More than sales, finance or IT, one area of a company has the biggest impact on a company’s growth and success: customer experience.
CX has grown in recent years to become a primary driver of growth, customer satisfaction and loyalty and employee engagement. The industry and discipline have become too powerful for companies to ignore, so much that companies that don’t prioritize customer experience run the risk of becoming obsolete.
These 10 statistics show the power of the CX industry and the impact of a customer focus on all areas of a business.
1 . Improving CX by one point can lead to more than $1 billion in additional revenue. (Forrester)
Why it matters: Few other business areas can lead to such huge growth with such small changes. Investing in CX leads to powerful business growth that can transform companies and drive revenue.
2 . 36% of top CX companies exceeded their top business goal by a significant margin, compared to only 12% of less customer-focused companies. (Adobe)
Why it matters: A customer focus improves all areas of the business. Investing in CX helps companies reach and exceed even their loftiest goals.
3 . Companies that excel at customer experience have 1.5 times more engaged employees than less customer-focused companies.
Why it matters: Customer experience affects internal and external customers. When a company is focused on customers, it creates a culture where employees are empowered and want to be. Engaged employees stay with the company, are more productive and innovative and become strong advocates for the brand.
4 . CX ranks as the top most exciting business opportunity today. (Econsultancy)
Why it matters: CX comes out on top because it is all-encompassing and effective. CX initiatives don’t have to fit into a certain box—they just need to meet customers’ needs, which allows for innovation and creativity to drive business growth.
5 . More than two-thirds of companies that led in customer experience outpaced others in their industries in the second half of 2020. (Adobe)
Why it matters: 2020 was a rough year for many businesses, but even amidst a global pandemic, CX still helped companies move the needle. Customers want convenience and personalization, especially during tough times, and will stick with companies that provide great experiences.
6 . Global C-suite executives rank CX as their greatest avenue for growth. (Adobe)
Why it matters: Modern brands are faced with countless growth opportunities, but CX is recognized as the best chance to grow a brand. C-suite buy-in used to be a challenge for CX professionals, but as the industry becomes more powerful, executives are realizing its potential to transform their businesses.
7 . Nearly 80% of marketers say improving customer retention and satisfaction is the primary objective of their CX strategy—and 98% have been successful in reaching that objective. (Ascend2)
Why it matters: Investing in CX improves long-term customer relationships, which reduces the cost of acquiring new customers. Clearly, strong CX initiatives work to help businesses across all industries reach their goals.
8 . Companies with strong omnichannel customer experience strategies see 10% year-over-year growth. (Adobe)
Why it matters: The best customer experiences are connected and consistent. Omnichannel experiences that work across all areas of the business lead to significant growth.
9 . A strong omnichannel CX strategy leads to a 10% increase in average order value. (Adobe)
Why it matters: Investing in CX not only improves customer satisfaction, it also makes customers more valuable. When a brand creates a great experience for customers, they want to spend more money.
10 . Companies that lead in CX personalization have increased their revenue by up to 15%. (McKinsey)
Why it matters: Personalization has a strong ROI. Customers want to be seen as individuals and provided with experiences that matter to them. Investing in CX improves personalization and customer loyalty and retention, on top of revenue.
The CX industry is made powerful by the people who run it. CX professionals and changemakers are improving their organizations and industries every day as they push for a greater focus on customers and innovative solutions to meet their needs.
The industry will continue to increase its power and influence in the coming years and affect every aspect of a company.
Blake Morgan is a customer experience futurist, keynote speaker and the author of the bestselling book The Customer Of The Future. Be part of the brand new Customer Experience Community here.