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The new currency & the new gold reserve in the Sharing Economy

The new currency & the new gold reserve in the Sharing Economy

A new survey reveals:

Customer experience will overtake the product and pricing as a key brand differentiator. ( I am not saying so to promote my book on Customer Experience in times of social media “The Bread is moving”. Check the source of the survey here.)

Many enterprises are either not yet aware about the customer experience or they have other priorities than working on to create a customer experience focused organisation.

But a few statistics will awake the decision makers and people responsible for P & L A/C.

  1. Brands in the U.K. are currently losing nearly £15 billion annually due to poor customer service. ~Harris/ClickSoftware Survey
  1. U.S. brands are losing approximately $41 billion each year due to poor customer service. ~NewVoiceMedia Study
  1. 65% of 1,000 consumers surveyed said they’ve cut ties with a brand over a single poor customer service experience.~ 2014 Parature State of Multichannel Customer Service Survey
  1. Only 14% of respondents in a 2014 CMO survey rated the customer-centricity of their organization as high; and only 11% believe their customers would say the same. ~2014 CMO Council Mastering Adaptive Customer Engagements Report
  1. More than two-thirds of 2,000 consumers who encountered a customer service/customer experience issue on a brand’s website left the site or visited a competitor. ~ 2014 IBM Digital Customer Experience Report
  1. 71% of those who experience positivesocial careexperience are likely to recommend that brand to others, compared to just 19 percent of customers that do not receive a response ~ NM Incite Social Care Survey
  1. Companies delivering customer support through social media achieve superior gains – 7.5% vs. 2.9%.~Aberdeen Group Social Customer Care Report
  1. The revenue impact from a 10 percentage point improvement in a company’s customer experience score can translate into more than $1 billion.~ Forrester Business Impact of Customer Experience
  1. 58% of companies say they are just now developing a strategy for delivering an integrated customer experience; and only 8% of companies surveyed said they currently provide a ‘very integrated’ customer experience. ~Econsultancy/CACI Integrated Customer Experience Report.

 10. Customer Experience leaders outperformed the broader market, generating a total        return that was 35 points higher than the S&P 500 Index. Laggards trailed far                behind, posting a total return that was 45 points lower than that of the broader            market offering a better customer experience ~ Watermark Consulting

What is considered premium today will become a basic norm by 2020. Yes, smartphone-enabled social media will compel every enterprise to focus more on more on customer and experience the firm is creating for its customers.

Competition is just a click away. Good and bad review writing is just a click away. Why online reviews matter is made amply clear by the following survey.  

According to the survey conducted by Dimensional Research, an overwhelming 90 percent of respondents who recalled reading online reviews claimed that positive online reviews influenced buying decisions, while 86 percent said buying decisions were influenced by negative online reviews.   

Gold

Welcome to the new economy, The Sharing Economy in which Customer Reviews are the new currency. & When customer reviews are the new currency one can imagine the importance of better Customer Experience.  Yes, the new currency will be printed on the basis of customer experience. Customer Experience is the gold reserve based on which new currency will derive its strength.

Sunil Gandhi
Sunil Gandhi

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