Prioritizing customer experience has become more than just a trend—it's a strategic imperative. According to the latest survey from 'Pulso empresarial', a joint project by KPMG and La Vanguardia, 80% of companies are focusing on enhancing consumer satisfaction and experience to bolster their customer strategy. And the reasoning behind this strategic shift is clear: companies that excel in customer experience tend to outperform their peers, generate more value for customers, and instill greater trust among consumers.
A recent study conducted by KPMG, encompassing over 13,000 consumers and 376 organizations, shed light on the profound impact of a differentiated customer experience. Among the notable findings are:
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The top 100 rated brands grow twice as fast as the bottom 100.
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Companies excelling in customer experience can increase their margins by up to 75%.
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Brands ranked between 1 and 10 triple the revenues and profits of those ranked between 91 and 100.
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Leaders achieve an average customer retention rate of 89%.
Delving deeper into the companies that stand out in customer experience, certain commonalities emerge:
- End-to-End Customer Journeys
- These companies meticulously craft customer journeys from end to end, serving as the cornerstone for all developments and enhancements in the customer experience.
- Culture of Innovation
- Innovation is ingrained within these organizations, aimed at delivering differentiating improvements compared to their competitors.
- Customer-Centric Mindset
- Customer-centricity permeates throughout the organization, driven by the leadership team and integrated into the company's mission and strategy.
- Personalized Interactions
- These companies seamlessly synchronize personalized interactions with customers throughout their journey, leveraging technology solutions across online and virtual channels while also fostering physical and visual engagement.
- Data-Driven Decision Making
- Lastly, these customer experience leaders excel in measuring the impact of their initiatives, enabling them to make swift and effective decisions.
The crux of the matter lies in the ability to deliver personalized and relevant experiences, which ultimately leads to customer loyalty and sustained growth.
The encouraging news is that companies that prioritize and understand customer experience are better positioned to thrive in an increasingly demanding and dynamic business environment. Adaptability to emerging trends, overcoming challenges, and capitalizing on opportunities will be pivotal for long-term success. Undoubtedly, investing in a more connected and personalized customer experience not only enhances customer satisfaction but also creates a differentiating value proposition vis-à-vis competitors.
Existing Customers
As we've previously highlighted in one of our blog posts, research indicates that the probability of selling to an existing customer falls within the impressive range of 60% to 70%. This underscores the significance of fostering strong relationships with current clientele, as it enables companies to leverage the heightened likelihood of repeat purchases. Additionally, another compelling statistic reveals that existing customers exhibit a 50% greater propensity to try a business's new products, while also being 31% more inclined to increase their average order value with the same business. These insights underscore the invaluable impact of customer retention and relationship-building strategies, highlighting the paramount importance of a client-centric approach, in driving business growth and profitability. By prioritizing the needs and preferences of customers, companies can cultivate lasting relationships, foster loyalty, and ultimately, maximize their success in the marketplace.
In this context, keywords like Retail Media, Digital Shelf, and Visibility play significant roles. Leveraging retail media allows companies to enhance their visibility on digital shelves, thereby improving the overall customer experience. By optimizing visibility and strategically placing products within digital shelves, companies can better connect with consumers and drive engagement.
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