Have you ever used social media to share your negative experiences? Chances are your customers have also spread bad reviews of your products and services if these failed to meet their expectations. The following study aims to help practitioners achieve profitable customer experiences, and therefore healthy innovation.
Providing a memorable customer experience is essential to a firm’s survival, regardless industry, size, or targeted customer. Nowadays, the simple intention of “treating customers well” is not enough to achieve a profitable customer experience. Such transformation process goes from defining how you want that experience to be, to creating a well-suited brand that supports the recognition you seek, to finally linking your vision to the company’s brand promise and operation.
A recent study conducted by SAP and Bloomberg BusinessWeek whose main focus was customer experience transformation, identified five main benefits of providing customers with an enhanced experience:
- Increased revenue: Loyal customers spend more. In terms of revenue, the potential improvement may exceed costs by 10 to 20 times
- Premium pricing: When loyal customers receive a superior experience, they will feel valued and heard, and therefore be willing to pay a premium of up to 10%
- Customer retention
- Improved reputation: Based on the use of the Web and social media, a brand’s reputation can easily attract worldwide attention.
- Reduced costs: Customer-centric processes endorse efficiencies that are translated into reduced costs.
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