In the aftermath of a global pandemic and in the midst economic crisis, one thing remains abundantly clear: people still crave exceptional treatment. This fundamental desire lies at the heart of the customer experience (CX)—the simple yet profound idea that customers want to feel valued, understood, and appreciated by the companies they engage with.
According to a June 2020 survey conducted by Futurum Research, which engaged with 330 companies across North America and Europe, a staggering 57% indicated that they needed to reconsider their entire business models. These findings underscore a growing awareness that the competitive landscape is shifting, and in this new era, customer experience may be the key to survival.
CX: The Emerging Business Differentiator
Even before the coronavirus pandemic disrupted our lives, the significance of customer experience was steadily gaining recognition across industries. Research consistently indicated that CX would surpass price and product quality as the primary brand differentiator by the end of 2020. For companies that had long touted themselves as the providers of the lowest costs or the pinnacle of premium quality, this shift was challenging to accept. So, why should every business be doubling down on CX? Here are four compelling statistics that illustrate why CX is more than a passing trend—it's a transformative force reshaping the way businesses must operate.
CX Statistic 1: 86% of Buyers Will Pay More for Exceptional Customer Experience
For those businesses that have built their reputation on being budget-friendly, this statistic is a wake-up call. Research from PwC highlights that 32% of customers are willing to walk away from a beloved brand after a single negative experience. In the post-pandemic world, customers, particularly those affected by financial constraints, will demand nothing less than exceptional CX when parting with their hard-earned money. Many will opt to support brands that displayed empathy by compensating employees during closures or offering free services to those in need. In this new reality, how will your company fare based on CX?
CX Statistic 2: Most Companies Now Compete Primarily on Customer Experience
While it's heartening to learn that more than two-thirds of companies now compete primarily based on customer experience, this revelation raises mixed feelings. As customers ourselves, we've experienced chatbots, navigated customer service lines, and grappled with the complexity of returns on countless occasions. Many of us are aware that, despite companies believing they are prioritizing CX, they often fall short. The silver lining? There's ample room for companies to rise to the forefront of CX, as customers eagerly await superior experiences. If businesses can meet this demand, they have a golden opportunity to distinguish themselves positively in the market.
CX Statistic 3: Companies Are Heavily Investing in the Omni-channel Experience
PwC's 2020 report also reveals that the number of companies investing in the omni-channel experience has surged from 20% to over 80% since 2020. However, it's important to note that merely investing doesn't equate to mastery. It does signify, though, that businesses recognize that customers now interact with them through multiple channels, including online and mobile. Hence, the question arises: How is your company ensuring a consistent CX, regardless of how customers choose to engage?
CX Statistic 4: The Majority of Customers Access Businesses Through Mobile
This statistic goes hand-in-hand with the previous one, especially concerning omni-channel experience. Research indicates that 57% of customers won't recommend a business with a poorly designed mobile website. In the past, many companies created simplified versions of their desktop sites for mobile users. However, with an increasing number of customers using mobile devices for product and service discovery, this approach is no longer tenable. In fact, Google has shifted to mobile-first indexing. Neglecting investment in your mobile site not only damages your image but also results in customer loss and decreased site visits.
In our current global economic crisis, it's undoubtedly overwhelming to consider such significant shifts. Many companies are struggling merely to stay afloat, let alone deliver mind-blowing CX. However, it's precisely this commitment to exceptional CX that might determine your company's survival—both during this crisis and in the years to come. The onus is on all of us to devise unique ways to make it happen.
At TechMedPro, we understand the vital role that CX plays in the medical device industry. We're here to help you build and maintain strong relationships with your customers, even in these challenging times. Our method serves as the crucial link between manufacturers and channel partners, fostering trust and understanding. By embracing CX as a cornerstone of your business, you can thrive not only throughout this crisis but well into the future.
If you're interested in exploring how TechMedPro can help your business with a pipeline of high-quality leads tailored to your target market, feel free to reach out today.
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