The customer experience is much more than a buzzword. According to Adobe, “Now more than ever, experience is the brand”.
But convincing your CFO for budget to invest in the customer experience is often an uphill battle.
According to Bruce Temkin, Managing Partner at Temkin Group, “One of the problems is that the people who focus on customer experience don’t speak in the language used by senior management."
Not only do you need to show that the customer experience drives retention and growth but according to Ron Wince, General Manager of Peppers & Rogers Group, “Part of the challenge many companies face is that senior management is often hesitant to invest in customer-focused programs without guaranteed returns.”
If your CFO is standing between you and investing in the customer experience below are five stats they can’t ignore.
1. Customer experience increases revenue
The customer experience and revenue are intrinsically linked. According to Forbes, 86 percent of buyers will pay more for a better customer experience. Yet only 1 percent of customers feel that vendors consistently meet their expectations.
2. Customer experience impacts repeat purchases
The key to turning customers into repeat buyers is by focusing on the customer experience. According to Right Now Technologies, 89 percent of consumers have stopped doing business with a company after experiencing poor customer service.
3. Customer experience increases sales
The customer experience and sales go hand in hand. According to the Temkin Group, 92 percent of customers who rated their experience as very good were likely to repurchase from that company, compared to only 9 percent of customers who rated their experience as very poor.
4. Customer experience is more important than price
Competing just on price is no longer enough. According to Gartner 64 percent of people think that customer experience is more important than price in their choice of a brand.
5. Customer experience is your unique advantage
Today, brands are investing in the customer experience to differentiate from their competitors. According to Gartner 89 percent of companies plan to compete primarily on the basis of the customer experience by 2016.
The customer experience ROI
To convince your CFO to invest in your customer experience initiatives, you need to demonstrate the value to the bottom line. As you put together your case, make sure to include these 5 customer experience statistics that your CFO can’t ignore.