Study: Customer experience could push revenue up

Brands need to up their customer experience to up their revenue. That’s the takeaway from new Sitecore and Avanade data, which indicates that better customer experiences could increase revenue by as much as 11%. Researchers polled global businesses and found that most brands (92%) are focused on improving the customer experience.

“For brands to truly succeed, they need to move beyond standalone marketing tools and shift marketing to their customers in context across every brand touchpoint,” said Scott Anderson, Chief Marketing Officer, Sitecore. “Companies need to understand that customer experiences are now built around knowing what each individual is trying to achieve at that very moment in time and create the right brand experience around those insights. In fact, almost half of those surveyed have experienced increased customer loyalty over the past 12 months by prioritizing a customer experience strategy.”

Some interesting takeaways from the report include:
• Every $1 invested in customer experience returns $3
• 65% believe focusing on customers’ lifetime value will also increase revenue lines
• 96% of those surveyed have a customer experience strategy in place or in development
• 92% report customer experience is in their top 3 priorities