Research released last week from Oracle reveals just how essential customer experience is for driving revenue growth and differentiating a brand in a globalized economy.
The report revealed that 81% of consumers are willing to pay more for superior customer experience, with nearly half (44%) willing to pay a premium of more than 5%.
Additional highlights from the Oracle Study, "Why Customer Satisfaction is No Longer Good Enough," include:
- Seventy percent of respondents have stopped doing business with a brand following a poor customer experience.
- 92% of this number have gone straight to a competing brand and made a purchase.
- Just a quarter of consumers (22%) are nearly always satisfied with their customer experience.
The research study, which surveyed shoppers who had made a complaint or enquiry to a customer service department in the last twelve months, also revealed some important, rather actionable insights. Improvement of the overall customer experience (40%), providing quick access to information and making it easier for customers to ask questions (35%) were cited as key drivers for spending more with a brand.
"By creating a consistent and connected experience across all points of customer contact -- including the increasingly important social channel -- businesses can clearly differentiate themselves and build priceless brand capital,” said Danny Rippon, CRM Business Solutions Director, Oracle.
“As an absolute fundamental, businesses must ensure that their customer experience systems can support fulfillment and service to the extent demanded by consumers, while at all times making it as simple as possible for them to interact with the brand. This is the key both to winning new customers and retaining them for the long-haul."