Improving customer experience increases customer lifetime value. In fact, it dramatically increases it, as research indicates that satisfied customers spend more than twice as much as unsatisfied customers. But how does one begin constructing a business case applying this fact?The Centriam CX Money Map, a guide to the majority of the financial benefits a customer experience program provides, can help.
To help you build or improve your business cases, Centriam built a single page summary — a map of sorts — which outlines twelve different financial gains resulting from customer experience improvements. These twelve drivers are aggregated into five categories.
Make shopping enjoyable to encourage sales
In a previous blog, we share a finding from Centriam’s 2017 Retail Study: customers who had an enjoyable shopping experience were more likely to be promoters. This finding is especially robust among millennials, the largest generation in the US. Millennials who said their experience was extremely enjoyable were nine times more likely to be satisfied with the price they paid, and twice as likely to repurchase as millennials who said their shopping trip was slightly or not enjoyable. These findings suggest that making shopping enjoyable could potentially double your sales among this key demographic!
Using conclusions drawn from Centriam’s 2017 Retail Study, we have proposed areas of focus to enhance customer experience for two common NPS objectives.