Companies that focus on customer experience have greater growth

Companies that focus on customer experience have greater growth

Research conducted in 2021 shows that customer-focused organizations increased their revenue

More than before, companies must focus on investing in customer experience if they want to continue growing, because according to the report entitled The Business Impact Of Investing in Experience , commissioned by Adobe to Forrester Consulting in 2021, companies driven by experience increased their revenue 1.7 times faster and customer lifetime value 2.3 times more than others in the last year.

In other words, the reports highlight that investment in this aspect is essential to face the challenges of the business environment , especially in the commercial areas.

According to the indicators, those who are interested in increasing or improving the experience of people , processes and technology, have happier employees, superior business performance during the customer relationship, and are better positioned to thrive amid the transformation of the customer. environment.

Adobe said the research evaluated how companies driven by customer experience, called Experience Driven Business (EBD), generate a positive impact on revenue compared to those that do not have a customer-centric strategy.

“38% of the participants interviewed in 2021 classified as companies focused on customer experience those that adopt the best practices regarding people, processes and technology. This is 7 points more than in 2018 (31%) ”.

In this sense, the results show that almost all the companies surveyed prioritize the customer experience in some way, however, few pay full attention to the area.

According to them, the actions that retain, improve the expectations and experience of the users should be prioritized despite challenges such as high costs in marketing, time to market and time dedicated to generating knowledge in the short term, since they will show their long-term benefits.

At EDBs, the top concerns for consumer experience professionals are security and privacy (34%), misalignment (26%), and outdated technologies (26%).

Likewise, the study shows that companies that are not focused on the customer experience suffer a set of different challenges, both operational and cultural, among them, the management of organizational change, budgetary restrictions and difficulties in transforming data into valuable information. for making business decisions.

The study notes that a business driven by experience is a strategy that will lead to long-term business success, however, it recognizes that it is hard work to become or remain as one, especially after the sector was reformulated after the pandemic of COVID-19. Thus, add the following keys to be graceful .

Adapt the experience strategy to the mindset of customers : Understand that the financial situation of the pandemic and the emotional impact left consumers in different mindsets. For example, consumers are now concerned about how brands innovate and ensure long-term protection.

Use new tools to redesign experiences : Obtain the necessary qualitative knowledge without the need for research and without sacrificing time through remote qualitative search tools.

Reassess technology investments in the wake of COVID: While EBDs invest more in technology than non-investors, they must tailor investment strategy on how they weathered the pandemic.

Support employees as they carry out the experience strategy: To build a solid foundation to excel in business, companies must empower, train and inspire employees.

And finally, model and track the ROI (Return on Reinvestment) of being a business driven by experience, this means that this model must be anchored as a strategic priority of the company. With these strategies and considering the importance of experience, companies will be able to be part of the percentage that has grown by paying attention to this sector.

Rachel Maga
Rachel Maga is a technology journalist currently working at Globe Live Media agency. She has been in the Technology Journalism field for over 5 years now. Her life's biggest milestone is the inside tour of Tesla Industries, which was gifted to her by the legend Elon Musk himself.