Business & Customer Experience Intelligence
How Can Businesses Benefit from Customer Intelligence?
Businesses can benefit from customer intelligence and customer experience (CX) efforts in every area of their organization. Not only will customers become more satisfied, but companies with a customer focus experience more financial growth. In fact, research from Forrester found that companies that are leaders in this area grow revenue 3x faster than CX laggards.
So what about customer intelligence encourages this kind of progress? It’s simple: customers drive business, and customer intelligence helps you know your customer and understand what they need for a positive experience.
Positive experiences are everything when it comes to encouraging loyal, returning customers, retaining existing customers, and bringing in new customers. For example, consider these statistics:
A 10% increase in customer retention results in a 30% increase in company value.
70% of the time, a person will become a repeat customer when a complaint is resolved in the customer’s favor.
40% of customers say that when they feel satisfied, they stay loyal to a brand.
It’s obvious that there is clear path from customer intelligence to positive experiences, to organizational success, but how do you get started?
CX technology gives organizations the tools they need for customer intelligence and the success that comes along with it. With the ability to compile customer data, analyze it for actionable insights, and share them with the right people at the right time, an organization can become a CX leader.