One in five CX programs will disappear—and one in 10 will be stronger than ever. Forrester estimates that 80% of companies have not made CX a part of their brand identity. These companies need proof that an investment into CX is necessary. If they can’t see the ROI in their investment, they will trim back or completely eliminate CX teams.
This is extremely shortsighted. Customers have been exposed to brands that provide some of the best customer service on the planet, such as Amazon, Chick-fil-A, Apple, Costco and others known for focusing on CX. Many people, whether they know it or not, compare any customer experience they have to the best service they have received from the aforementioned brands or others they admire. The company that pulls back on its CX investment, let alone eliminates it altogether, risks losing business and will end up playing catch-up with its competitors.
How important is CX? The 2022 Achieving Customer Amazement study (sponsored by Amazon) sheds light on how consumers react to poor customer service:
· 86% of customers surveyed are willing to switch brands or companies because of a bad customer service experience.
· 83% of customers surveyed are willing to switch brands or companies because they know another company will provide a better customer service experience.
· on average, customers will give a company fewer than three chances after receiving a bad customer service experience before moving to the competition.
Now is the time to focus on getting the customer to come back the next time they need what you sell. If each interaction is focused on the next time, every time, that could turn into customer loyalty.
The problem in tough economic times is that customers are more willing to switch companies for more reasons than usual. Their tolerance for a poor experience is low. And while a good customer experience makes price less relevant, tougher times make price a little more relevant than usual. A company must prove its value to its customers, and the best way to do that is to provide the customer experience they have always been used to—if not even better—one interaction at a time.