As companies move to compete on customer experience as a strategic imperative, it has become a top priority for a large percentage of enterprises. We see customer experience as the next revenue battleground. By the year 2020, customer experience will overtake price and product as the key brand differentiator.
By 2022, digital businesses with great customer experience with great customer experience will earn 20 percent more revenue that comparable businesses with poor customer experience. Among competitors with similar products that solve the same problems, consumers will ultimately choose the company that provides the most thoughtful experience.
However, more demand for better customer experience causes more customer churn. Over 90 percent of consumers answered a survey saying that three or fewer bad experiences would lead them to see out another business – with 25 percent saying they would do so with just one bad experience.
Consumers are now willing to pay more for a better experience and prioritize personalization over speed – moving ahead of price and product as key factors in their buying decisions and brand loyalty.
To find out more about the growing impact of customer experience within the rise of the conversation economy, download the full Voice Intelligence Report here.