Customers are now the market-makers. They are reshaping business categories and making us switch from product centric business models to customer first models.
In this new environment, how do we, as business leaders, make sure they are staying ahead of the curve, investing in the right technology and tools to deliver superior customer experiences, and not lose ground and revenue to their competitors.
Driving Correlation Between Customer Experiences and Revenue
The most convincing way to do so is to drive the correlation between improved customer experience strategies and increases in topline revenue. Our research, commissioned from Forrester Consulting, showed companies that have adopted practices that drive exceptional customer experiences are far more likely to report at least a 5% year over year revenue growth.
Our study was further validated by Forrester’s own research — comparing the revenue growth of companies with superior customer experience to that of their direct competitors with comparatively inferior customer experience. “In two industries, cable and retail, leaders outperformed laggards by 24 percentage and 26 percentage points, respectively. And when we compared the total growth rate of all CX leaders to that of all CX laggards, the leaders collectively had a 14% advantage.”
Speed is of the essence. Customers will not wait for you to catch up. Get your customer experience strategy in order before your customers take their business elsewhere. To learn more about how to drive the correlation between exceptional customer experiences and increased revenue download our whitepaper, Paving the Path to Better Customer Engagement: 5 Ways to Kick Your Customer Engagement into High Gear, here.
About VeraCentra: Marketers everywhere want to use data to implement more modern customer engagement strategies. But there can be many obstacles standing in the way of success. That’s where we come in. VeraCentra provides easy-access Customer Data Hubs. We represent best of breed Cross Channel Engagement Platforms (so marketers get the right fit) and offer the Marketing and Data Services that guarantee speed to value and quick win ROI from technology investments. We deliver these solutions with an unmatched wholehearted approach bringing personalized support, care, and service to every client. That’s why many of our client relationships span more than a decade.