We just finished some new research that shows the correlation to customer experience and commerce / revenue. Below are some of the highlights of the research and a link to a snapshot of the paper is here.
The Four Factors that Drive Superior Customer Experience Engagement
1. Know who the most profitable customers are online
- Stat: Only 52 percent of U.S. and 53 percent of U.K. brands were very effective in knowing who their most profitable customers are.
- This means that nearly half of their time is spent with the wrong customers (low value) or, if they are spending time with the right customers, the customer experience does not provide a high conversion rate.
- Thus, brands require a new approach.
2. Know where (which channels) their high value customers are coming from.
- Stat: Only 58 percent of U.S. and 48 percent of U.K. brands were very effective in knowing where (which channels) their high value customers are coming from.
- In this context, channels include social media, websites, search engines, etc. Basically, brands are guessing at where to spend their marketing and ad dollars to provide the highest return on investment.
3. Know which high value products customers are interested in.
- Stat: Only 59 percent of U.S. and 56 percent of U.K. brands were very effective in knowing which products customer are most interested in.
- Consequently, brands may not be displaying the best products to the highest value customers, thus losing revenue and profits.
4. Know which high value products customers have viewed.
- Stat: Only 60 percent of U.S. and 56 percent of U.K. brands were very effective in knowing which products customer have actually viewed.
- When brands understand the customer’s journey, they can direct their spending and messaging to the moments of maximum influence.
- When they do this, they will have a much greater chance of reaching customers in the right place at the right time with the right message, producing higher conversion rates.
How does your company stack-up compared to these companies? What have you done to improve your customer experience so that it results in better revenue and customer experiences?
@drnatalie, VP and Principal Analyst, Covering Marketing, Sales, and Customer Service to Great Amazing Customer Experiences
Harris Poll Research and Primary Constellation Research