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importance of customer experience - 86% of buyers will pay more for a better customer experience

Customer Experience—The Numbers Tell the Story

The importance of customer experience cannot be overstated. If you didn’t think customer experience (CX) is important or is a competitive edge over rival companies in the industry, think again—the numbers tell us CX is extremely important to customers and businesses alike. Studies show that customers are willing to pay a higher price for products and services if they can enjoy a better customer experience. And smart companies are making customers a central focus in their business, ensuring an exceptional customer experience (for their customers) and an advantage over their competitors (for their business).

 

Customer service is not customer experience and customer experience is not customer service, but they are strongly connected.

Customer experience is the result of every interaction a customer has with your business. This includes their experience with your company with something as basic as answering the phone. It also includes the meetings you have with them and how they feel they were treated in these meetings. The products you choose for their remodeling product, the design, the experience with your designer, your responsiveness, the final budget, and the finished project — this is all part of the customer experience. Every interaction, including customer service, is part of the overall customer experience. So why is customer experience important for a business?

What can your company gain by providing exceptional customer experiences?

  • Increased customer loyalty and brand advocacy
  • Increased customer satisfaction
  • Better word-of-mouth marketing
  • Positive reviews and increased recommendations and referrals
  • Increased customer retention

The benefits of providing exceptional customer experiences work hand-in-hand with the marketing and content you create to build your brand. It’s authentic and it is a direct result of happy customers.

If you are still not convinced, the numbers tell the story quite clearly.

The new priority for businesses this year

45.9% – Customer experience

33.6% – Product

20.5% – Price

Double your revenue within 36 months through CX initiatives

86% – buyers who are willing to pay more for a great customer experience

13% to 18% – the price premium customers are willing to pay for a great customer experience

49% – buyers who have made impulse purchases as a result of a more personalized customer experience

Customer behavior has changed this past year during the pandemic

2020 – became the year when customer experience surpassed price and product as a key brand differentiator

Proof that customer experience is a top priority today

88% – companies who are prioritizing their efforts in their first point of contact (phones, customer service, and contact centers)

66% – companies who now differentiate their company from their competitors through customer experience

36% – this was the percentage of companies who made customer experience a priority in 2010, a full increase of 30% more companies have changed their priorities a decade later

Your opportunity

44% – companies who will increase their investment in customer experience initiatives, which leaves a tremendous amount of room for your company to surpass the competition

Your website and specifically, the mobile experience of your customers

52% – of all internet traffic is now conducted on a mobile device

57% – customers who will not recommend a business with a poor mobile website experience

50% – customers who will not visit a website again if the website is not mobile-friendly, even if they like the business

66% – customers feel their opinion of a brand changes negatively when they have a frustrating website experience

55% – customers who are less likely to engage with your company after an unsatisfying mobile website experience (and you will never know this fact!)

52% – customers who feel disappointed after a bad mobile website experience, even when they like the company

You may never know about your unhappy customers

1 in 26 – customers vocalize their unhappiness to the company about their negative feelings about their experience (which is an incredibly low number!)

72% – customers who share their great experience with your company with at least 6 people however…

13% – unhappy customers will share their negative experience with your company with 15 people or more

Placing importance on customer experience pays off

Customer experience is a factor you can control. The numbers tell the story! Efforts in this area of your business will pay off in the form of happy, loyal customers who will happily do business with you again (customer retention is far less expensive than customer acquisition), be your most vocal brand advocates, and will provide the best word-of-mouth marketing you could ever ask for. If you’re looking to take your kitchen and bath business to the next level, SEN Design Group can help you reach your goals. Make customer experience a priority in your business in 2021!