If you're going to make an investment in your enterprise let it be in customer experience.
A new study out from Avanade found that for every dollar invested in improving the customer experience, businesses generated three dollars in return. What's more, those that invest in customer experience management can expect to see an 11 percent increase in revenue within the next 12 months.
"For brands to truly succeed, they need to move beyond standalone marketing tools and shift marketing to their customers in context across every brand touch point," said Scott Anderson, Chief Marketing Officer, Sitecore. "Companies need to understand that customer experiences are now built around knowing what each individual is trying to achieve at that very moment in time and create the right brand experience around those insights. In fact, almost half of those surveyed have experienced increased customer loyalty over the past 12 months by prioritizing a customer experience strategy."
Additional highlights of the study include:
- 65 percent of respondents expect further opportunities to improve profitability when they focus on improving the overall lifetime value of customers
- 96 percent of those surveyed have or are currently developing a customer experience strategy, and 92 percent of those with a strategy in place report that the customer experience strategy is one of their top three priorities.
- Two-thirds of respondents said that competition made their organization realize the need to prioritize customer experience, while 52 percent reported customer feedback as the driver.