Benefits of great customer experience
Millward Brown publish a customer experience study of 28,000 worldwide brands each year. To get into the top 100 you have to be great at customer experience. The latest study shows the business benefits of getting customer experience right. :All the top 100 companies had:
- Higher retention ratios (84% versus an average 30%)
- Higher cross/up-sell ratios (82% versus an average 16%)
All were more profitable with better than average growth.
There are also some great indirect benefits:
- Engaged and committed staff are key to improving customer experience. Top Tip: Employees need to understand the company’s core values on customer experience. Motivate and train them to understand the part they play in delivering them
- Employees should embody your brand promise. When interacting with customers they leave them with a more positive view of the brand. 70% of brand perception is set by customers’ experiences with people.
- Happy and motivated staff reduce training and hiring costs. They also bring strong benefits to the bottom line. In the last five years, companies rated as “a good place to work” had 25% growth in share and dividend returns. The All-Share index average is 6.3% Source: Sunday Times Great Places To Work Survey.
- If customers give a company a high rating, it will outperform the market average by a factor of 1.6 over 5 years. If employees also rate the company well, it will outperform the market by a factor of 3.2. Source: Vivaldi Brand Leadership Study,