Customer Experience Increases the Bottom-Line and Social Media Makes Changing the Customer Experience Easier
Blog: Forrester BPM Center of Excellence
91% of executives say customer experiences are critical or very important to their businesses, nearly 5,000 consumers prefer better customers experiences over lower prices and better customer experiences drive higher revenue and profits,–according to Forrester Research .
While the customer experience does provide bottom-line competitive advantages, most companies still struggle with implementing better experiences. An unexpected outcome of the CRM and Customer Service Social Media research was that many of the obstacles that companies face when implementing change initiatives are dissolved when the company deploys customer service social media. The result? Not only can the company transform customer service, but it can also transform the rest of the companies with solid changes that bring lasting results.
In surveying nearly 5,000 consumers, Forrester found that across many industries they prefer better experiences than lower prices:
When Forrester calculated the contribution to the bottom-line, for great customer experiences, it found that revenue could be increased substantially. In the case of a retailer, it could be nearly $70 Million:
And its not just Forrester that has found this type of result. Claes Fornell, at the Ross School of Business University of Michigan, has found that stock prices have a correlations with customer satisfaction. The American Customer Satisfaction Index (ACSI) shows: