Companies are investing big into Customer Experience (CX) and Customer Insight (CI) programs. The Boston Consulting Group has defined this trend toward listening and understanding the voice of every customer as the ‘Introverted Company’. The idea that companies today are under more pressure than previous decades is not lost on the CXOs of 2020.

Increasingly competitive markets and rapidly shifting customer preference means that a third of all public companies today won’t be around come 2025. That’s an alarming figure but one which can be solved by driving action from understanding what customers actually want. At Kapiche, we call these actionable insights. If your customer insights engine is able to collect, analyse and produce actionable insights which can be shared across departments and with the c-suite decision makers, the business stands a better chance of survival.

“The revenue impact from a 10% improvement in a company’s customer experience score can translate into more than $1 billion.” - Forrester

What makes this new landscape competitive is the willingness for customers to punish companies that transgress or fail to deliver exceptional experiences. In a study by American Express, 50% of Americans did not proceed with a purchase due to poor quality service. 33% also said they considered switching to a competitor after each instance of poor service.

There are also clear benefits to delivering a better customer experience. In a study by Genesys, a third of customers were actually willing to pay more for a higher level of service. PWC identified that 63% of U.S. consumers were more likely to share their personal information with a company that offers a great experience.

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