The ROI of Delivering Amazing CX
Businesses Thrive When They Embrace CX Across the Life CycleThe benefits of concentrating effort on customer experience are well known - increases in conversion rates and revenue growth being two of the most obvious. Not everyone has jumped on board the CX bandwagon, however, and that will certainly be to their detriment.
A new study from Adobe and Forrester consulting reveals that only 31 percent of companies are truly "experience-driven" businesses - those enterprises that are actively investing in the customer experience across people, processes and technology.
The benefits of embracing customer experience (CX) initiatives across the life cycle, however, are indeed quite significant. The Adobe research revealed, for example, that experience-led businesses have 1.6x higher brand awareness, 1.5x higher employee satisfaction, 1.9x higher average order value, 1.7x higher customer retention, 1.9x return on spend, and 1.6x higher customer satisfaction rates.
Those are improvements that cannot (or should not) be ignored, but it is going to cost those who acknowledge the impact of CX initiatives and will undertake such efforts on behalf of their enterprise in the future.
While experience-driven businesses are more likely than others to have dedicated budgets for specific CX and marketing initiatives (and benefit directly fro mthat investment), the study suggested that they will likely need to increase their spend for such efforts over the next year if they intend on continuing to thrive.