Dispatches from the Field

Making Experience Your Business is Good for Business

Making Experience Your Business is Good for Business

The ROI of Experience

Experience businesses are outselling their peers. According to a global study conducted by Forrester, those that invest in experiences are seeing significant year-over-year topline gains. Because customers don’t just buy products, they buy experiences.

Read: “The Business Impact of Investing in Experience”

“Making Experience Your Business is Good for Business”
– Brad Rencher, EVP and GM of digital marketing at Adobe

The Problem

In a world where the answer to almost any question is at our fingertips, where AI is becoming a part of everyday life, and where we can get a week’s worth of groceries delivered to our homes in less than an hour, consumers and business buyers have come to expect highly contextual and personalized experiences. As a consequence, the customer experience (CX) has quickly moved from a competitive differentiator to a business imperative.

Key Findings from the Forrester Consulting paper, The Business Impact Of Investing In Experience

To thrive, enterprises invest in improving experiences from acquisition to loyalty. Enterprises are working to improve experiences across the entire customer journey in order to meet their growth, retention, and CX goals.

Most organizations have made significant progress, but less than a third qualify as experience-driven businesses. Few enterprises completely embrace CX best practices across people, process, and technology pillars. We conducted a maturity assessment of our survey respondents to identify those who are furthest down the path of CX transformation. Thirty-one percent qualified as experience-driven businesses.

It pays to be an experience-driven business. Experience-driven businesses are making the required broad investment in CX and they see significant returns on these investments. EDBs outperform other companies on a variety of metrics across the entire customer life cycle — from greater return on ad spend, to higher average order values, to greater customer retention and advocacy. Industry-specific results also show that experience-driven businesses are more effective at driving performance toward their specific goals.

Share this post

Share on facebook
Facebook
Share on linkedin
LinkedIn
Share on twitter
Twitter
Share on google
Google+
Copyright © 2020 WP WolfePress LLC | All Rights Reserved