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The Cost

Of Trust

$180 Billion of future revenue is

lost due to lack of trust

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In the past, trust was seen as a “soft” corporate issue. Businesses are beginning to understand how trust is connected to the value of the company, its competitiveness, and revenue.

 

Trust is anything but soft. Consumers are looking to affirm their values when interacting with companies. 

 

When the product and service quality live up to your brand promise, companies create meaningful Customer Experience (CX), improving their repetitional value and trust. 

 

A recent Accenture study of 25,000 global consumers found that of the customers that switched companies, 46% did so because of a lack of trust in the former company. 

 

To find the total cost of "Trust"  you must factor in the customers' ability to speak up, organize and boycott.

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Strategic Business Partnerships can assist in making sure that the company they are working with builds and maintains trust value. 

 

In any good partnership, there is a give and take. 

Being able to meet consumers where they are is the key for all businesses.

54% of customers say companies need to transform how they engage with them.

Having an SBP can be a solution to possessing the information needed to meet consumers expectations.

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Customer Experience (CX) Key Differentiator

CX has overtaken price and product as the key brand differentiator

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How do companies address the expectations of consumers' needs? 
 
By providing the most personalized experience for the buyer.

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By the end of 2022, Customer Experience (CX) will mean more to your bottom line than price and product.

Creating these sustained, multi-core experiences will  build and retain excellent brand recognition.

Leaders of CX 
concentrate 
in
(7) key areas
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  1. Executive Support: the more the merrier

  2. Financial Results: stronger bottom lines

  3. Coordinated CX Programs: better for consumers and health of the business

  4. Multiple Core Experiences: the foundational product journey that brings meaningful value to your customers

  5. Fostering an Empathetic Culture: leads to retention of employees as well as consumers shining a light on everyone's value

  6. Across All Channels: consistency is the key to delivering better experiences

  7. Having A Clear CX Strategy: allows continuity for the consumer which adds to trust of your brand

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By enlisting the assistance of an SBP, companies can do a more thorough job of assessing where your company:
 

  • Ranks among competitors

  • Creates action plans

  • Tracks the progress by identifying key areas of focus

Consumers are more educated, more connected, and expect more of an A-Z experience than ever before.

The goal is to drive an ongoing discussion while continuing to prioritize the CX efforts.

67% of customers say the way a company uses technology indicates how it operates in general

CX key Dif 2
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CX Improvement Equals Profit

84% of consumers who gave a high rating in success are likely both to recommend the company and purchase more from it in the future

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In a 2019 study across 20 industries with 10,000 participants, consumers described loyalty and experience with companies. 

 

Consumers that have a good experience with a company will likely make additional purchases from that company (up to 80%). Consumers that have a poor experience will be less likely to repurchase from that company (up to 59%).

A modest improvement to CX in a typical company can yield an additional $775,000 over three years.

91% of consumers will purchase again if the CX reaches them on an emotional level.

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There are three ingredients of an excellent Customer Experience.
 

  1. Success
     

  2. Effort
     

  3. Emotion
     

All three elements impact customer loyalty, but an improvement in emotion drives the most significant increases. 

 

 It is evident that CX influences how consumers recommend a company, repurchase goods from a company, trust a company, forgive a company, and try new offerings from a company. 

 

Reaching your consumers on an emotional level can be the secret ingredient for sustainability during uncertain times.

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The Digital Dilemma

Average of 17 pts gap of customers expectation vs what they're getting 

Digital delema 1

Organizations worldwide fail to implement essential, digital customer experiences (CX), according to a study from 2017. 

 

Only 1 in 10 organizations believe that their digital strategies are at optimal levels, leaving 90% of businesses with disjointed CX solutions across all platforms. 

 

A strong SBP can point out weaknesses and put a company on the right track with a cohesive CX.

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The driving factors for digital transformations are to improve CX, closely followed by customer demands for digital.

 51% of companies say they don’t even have a plan for developing a digital strategy.

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Only 36% of companies have appointed a board-level executive to be responsible for customer experiences. 

 

These experiences lead to a gap between consumers and executives and ultimately cause harm to businesses.

The digital dilemma is deepening.

Disconnects in the digital functionality will not meet consumer requirements, rather, they will frustrate the customer and disempower employees leading to high turnover.
 
Organizations have been challenged to keep pace with consumer behavior. Our world has formed a digital skin, changing business, service, technology, and commercial models. 
 
The choices organizations make with strategic CX and digital will define their future.

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