We are in the early phases of the ‘age of the customer’ business cycle. As such, it is logical to expect that the leaders in this customer-obsessed competitive strategy should be more successful. However, is there hard data that can prove this case?
Stock performance can be confusing
Forrester Research did a study titled ‘Does Customer Experience Really Drive Business Success?’ The following is our commentary of that research work.
The study starts with introduction of unexpected results for many well known publicly traded companies:
Going beyond the obvious
Once different competitive dynamics and revenue models were considered, a new correlation picture started to emerge:
In essence, if your customers are free to chose what product or service they would like to buy, which is the case for the entire digital commerce world, the research shows that optimal customer experiences makes a huge difference.
How you can start your customer experience journey?
An essential starting point is the development of ‘customer experience views’ through customer experience web analytics. Knowledge about customer experience friction points will help your brand intelligently allocate resources and help you commit to a customer experience optimization plan from a holistic point of view.
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