Customer experience might have a whole host of benefits for companies, but what are the benefits for customers? Why will they factor customer experience as a key differentiator over price? Why has customer experience become a key differentiator for customers? In fact, customer-focussed companies are 60% more profitable than companies that neglect the customer experience. These might include offering stellar customer service, driving proactive customer engagement, and building positive customer relations - all potential brand differentiators for customers in their own right.Įither way, the reason a great customer experience is so important to businesses is that it’s proven to increase customer satisfaction, retention, and profit. The term customer experience describes a customers’ overall impression of your business throughout the course of their customer journey - from first discovering your brand to using a purchased product or service.Īs such, there are many strategies a business needs to invest in to create fantastic customer experiences.
What is customer experience and why is it an important differentiator for businesses? In this article, we’re going to explore that very question, outlining why customer experience has become so important to both customers and businesses alike. What’s more, 90% of businesses now agree that the overall customer experience is their primary focus - regardless of industry or sector.īut why is this the case? How can the customer experience alone prove a more important brand differentiator than product and price? In 2018, PWC research proved this prediction correct: customers are now willing to pay a 16% price premium for better customer experiences. In 2013 a research study predicted that by 2020, customer experience would overtake both product and price as the key brand differentiator.
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