You won’t radically improve what you can’t measure.
By Matt Lombardi, global head of customer experience strategy at ServiceNow and Jill Lengré, program manager of customer experience at ServiceNow
For many businesses and industries, COVID-19 has made customer and employee well-being a priority. Witness Michelin-starred restaurants pivoting to making food for healthcare workers and carry out, or airlines voluntarily forgoing middle-seat ticket revenue.
Organizations at the forefront of customer experience—USAA, Zoom, Netflix, and Apple, for instance—excel at putting the customer at the center of everything they do. Even a 5% increase in customer retention can lead to significantly greater profits, studies by Bain & Company and Harvard Business School show. Customer experience leaders in Watermark’s new Customer Experience ROI study outperformed competitors and reported returns 45 points higher than the S&P 500 Index.
Employees of customer-centric companies also feel and do better, studies show, than their counterparts at other organizations.