The profit and opportunity of customer experience
Is the investment in customer experience worth it? Will it deliver a long-term benefit and payoff? Let me frame my answer - which you’ve already surmised, certainly - by way of another example: a credit card company once correlated customer willingness to recommend with customer spend.
Their analysis calculated a differential of $200 million in spend - that’s per month - between those who were fully and emotionally engaged and those who weren’t. Multiply that by 12 months: 2.4 billion dollars worth of customer satisfaction - in rough economic times.
- Add pre-sales value.
- Innovate products or services.
- Add post-sales value.
- Default to the last resort.