More and more businesses are recognising that CX has surpassed traditional customer service and is now a critical component of any successful business strategy. Beyond solidifying a great brand reputation, it’s been shown to drive revenue growth, facilitate digital transformation, and enhance customer interactions in both the consumer and commercial realms.
Today, we’re discussing some compelling statistics that highlight growing trends in CX, and how businesses can benefit from following suit:
But First, What is CX?
Customer experience (CX) refers to the interactions and perceptions customers have with a company throughout their entire relationship. It’s the sum of every touchpoint, from initial contact to post-purchase support. A positive CX can turn customers into loyal advocates, while a poor experience can drive them away. As consumers’ expectations evolve, businesses must continuously adapt to provide seamless, personalised, and engaging experiences across all channels.
CX’s Effect on Brand Power
The importance of CX in building brand power cannot be overstated. By prioritising CX, businesses can strengthen their brand reputation, foster loyalty, and differentiate themselves from competitors.
- 86% of consumers consider leaving a brand after just two poor customer experiences (Exploding Topics).
- In contrast, customer-obsessed organisations enjoy 51% better customer retention, in addition to faster revenue and profitability growth. (Forrester)
CX and Revenue Growth
There are countless reports that show the correlation between investing in CX and revenue growth, with figures showing a significant increase as a result of improved CX.
- Research suggests that a great customer experience can propel your business ahead of revenue growth by as much as 8% more than the industry average (Exploding Topics).
- Further research supports this and notes that companies focusing on CX see an 80% increase in revenue (Zippia).
Digital Transformation in Businesses
The shift towards digital solutions empowers businesses to automate processes, harness data-driven insights, and deliver seamless experiences to both customers and employees.
- Companies are transitioning to a blend of physical and digital experiences for both customers and employees (Forrester).
- 56% of companies with over half a billion dollars in revenue adopt a hybrid cloud approach for data and workload transfer (Spacelift.io).
CX in Business-to-Business (B2B)
CX is becoming just as critical in the consumer market as it is in B2B settings, and business customer sentiment reflects a greater need for personalization in interactions.
- 65% of B2B customers believe their experiences don’t match those in consumer settings (Qualtrics).
- A study reveals that 86% of B2B customers expect companies to be well-informed about their personal information during service interactions (Gartner).
Integrating CCaaS & UCaaS for Improved CX
Integrating Unified Communications as a Service (UCaaS) and Contact Center as a Service (CCaaS) platforms can significantly enhance CX, allowing for efficient communication, improved collaboration, and a more cohesive customer experience.
- Reports indicate that such integration can lower call-handling times by 45%, streamlining customer interactions (UC Today).
- Organisations believe a unified platform for internal and external CX needs simplifies IT operations (No Jitter).
Invosys: Driving Exceptional CX Through Digital Transformation
Exceptional customer experience continues to serve as a cornerstone for business success in 2024. By embracing digital transformation and integrating advanced technologies, businesses can craft personalised, efficient, and seamless interactions that not only satisfy customers but also drive significant revenue growth. As companies continue to prioritise CX, those who innovate and adapt will surely lead the market.
Schedule a demo with Invosys today to explore how our solutions can help you deliver exceptional customer experiences.
