What do consumers want from companies?

They want to know businesses give a damn.

The problem is, consumers don't think they do.

According to Edelman, almost nine in 10 consumers want more meaningful relationships with brands, but less than one in five believe brands are delivering on that wish. This data is based on a survey of 15,000 consumers in 12 countries who have some level of engagement with brands. Two-thirds of respondents said that brands that ask them to share with them (their stories or personal information) don't share or engage in return and called it a one-sided relationship. Seven in 10 feel that companies have a self-serving goal of increasing profits rather than a sincere commitment to their customers.

But failing to put your customers first, let alone build meaningful relationships with them, can be a costly mistake. With the increased popularity of social media, each customer now has a strong voice and a bigger platform than ever before to be heard. Any bad customer experience is an opportunity for a brand to be seen as uncaring. Not only that, negative experiences are talked about more and shared at scale.

The infographic below shows statistics related to customer experience that any business leader should know. Here is the true cost of not prioritizing the customer experience.

The message could not be any clearer: Brands need to pay close attention to the experiences they deliver at every touchpoint, and do so consistently. Businesses need to be prepared internally to support the customer-first approach, with people, processes, and infrastructure in place.

If you're ready to start investing in customer experience management done right, this Customer Experience Management Guide will help you take the first steps.

 

Published on: Apr 28, 2015
The opinions expressed here by Inc.com columnists are their own, not those of Inc.com.