It's hard to believe that it's been six years since Watermark Consulting started their Customer Experience ROI study. But as time passes, the case only gets more compelling.
Ask yourself - "Is customer experience truly critical to our business?" While everyone is going to answer with an emphatic yes, I suspect many of us have lost sight of what this truly means. Now ask yourself if you believe your brand is a leader in customer experience excellence. This one's a tad tougher, and the answer may serve as a bit of a wake up call.
This question is at the core of Watermarks research. They looked at the financial performance of experience leaders and compared it against the S&P 500 Index as well as experience laggards and the chart below tells you everything you need to know.
Consumers celebrate brands that build customer-centric journeys, removing (or at least masking) internal organizational complexities in the interest of delivering frictionless experiences that cater to the consumer at every phase of the lifecycle.
Digital offers a prime channel for building such experiences. The trick, and it's a hard one, is to look beyond restricting organizational boundaries. Look at your brand through the eyes of your customer. How and where might they discover you? How can we engage them in a value add manner when appropriate during their journey? How do we enable a seamless transaction with us? And, perhaps most importantly, how do we absolutely delight them post-purchase such that they become our biggest brand advocates?
Forward thinking brands are aligning customer facing organizations around a unified view of the customer journey. Doing so drives cross-functional unity, and starts to unveil the internal metrics and KPI's that are truly important... And they're likely different than what you're measuring today.
How are you transforming your brand to be an experience leader? Frankly, the alternative isn't very attractive.