By Shep Hyken
The race to own customer experience is on! Companies are recognizing the importance of delivering an experience that makes them stand out from their competition. Some are learning the hard way. Last year United Airlines had a brand crisis, in which $1.4 billion in value was wiped out overnight when a passenger’s experience went viral on social media. And, you may not have heard about Juicero, but it fell victim to brand crisis when it was discovered the proprietary juice packets needed for its $699 juicer weren’t so proprietary, resulting in the company dropping the price of the juicer to $200, and then ultimately going out of business.
Be it customer service, product quality or just the way the customers feel about the companies they do business with, customer experience rises to the top of whether or not the customer will decide to keep doing business with a brand.
Today, 89% of companies compete primarily on the basis of customer experience – up from just 36% in 2010. But while 80% of companies believe they deliver “super experiences,” only 8% of customers agree. In other words, companies have a long way to go. And, that means there is tremendous opportunity to disrupt a competitor or gain market share in an industry. Everything a brand does – the way it does its marketing, research, advertising and more – all play a role in shaping the customer’s experience. Focusing on customer experience management (CXM) may be the single most important investment a brand can make in today’s competitive business climate.
Author: Shep Hyken is a customer service/CX expert, keynote speaker and NYT bestselling author. Learn about his latest book The Convenience Revolution at www.BeConvenient.com.