While it's no secret that providing a top-notch customer experience can be beneficial for any business, a recent study by the Harvard Business Review (HBR) proves that customer experience can actually be quantified and directly tied to an increase in company profitability.
HBR performed and in-depth statistical analysis of the customer experience - profitability link at two $1B businesses, one transaction-based and one subscription-based. The results of the research are best conveyed through the two graphs below:
As the HBR article poignantly states:
Of course, the rationale we often hear for not investing to deliver a great experience is that the cost is high. Speaking to executives inside these businesses, however, we often hear the opposite. That is: delivering great experiences actually reduces the cost to serve customers from what it was previously.
While delivering an excellent customer experience is certainly a matter of "just the right thing to do," data shows that it also has a significant impact on the bottom line. What is your strategy for putting the customer first?
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