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How does CX help businesses grow?

To make an investment in customer experience, you need a return. These statistics show how businesses benefit from managing their customer experience. You can’t use these numbers, but they should give you confidence in your business case.

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93% of customers are likely to make a repeat purchase with companies who offer excellent customer service. (Hubspot)

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78% of loyal customers help to spread the word about your business. (Zendesk)

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Companies that excel at customer experience grow their revenue 4% to 8% higher than others in their market. (Bain & Company)

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Increasing customer retention by 5% can result in an increase of profits between 25% to 95%. (Harvard Business School)

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Acquiring a new customer is 5 to 25 times more expensive than retaining an existing one. (Harvard Business Review)

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86% of consumers are willing to pay extra for a better customer experience. (Oracle)

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The success rate of selling to an existing customer is 60-70%, compared to is 5-20% with new customers. (Marketing Metrics quoted by Forbes)

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Existing customers are 50% more likely to try new products and spend 31% more than new customers. (CEB Marketing Leadership Council survey) 

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Highly engaged customers buy 90% more often (Review42)

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Customer experience leaders:

  • Have a category-leading brand
  • Grow faster than their leading competitor
  • Are sustainably profitable
  • Are loyalty leaders in their market Bain & Company
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From 2016 to 2022 Customer Experience leaders across industries outperformed peers on revenue growth by 100% McKinsey and Company

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Successful experience-led growth strategies (increasing Customer Satisfaction by at least 20%) can increase cross sell rates by 15-25% and boost share of wallet by 5-10%. McKinsey and Company

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Annual revenue for businesses with top CX scores is 2.4x than that of businesses with poor CX scores. (Havard Business Review / Medallia)

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In subscription based businesses, 43% of the least satisfied customers renew their subscription, whereas 74% of the most satisfied customers stay for another year. (Havard Business Review / Medallia)

More Customer Experience Statistics

Schedule your free consultation and learn how to harness the power of CXM to grow your business

After our confidential, 30-minute consultation, you will…

  • See a path to product, service and touchpoint improvements
  • Feel confident you and your team can continuously improve your customer experience
  • Be keen to get ahead of your competitors by delighting your customers

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