5 Consumer Experience Stats You Need To Know As A Business Owner
January 29, 2020
Customers are getting smarter each year – and becoming more demanding.
Great products and prices are not enough if you want to stand out from your competitors and be every customers’ first choice.
You need to make sure customers are delighted when they shop with you.
How do you do that? By giving them the best consumer experience of course.
In 2020, customer experience is not something that you can brush off and put somewhere on your ‘KIV’ list.
It has to be on top of your list – or you will be losing out to competitors who are investing time and energy to perfect their customer experience delivery.
According to Hubspot, more than 80% of companies that prioritize customer experience are reporting an increase in revenue.
So why is customer experience so important in 2020? Let’s look at some statistics:
Statistic #1 : 86% of customers are willing to pay more for a great customer experience
Customers are people who are spending money on your products and services.
When they spend money, they want to feel appreciated.
They notice the way you treat them, talk to them, and how you solve their problems.
If you don’t care for them and appreciate them, they will find someone else who will – even if they have to pay more.
Statistic #2 :96% of customers say customer service is important in their choice of loyalty to a brand
The power of good customer service must never be underestimated.
When customers have a problem, they want answers. They want solutions.
Did you know? 90% of customers rate “immediate” response as important or very important when they have a customer service question.
As a business owner, you need to make sure that your employees are well-trained to handle any problem that arises with a customer.
Ideally, you want to solve your customers’ problem without transferring them to five different departments or having them call you back 5 times.
When you provide good customer service, your customers are happy. And when they are happy, they will come back to you for more and pledge loyalty to your brand.
Statistic #3 :81% of companies view customer experience as a competitive differentiator
In the world of the internet, customers can easily find the same item both online and offline at 20 different stores. And it isn’t always the lowest price that wins. Customers want to know what is the X factor that sets you apart from your competitors.
Let’s look at two scenarios.
Company A is selling Product X for $40 and the delivery is expected to take 5 days.
Company B is selling Product X for $55 with same day delivery and a free gift.
It’s very likely that potential customers will go with company B – because time is money.
Going that extra mile to provide excellent consumer experience will set you apart from your competitors.
Statistic #4 :77% of consumers say brands that get and apply customer feedback are viewed more positively
Always listen to your customers and ask them for feedback. That’s the best way to improve your products and services for them.
By getting feedback, you can identify which area of your company needs more work and resources.
When you constantly improve, you build a good reputation for your brand and customers will feel more inclined to shop with you.
Statistic #5 :Customers are likely to spend 140% more after a positive experience
As a business owner, you never want your customers to leave your store with a bad experience.
People talk. It’s much easier for them to talk now – with platforms like Facebook and Google reviews, Yelp, and more.
When they talk, you want them to say good things about your brand.
Positive customer experience lead to good reviews. Good reviews lead to returning and new customers – which will boost your revenue.
As the statistics above show, a positive experience can encourage customers to spend 140% more – and that’s what you should be aiming for.
Want to learn more about consumer experience? Read here.