Prepared for Sebastian | Delivered October 4, 2019
Customer Experience and Improved Sales
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Gain an understanding of how creating a connection or delivering a positive customer experience results in improved sales as well as more predictable usage outcomes
showed that companies typically receive $3 in profit for every $1 they spend on improving customer experience.
It was also reported that improvement in customer experience
increases customer satisfaction
which increased customer acquisition and retention
A study by McKinsey
showed that brands that improve their customer experience improved revenue on average by
Customers surveyed noted being willing to pay between
more for a great customer experience.
have the most to benefit from improving customer experience. Companies that are currently earning $1 billion per year are projected to increase revenue by
within the first three years of improving customer experience.
Customer experience may soon be the key brand differentiator, with
a study predicting
that by the end of 2020, it will outweigh both price and product quality.
86% of buyers
noted that they would be willing to pay more for a product or service that offers a great customer experience.
Lost sales are exponentially related to customer experience wit
h 1 in 3 customers
stating they would leave a brand they love after one bad experience, and
92% would leave
after 2-3 negative experiences.
It is noted that approximatel
y $1.6 trillion
is lost per year by businesses in the US due to poor customer experience.