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CX, or Customer Experience, is an umbrella term that encompasses all interactions between customers and companies. It includes everything from the first contact with a brand through post purchase support. The goal of CX is to create a positive relationship with each customer so they will become loyal advocates who spread the word about your business. Loyal customers build stronger relationships over a period of time and increases overall revenue.
In the digital era, finding accurate methods of measuring the success of customer experience initiatives is augmented by the growing expectation consumers have for engaging experiences, personalization, and proactive services both in-store and online. However, as competition in customer acquisition and retention rises, many are seeking to understand how to measure the impact of CX on a company’s bottom line both in the short and long term.
The customer experience and customer engagement market is projected to surpass $100 billion in annual worldwide revenue by 2026. 80% of customers now consider their experience with a company to be as important as its products. Half of customers surveyed by PSFK say they switch to competition after just one poor experience.
If you want to learn more about strategically investing in CX, contact the PSFK research team.