Customer Experience – 74% of Consumers Likely to Buy Based on their CX

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Customer Experience – 74% of Consumers Likely to Buy Based on their cx

The latest study from Arm Treasure Data and Forbes Insight says almost three-fourths of all consumers are somewhat likely to buy based on experience alone.

According to a new joint study from Arm Treasure Data and Forbes Insight, 74% of consumers are very likely to buy from a company based entirely on their experience irrespective of the price or product. The study “Proving the Value of CX: How to Place Customer Experience at the Center of Your Business”, says 77% consider a company’s customer experience (CX) to be equally important as the quality of its products or services.

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The report is based on two surveys. The first survey is of more than 200 global executives in marketing, sales, product, IT and CX, who bore key responsibilities for CX. The other survey looked at over a thousand consumers worldwide, spread across age groups and income brackets.

According to the survey, 45% of CX leaders define CX as “the customer’s aggregate perception of your company based on all their interactions with your brand, product or service.”As per the study, 65% of respondents would become long-term customers if the brand provides a positive experience towards their customer journey. It is important that enterprises take an interest in their customers’ touchpoints for both in-store and online. A quarter of respondents attribute some of their problems with implementation to finding the right people.

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A key challenge is to know are the roles, responsibilities, and duties of CX leaders. The report says it is important to see if a company can fulfill customers’ expectations throughout their customer journey. It noted that fulfilling these expectations requires companies to bring together all the data and expertise into a single view of a customer.

Adobe’s Digital Trends 2020 report also recently revealed that businesses that focus on CX are three times more likely to have exceeded their goals in 2019. Marketers need to make sure they are allocating enough budgets and talented workforce towards CX to be successful in their marketing strategies.