A research report published by the Harris Group has shown that 87% of the customers stopped dealing with businesses because of negative customer experiences. This figure is up from the 68% that was reported a couple of years ago. And for those who believe that during tough economic times, price is the only differentiating factor, the same survey found that more than half of the customers sampled (58%) indicated that they would still rank customer experience higher than other aspects of the value proposition and would be willing to pay more for superior customer experience.
Another report, by the famous consulting company, Forrester Research, has examined the relationship between customer experience and word of mouth and how they go hand in hand. For instance, customers are more likely to discuss bad experiences with their peers and colleagues than good ones. Next, the Gen Xers have been found to tell their peers about bad experiences more than any other age group. Considering the fact that Gen Xers are the generation that is now rising up the corporate ladder, businesses ought to pay heed to these findings which indicate that customer experience is paramount in furthering the interests of the business.
Whether it is a booming economy or a gloomy economy, retaining customers and generating positive publicity are the goals to which all businesses aspire. And these objectives can only be met if the “customer touch points” are well oiled and the customers are left wanting for more.