shoppers believe their feedback doesn’t go to anyone who can actually act on it.
More than half of customers think nobody pays attention to or can do anything about their survey responses or feedback. Before I worked for a business with Voice of the Customer at its core, I was part of that statistic! But of course, it couldn’t be further from the truth. Customers believe that their feedback is useless for many reasons, and its the responsibility of businesses to let them know that their feedback does matter to increase engagement and response rates. Responding to customer feedback is a good starting point. Many companies do not close the loop on customer feedback or only send automated messages in response. It’s no wonder that customers think that their feedback goes nowhere when nobody follows up with them! It can also be a good idea to let them know how customer feedback has been actioned broadly. In a newsletter or on social media, thank your customers for their feedback and highlight examples of how your business has made changes based on feedback received from surveys. Incentives are another useful tool to let customers know that their feedback is valued. Offering a discount or perk to customers who give feedback is a great way to show them that you are invested in hearing their opinions and perceptions.