Personalizing the customer experience is becoming more than an effective way to compete.
It’s evolved to become a business imperative. Why? Because our customers have come to expect it. And because those organizations that are investing in the capabilities to deliver great customer experiences are reporting superior performance and growth. The personalization impact is becoming more and more clear.
The fact that customers will pay a premium price for a great experience is real.
The PwC Future of Customer Experience Survey (2017/18) sites 73% of all people point to customer experience as an important factor in their purchasing decisions. Further, 43% of all consumers would pay more for greater convenience; 42% would pay more for a friendly welcoming experience. Among US customers, a remarkable 65% find a positive experience with a brand to be more influential than great advertising!
Those companies that are embracing the power of personalization by making the necessary investments are seeing significant returns on their investments. Here again, the impact of personalization is real. In April 2018, Forrester Consulting performed a study to evaluate the Business Impact of Investing in Experience. The study revealed that companies delivering personalized experiences are outperforming organizations that don’t deliver personalization. Improvements are realized across the suite of metrics spanning the entire customer lifecycle. For example, the Forrester study sites that companies that deliver personalization are realizing 1.6x higher growth in new website visitors and 1.9x higher year over year growth in customer retention over companies that do not.
Not convinced? Consider this. The PwC survey also sites that 32% off all customers would stop doing business with the brand they loved after one bad experience. Unfortunately, you don’t really have many chances to get personalization right.
Bottom line focus on what really matters to your customers and apply improvements to their experiences across all touchpoints. As the study demonstrates, when customers feel appreciated, you gain measurable business improvements.
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