Customer experience matters the most for brand loyalty
rapidtvnews.com | News | By Michelle Clancy.
Price and quality remain top of mind when consumers make purchasing decisions, including for video services, but 73% of global respondents say that a positive experience is among the key drivers that influence their brand loyalties.
According to PwC’s Experience is Everything: Here’s How To Get It Right survey, which explores consumer views on and expectations of customer experience (CX), the price premium for quality CX among consumers worldwide is real – and it adds up to a 16% on products and services.
Speed and efficiency (80%); knowledgeable and helpful employees (78%); and convenience (77%) universally matter most. These cornerstone CX elements are so highly valued that 52% of consumers would pay more for greater speed and efficiency; 43% would pay more for greater convenience; and 41% would pay more for knowledgeable and helpful employees.
About three-quarters of consumers surveyed said they want more human interaction in the future, not less. A majority (64%) of consumers feel companies have lost touch with the human element of CX.
“CMOs take note: our research revealed that 65% of US consumers find a positive brand experience to be more influential than great advertising,” said David Clarke, PwC principal and experience consulting leader. “The ‘experience economy’ has ushered in a new B2C mindset, steering brands beyond emphasising products and services to selling rich consumer experiences. Our findings quantify the potential ROI on experience investments, upwards of 16%.”
Meanwhile, bad experiences drive consumers away, which has been a big issue for pay TV. Globally, consumers would stop doing business with a company due to unfriendly service (60%), unknowledgeable employees (46%), and lack of company trust (50%). One in three (32%) say they would walk away from a brand they love after a single bad experience.
Clarke continued: “Brands won’t be able to solve their CX problems with technology alone – it’s just an enabler, facilitating the connection between a product or service and consumers. Instead, they must find a way to create an experience that blends consumer demand for tech with their strong desire for authentic, personal interaction. They don’t need to look far, though – employees hold the key to creating and sustaining great interactions with consumers.”