Intuitively, most people recognize the value of a great customer experience. Brands that deliver them are ones that we want to interact with as customers — that we become loyal to, and that we recommend to our friends and family. But as executives leading businesses, the value of delivering such an experience is often a lot less clear, because it can be hard to quantify.
According to the Harvard Business Review, not only it is not only possible to quantify the impact of customer experience — but the effects are huge.
They found customers who had the best past experiences spend 140% more compared to those who had the poorest past experience.
Subscription-based companies such as Boundless Digital are interested in how long their customers remain loyal. HBR found out that a member who rates as having the poorest experience has only a 43% chance of being a member a year later. Compare this to a member who gives one of the top two experience scores — they would have a 74% chance of remaining a member for at least another year.
According to the research, when a company makes your life a little easier you are as much as 12 times as likely to continue to do business with them. That is the reason why Boundless Digital has always been focused on growing and improving the CX of its SaaS platform by investing large amount in R&D and hiring top developers.