3 reasons why customer experience is essential to any business

Companies around the world compete not only on the quality of good or services they provide but also on the customer experience that they deliver. It is the new competitive battleground.

The contemporary customer is a demanding one, one that expects his or her needs to be attended to quickly, smoothly and seamlessly. Businesses that manage that and exceed their customers’ expectations are those who become leaders in their industries. Those that create unique, long lasting positive experiences become the champions of the modern customer.

As Heads of Customer Experience around the world strive to achieve this, here are the top 3 reasons why excelling in CX is essential to any business:

Financial

CX that works is shown to improve business KPIs and has a link to a company’s financial success. According to which50.com, poor customer experience costs Australian businesses $122 billion a year.

Reputational

Customer retention, acquisition and advocacy are directly related to the quality and effectiveness of a CX program. According to Aon’s 2017 Global Risk Management, damage to brand and reputation is considered a Top10 global risk that keeps Risk Managers awake at night.

 Market share

A customer’s loyalty will bring you a tangible competitive advantage. 82% of adults in the US are loyal to brands according to ICSC survey (International Council of Shopping Centres).

The 3 reasons above are but a simplistic view on why good CX is seen as a crucial element within a solid business strategy. By focusing on creating legendary customer experiences and embodying the desire for your business to go above and beyond, you will be creating an advocate out of every consumer and reap multiple benefits. 

Written by:

Simona Zukaite

Simona joined Akolade and relocated to Sydney after eight years in Hong Kong where she worked for a leading media and publishing company producing legal and financial conferences in Asia-Pacific. Simona studied Law in the UK, Paris and Hong Kong and found her passion for events after working on an international arbitration law conference and moot trial competition in Hong Kong in 2012. The recent move is the next chapter of adventures Simona has sought to pursue in Australia following the running of an annual FX investment conference in Sydney for three consecutive years.