For every dollar a UK business invests in customer experience, it can expect as much as $4 back, a new analysis by Avanade and Sitecore suggests. This is also more than the global average of $3, it was said.
The two companies surveyed 880 business decision makers in the UK, US, Germany, Australia, Canada and Singapore.
Besides the return on investment in customer experience, the analysis also says businesses expect to see an 11 per cent revenue increase in the next year.
It's not just the direct benefit, that businesses are looking for in the improvement of customer experience, but the indirect, as well. Almost two thirds of respndents (65 per cent) expect further profitability improvement opportunities, which is why 96 per cent are developing a customer experience strategy. For more than nine in ten (92 per cent), this strategy is among their top priorities.
In a conflicting finding, it was also said that money is not why businesses are prioritising a customer experience strategy. Instead, it was 'competition (66 per cent) and customer feedback (52 per cent)'.
“For brands to truly succeed, they need to move beyond standalone marketing tools and shift marketing to their customers in context across every brand touchpoint,” said Scott Anderson, Chief Marketing Officer at Sitecore.
“Companies need to understand that customer experiences are now built around knowing what each individual is trying to achieve at that very moment in time and create the right brand experience around those insights. In fact, almost half of those surveyed have experienced increased customer loyalty over the past 12 months by prioritizing a customer experience strategy.”
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