The Business Impact Of Investing In Experience
Customer experience-driven businesses (EDBs) drive greater business impact compared to those that are not focused on customer-centric strategies.
Talking Points:
EDBs experience greater customer and business benefits from their investments than non-EDBs. In particular, EDBs are closer to achieving top priorities via their CX (customer experience) investments, including improved customer retention and increased customer lifetime value (CLV).
Happy employees make for happy customers, and employee engagement improves not only productivity, but value throughout the organization. EDBs drive greater employee satisfaction than other companies at the individual, team, and departmental level. CX professionals from experience-driven businesses report greater employee satisfaction across the board, enabling them to deliver better experiences. For instance, EDBs report a year-over-year increase of 1.8 times in department satisfaction.
The investments in CX are worthwhile for EDBs. In reviewing a wide range of metrics across the customer life cycle, the survey found that EDBs drive a superior performance and value across the board – from attraction to advocacy.
EDBs are much more likely to invest broadly and significantly in CX initiatives. Due to their commitment to CX, these organizations face challenges such as higher marketing costs, slower time-to-market, and slower time-to-insight. However, these short-term upfront costs pay off with EDBs reaping the benefits of long-term, holistic CX.
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