Research done by Harvard Business Review shows there’s a direct link between customer experience and annual revenue. They found that customers who had the best experience were shown to spend 140% m...
The finding that the revenue from improving good to excellent is higher than bad to better experience sounds counterintuitive, yet it makes sense. There is a steeper curve to level a negative experience. it is a strong insight for organizations where to channel their energy when it comes to prioritizing experience design.
“Every touch-point the customer has with the business is part of its experience.” We’ve seen why it’s important to build a strong brand at Virgin from the early days. Here’s why
The only thing surprising about this report is that they actaully had to do research to find this out. Of course customers who have good experiences spend more- a significant amount more. The question to find out is why so many companies go to the mat on customer acquisition and don’t put the same resources into the execution of the experience. But the piece does go into specifics that can help companies put a plan in place to move the needle. worth reading.
I enjoy reading stories about brands creating customer delight through surprise and innovation. However I am far more willing to spend my money on brands that speak out about this issues that matter to me most.
Loyal customers are also some of the most profitable customers.