Businesses that invest in ‘experience transformation’ are much better off: APAC study
The numbers are in for B2B marketers still contemplating the wisdom of spending their budget on improving customer experience (CX). Strategically invest in CX or lose out to those competitors that do. Forrester Consulting research commissioned by global digital company Adobe reaffirms that APAC companies choosing to invest in “experience transformation” achieve better business performance. It concluded that businesses making CX a priority are likely to see improved revenue figures as well as better rates of customer acquisition and retention. Adobe says it commissioned the study, The Business Impact of Investing in Customer Experience – A Spotlight On Asia Pacific, to evaluate the business impact of CX investment across the customer lifestyle. Scott Rigby, Adobe’s Head of Digital Transformation, says B2Bs in the region looking to improve their CX need to concentrate on two areas – people and leadership. “From a leadership perspective, you need someone out front driving the program of work, making sure there is a dedicated budget, stakeholder buy-in and support around this CX focus,” he says. “[It’s about] making sure they are much more customer-centric, and that the culture can change within the business.” The report found that more APAC companies “need to embrace a mindset of customer obsession – to build out processes that drive continuous improvements through customer feedback, and to use technology that creates easy and enjoyable experiences.” It identified six ways experience-driven businesses (EDBs) were more successful than their counterparts that reported they were not: * Stronger business growth: EDBs had an average 23 per cent faster top-line revenue growth (compared with 13 per cent); * Attracting prospects: EDBs reported a 1.9 times increase in brand awareness and 1.7 times higher growth in website visitors; * Winning customers: EDBs had twice the growth rate in acquiring new customers, with an average order value that was 2.3 times higher; * Engaging customers: EDB customers were 2.1 times more likely to download apps, submit forms or make information requests, and twice as likely to visit their websites; * Retaining customers: EDBs are 2.3 times more likely to grow customer retention and repeat purchase rates, as well as significantly improve their customer advocacy measures. * Engaging employees: EDBs drive greater employee satisfaction rates at all levels.
Slide from Forrester Consulting’s CX study