If you're looking for more customer experiences statistics and insights, check out 23 Total Experience Stats to Know in 2023.
In most businesses, the employee experience (EX), customer experience (CX), user experience (UX), and multi-experience (MX) are seen as separate focuses handled by separate teams. While this setup works in a pinch, over time it can lead to a lot of duplicated effort, increased overhead, and underutilized data that, together, undermine your brand’s trajectory.
Realizing the potential of combining EX, CX, UX, and MX, Total Experience (TX) was developed as a business strategy aimed at breaking down silos across these disciplines and departments to inform improved products and services, create exceptional experiences, and accelerate growth. Through increased collaboration and efficiency as well as improved insights, brands that prioritize the combined total experience of users, staff, customers, and partners are better suited to gain and maintain a decisive competitive advantage in today’s crowded market.
But don’t just take our word for it. We’ve compiled 22 key stats and facts about the importance of Total Experience to help you understand this growing discipline – and the opportunities it holds for your brand.
The Importance of a Total Experience
The customer experience is important and always will be. But if your business hopes to stand out, it will have to look at the whole picture, including the happiness and engagement of the people responsible for carrying out that customer experience.
- By 2024, organizations providing Total Experience will outperform competitors by 25% in satisfaction metrics for both customer experience and employee experience. (Gartner)
- By 2026, 60% of large enterprises will use Total Experience to transform their business models to achieve world-class customer and employee advocacy levels. (Gartner)
The Benefit of Investing in Total Experience
Exceptional experiences across all touchpoints are shown to have a strong impact on customer and employee satisfaction with your brand – which, in turn, affects your bottom line.
- Even the smallest improvement to a company’s CX Index score results in as much as $117.80 annual incremental revenue growth per customer. (Forrester)
- Companies that integrate design thinking into corporate strategy outpace industry peers by as much as 228%. (Motiv Strategies)
- Consumers are 3.5 times more likely to purchase more from a brand after a positive customer experience. (XM Institute)
- Improvements in customer experience can raise customer satisfaction scores by 15 to 20 points, reduce customer service costs by 15 to 20%, and boost employee engagement by 20%. (McKinsey)
- On average, a $1 billion company will earn $775 million over three years with modest customer experience improvements. (Temkin Group)
What Customers Want in a Total Experience
Customers know what they want from the brands they support – and they’re willing to pay for it. The question is: Is your brand listening and adapting?
- 77% of consumers feel more positive about brands that seek and incorporate customer feedback. (Microsoft)
- 29% of consumers rank problem resolution in the first interaction as the most valued form of customer support. (Genesys)
- 90% of B2B customers will switch to the competition if digital channels can’t service their needs (Avionos)
- 52% of consumers expect a response from a brand within one hour. (Emplifi)
- More than 60% of consumers look for self-service first, instead of contacting a live agent. (Microsoft)
The Impact of the Employee Experience
There is an undeniable link between employee experience and customer experience. The degree to which you invest in and empower your employees will impact the service they deliver.
- Happy employees not only work faster – making more calls per hour – but also achieve 13% higher sales than unhappy colleagues. (Oxford University)
- Compared with disengaged teams, engaged teams show 24% to 59% less turnover, 10% higher customer ratings, 21% greater profitability, 17% higher productivity, 28% less shrinkage, 70% fewer safety incidents, and 41% less absenteeism. (Gallup)
- Disengaged employees are more likely to leave their jobs – creating an additional cost for their former employer. Research shows it can take new employees 28 weeks to reach peak productivity – a delay that can ultimately cost organizations more than $34,000 per new employee. (Oxford Economics, via The Guardian)
- Companies with the most engaged employees enjoy 81% higher customer satisfaction and, as a result, greater customer loyalty. (Forrester)
- 80% of employees across the globe are not engaged or are actively disengaged at work. This lack of engagement costs the global economy $8.1 trillion, nearly 10% of GDP, in lost productivity each year. (Gallup)
The Cost of Not Investing in Total Experience
Whether you’re investing in it or not, experiences with your brand are happening every minute of every day. If you’re not intentional in how you are investing in these experiences, your brand standing is paying the price.
- Companies lacking a Total Experience strategy cumulatively overspend by as much as $14.1 billion each year on idle IT resources and overprovisioning. (ParkMyCloud)
- 61% of customers are willing to walk away after just one bad customer service experience with a brand. (Zendesk)
- Customers tell an average of 9 people about positive experiences, but an average of 16 people about negative experiences. (Forbes)
- Each year, $35.3 billion is lost by U.S. businesses due to customer churn caused by avoidable CX issues. (CallMiner)
- 50% of U.S. consumers have left a brand they were loyal to for a competitor that better met their needs. (InMoment)
As these studies show, it’s clear that Total Experience is what’s going to differentiate good brands from great ones in the years to come.
By taking the EX, UX, and MX into account when designing CX, brands can tap deep into their potential and unlock valuable insights that drive greater confidence and loyalty among their champions – both internal and external. Those who adopt now will be setting the standard for the experiences customers want, the engagement employees need, and the growth stakeholders expect. Will your brand lead the way?