Saturday, April 20, 2024

‘Experience-driven’ companies do better, says new research

New research has found that brands that invest in “experience transformation” across people, processes and technology achieve “superior” business performance, says Adobe.

Adobe commissioned the research from Forrester Consulting.

The study is entitled ‘The Business Impact of Investing in Customer Experience – A Spotlight On Asia Pacific’. It concluded that long-term investment in customer experience pays off for brands willing to embrace it.

Brands focusing on customer experience achieve an average revenue growth rate of 23 per cent. This compares with 13 per cent for other companies surveyed.

“It couldn’t be clearer that investing in customer experience is essential to business success,” Adobe ANZ Managing Director Suzanne Steel said.

“While it’s exciting to see the impact that investment in customer experience is having, the study highlights that only 29 per cent of brands in APAC can claim to be experience-driven businesses.

“Companies yet to focus on the journey they provide for their customers will find it harder to compete, the longer they delay.”

Key findings

Among other findings, the study found that experience-driven businesses:

  • Sacrifice short-term wins in favour of creating holistic experiences.
  • Are customer obsessed.
  • Report happier and more engaged employees.

“The age of the experience-driven business is well and truly upon us,” Adobe Head of Digital Transformation Scott Rigby said. “It’s encouraging to see brands across APAC investing in experiences and customer loyalty.

“There is a higher cost for these businesses. But the boost to their revenue growth rate, customer lifetime value and even the happiness of their employees, all mean the investment is worth it.

“Customers are responding to businesses that are clearly dedicated to providing a unique and customised experience for their entire journey. As customers become more accustomed to this, businesses that don’t manage to deliver that experience are likely to be left behind.”

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