Not an option, but a strategic necessity
Globally companies lose over US$300 billion each year due to poor customer experience with more than two-third of this being spent with competing entities. Poor customer experience results in customer churn and leaves equally adverse effects on brand’s reputation. It is a well-documented fact that it costs more to win a new customer than to keep one. While bad customer experience can negatively impact revenues, the good news is, delivering a positive customer experience can be the #1 way to differentiate a brand even if the competitors have greater market share and massive marketing budgets. In fact, by 2020, customer experience is projected to overtake price and product as a key brand differentiator.
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