Creating positive customer experience translates directly into the revenue of a company – according to KPMG’s report Tomorrow’s experience, today. Harnessing a customer first approach in a changing world.
The report shows that businesses which provide the most personalized and individualized experiences to their customers are the ones that enjoy the benefits of higher revenue growth and improved brand loyalty.
KPMG compared the top 50 companies against the bottom 50 to find out how customer experiences influence profitability.
It turned out that the revenue growth of the top 50 brands in the measured countries is 54% greater than the bottom 50, at an aggregated level, and the EBITDA growth of the top 50 brands in the measured countries is 202% greater than the bottom 50, at an aggregated level.
Researches identified six fundamental components of every great customer experience.
- Personalization – Using individualized attention to drive emotional connection.
- Integrity – Being trustworthy and engendering trust.
- Expectations – Managing, meeting and exceeding customer expectations.
- Time and Effort – Minimizing customer effort andcreating frictionless processes.
- Resolution – Turning a poor experience into a great one.
- Empathy – Achieving an understanding of the customer’s circumstances to drive deep rapport.
The report also shows that the leading companies are making use of new technologies to create intelligent experiences and interactions. This includes:
- Big data to personalize the experience.
- AI to deliver rapid expert service and facilitate first-time resolution.
- Predictive analytics to anticipate and pre-empt customer problems.
- Predictive insight to understand the life journeys that individual customers are following, identifying the points where firms can add value.