Customer Experience Enhancement Is the Key to Business Success

    Customer Experience Enhancement Is the Key to Business Success

    The US marketplace has observed a dramatic improvement in customer experience over the past year, reports Forrester.

    For businesses to stand ahead of their peers in the post-Coronavirus world, improved
    customer experience (CX) program is highly crucial. Forrester has published its latest report titled, “The US Customer Experience Index, 2020” on how brands can create or build enhanced customer loyalty with the value of their practice. The Forrester CX Index study is based on a survey of over 97,000 US customers spanning 250 brands and 14 sectors.

    As per the report, about 27% of organizations have improved their CX Index count over the
    past year. This is a significant leap, when compared with the previous year’s mark, by
    minimal gains. Besides, nine different sectors gained notably higher scores. The aspects
    contributing to the surge in CX scores in 2020 include – marketers prioritizing high-impact
    projects, converting CX projects spanning the organization, securing executive buy-in, and
    creating experiences that could emotionally resonate with the audience.

    Forrester revealed that the number of brands with better scores has jumped 3% points to
    20% – which is the most significant gain in the last five years. The first 5% of brands that
    reached the top across industries are Lexus, Navy Federal Credit Union, Lincoln, USAA, and As noted by Sharyn Leaver, Senior VP of Research at Forrester, “To emerge successfully from this global crisis, brands must build experiences that help them engage with their customers at an emotional level…Brands can build a well of CX equity if they embrace a disciplined approach to envisioning, designing, and delivering a consistently high- quality experience. When consumer spending resumes, brands with experiences that
    engender customer loyalty, will benefit the most.”

    Turning Customer Presence into Customer Loyalty

    Most businesses have adapted to the evolving consumer behavior with the uncertainties
    linked to COVID-19. The focus was on designing experiences that would help brands to
    engage with their target audience for bolstering customer loyalty empathetically. While
    most businesses only improved the skills they deliver, some brands have differentiated
    themselves by meeting the customers’ needs regularly. Thus, it can be concluded such high- performing brands have made a reservoir of goodwill and CX equity with their audience. This will provide them the freedom to try out and fumble with little ramifications in the future.

    Consumer Behavior-Understanding it with Big Social Data

    As more organizations try to innovate their offerings for meeting the customer needs in a
    post-pandemic world, this tactic will be highly vital. As per Forrester, a minor improvement
    in a company’s customer experience quality can get revenue of tens of millions of dollars –
    by lowering the customer churn and uplifting the share of wallet. Furthermore, a superior
    CX strategy can lead to reduced service costs and more customer engagement!

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    Sudipta Choudhury
    Marketing professional with experience in B2B and MR industry. Skilled in Marketing, Strategy Making, Copywriting and Content Creation, Sales, and SEO with excellent Communication Efficiency. Holding dual master's degree focused on Marketing from IBS, Pune and ICFAI University.