How Companies can Achieve Double-digit Revenue Growth
It’s official: Brands, which invest in experience transformation across people, processes and technology, achieve better business performance.
A study, commissioned by Adobe has found that long term investment in customer experience is paying off for those brands willing to invest in.
The study, “The Business Impact of Investing in Customer Experience – A Spotlight on Asia Pacific”, which conducted in collaboration with Forrester Consulting highlights that experience-driven businesses grow revenue by 1.8 times faster and reported 2.1 times higher increases in return on ad spend than other companies.
Suzanne Steele, Adobe managing director of Australia and New Zealand says, “It couldn’t be clearer that investing in customer experience is essential to business success.”
To know the number of experience-driven businesses in Asia Pacific, the study conducted a survey and found that only 29 per cent of respondents qualified as experience-driven businesses, which invest strategically in improving customer experience by embracing the best practices across the sections.
What to do to Improve Customer Experience?
Forrester suggests companies first determine the level of urgency for transforming into an experience-led organization. Is it to give customers greater freedom of choice? Are competitors likely to do the same in the near future? Then, model and track the Return on Investment (ROI) of becoming an experience business.
“To attract new customers and delight the existing ones, companies in Asia Pacific need to embrace a mindset of customers’ obsession, they also need to spend in technology that can understand the consumer behaviour, their choices and needs. Lastly, the companies need to build out processes that drive continuous improvements through customer feedback,” says the study.
Joe Galvin, chief research officer of a global business network Vistage Worldwide, suggests in his blog that customer’s engagement can come with great marketing. “Companies have to understand what makes their customers tick, and then come up with innovative ways to engage them in meaningful and authentic ways,” he says.
He adds that companies tend to talk a lot about data-driven marketing and less about data-driven sales— in part because sales strategies are often focused on human-to-human relationships. “But sometimes, data is exactly what a company needs to solve a sales problem or strengthen a sales strategy,” Galvin writes.