Strativity Group has published their 2009 Global Customer Experience Management Benchmark Study that finds savvy companies increase investment in customer strategies during tough economic times to build competitive advantage.
In an economic downturn, the first thing companies are conditioned to do is cut costs. But this new study indicates that they should be doing just the opposite.
“The biggest surprise in the study was that certain companies decided to INCREASE their investment in customer relationships rather than decrease it as the majority do. These companies reap the rewards already through more profitable business with their customers," offered Strativity CEO Lior Arussy.
Despite the uncertain economy, 80% of executives surveyed said that customer experience strategies continue to be a more important part of their organizations’ agendas than in the past three years. In fact, over this time period:
- 48% report that their companies have increased investments in customer experience by 10% or more
- 17% reported increasing investments by 20% or more
The dividends for companies that have invested in customer experience are significant. The study finds in contrast with organizations that invest less than 2% of revenues on customer experience, companies that invest 10% or more:
- Have significantly lower customer attrition rates
- Enjoy referral rates that are twice as high
- Are twice as likely to have customer satisfaction scores of 81% or more
When comparing companies that increased customer experience investment over the last three years with those that decreased spending, the former:
- Report satisfaction scores that are 60% higher
- Are 30% more likely to have attrition rates of 5% or less
You can download the complimentary executive summary of this report at:
http://www.strativity.com/products/2009-experience-management-benchmark-study.aspx.
Courtesy – Randy Saunders
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