The proof is in: companies that deliver better customer experiences generate more shareholder value.
From 2011 to 2021 a stock portfolio of companies with high CX generated a 26% annual return vs the “best mutual funds” return of just 19% per annum.
A study by Forrester Consulting found that a modest shift in customer experience generated:
- 6.4% increase in upsell (new revenue)
- Prevented 11.6% of churn (saving revenue)
- Delivered word of mouth sales of 10.3% (new revenue)
(More examples linking customer experience to company revenue >>)
Improving the customer experience also drives down operating costs and improves company efficiency.
Genroe client AccessPay lowered staff turnover and staff acquisition costs when they invested in better CX.
Macquarie Telecom found debtors days outstanding dropped as customer experience improved.
Another Forrester study showed operational efficiency improvements contributed 40% of the total value generated by improvements in customer experience.
It’s clear: there is substantial value in delivering a better experience for your customers.
The question is: how do you go about the difficult task of improving CX?
By partnering with an organisation that’s done it many times before and who can guide you along a proven path to success.