Regardless if you are in B2B or B2C, the pressure has never been greater to continuously deliver an exceptional customer experience throughout the customer journey, creating an unstoppable business. While there are mountains of available data on the value of CX, here are some compelling insights to consider:
- CX Leaders outperformed the broader market, generating a total return that was 45 points higher than the S&P 500 Index. (Source Watermark Consulting)
- CX Leaders generated a total cumulative return that was nearly three times greater than that of the CX Laggards. (Source Watermark Consulting)
- Eighty-six percent of consumers are willing to pay more for a great customer experience. In fact, by the year 2020, customer experience will overtake price and product as the key brand differentiator. (Source: Walker)
- Companies that are experience-led have 1.6x higher brand awareness, 1.5x higher employee satisfaction, and 1.9x higher average order value. Experience-led businesses also have 1.7x higher customer retention, 1.9x return on spend, and 1.6x higher customer satisfaction rates. (Source: Forrester)
While most businesses are trying to find their CX mojo, companies such as Netflix, Peloton, Amazon and StitchFix – aka “The Unstoppables” – are way ahead of the pack and make it part of their DNA. Here are just some of the traits that make these brands uniquely unstoppable in customer experience.
Customers for life
The Unstoppables put the customer first in everything they do, driving more than just repeat business, but recurring business. Peloton is capable of this trait better than anyone. In addition to the bike, customers are getting continuous stream of new content anytime and anywhere.
Good is not good enough
Unstoppables aim for flawless delivery every time, because mere customer satisfaction is not good enough. If they fall short of expectations, they make it right and take actions to ensure it never happens again. They go beyond giving free stuff, but rather earn the future business by showing customers that the issue is addressed for the long term and they care about them long after the purchase is made.
Great experiences are intentional and emotional
The Unstoppables understand the universe of touchpoints that comprise their customer experience and they manage each of them very intentionally. Planning the interaction so it does not only addresses customers’ rational expectations, but also stirs their emotions in a positive way.” (Source Watermark Consulting)
Work the way you live
The Unstoppables actively find new ways for customers to engage with them and meet the customers anytime, anywhere. They are accessible in a human way to work with their customers and in the way they live. Peloton has a digital version, the Peloton Digital App, that allows users to easily take classes from a mobile device regardless of where they are.
Customer relationships are about people, not pure technology
Customer relationships are inextricably personal and must be nurtured in a humble and human way. Netflix constantly strives to create and highlight content that matches customers’ personal preferences. It uses science to better understand what their consumers like, continuously recommending shows that they are more likely to watch and enjoy.
All of these customer-centric traits are relevant whether customers are evaluating a new software vendor, refrigerator or pair of shoes. Some of the businesses are truly unstoppable because they never stop thinking about their customers, customers’ needs and the relationship with them.