Brands that amplify customer experience are 2.5x more likely to grow market share – CX Dive

Let CX Dive’s free newsletter keep you informed, straight from your inbox. Customers’ direct and indirect experiences build 71% of brand equity, according to a JKR and Kantar report.This report joins a growing body of research that indicates exceptional customer experience lifts revenue, increases profitability and wins market share.When customers love a business, it grows wallet share and market share, according to Picoult. Not only do customers obsess over a company’s products or services, they also broaden their spending with it and encourage others to patronize the business.That even trickles down to shareholder value. The latest Watermark Consulting report found that brands with the best CX outperformed brands with some of the worst CX by a nearly 8-to-1 margin in shareholder return. The JKR and Kantar report also underlines the importance of driving brand engagement through experiences. “Owned” media — what customers see and feel for themselves — accounted for 30% of brand equity, while “earned” media — what they hear from friends, family, reviews and socials — accounted for 41%.“Consumers’ perceptions about a company’s brand will ultimately be forged not through paid search results, sponsored social media posts, or even Super Bowl ads; rather, it will be informed by their direct interactions with the firm’s products, services, and people — and also by what they hear from other trusted sources,” Picoult said. “Paid media might pique someone’s interest, but it’s the longer-tailed, end-to-end customer experience that actually drives durable brand engagement and loyalty.”Marketing plays a role, but it’s limited without fulfilling brand promises. Fulfilling those promises means businesses need to focus on what may appear to be the mundane mechanics of reliable customer experiences. “The unfortunate reality, however, is that the marketing of a company’s brand promise often gets far more attention than the fulfillment of that promise,” Picoult said. “And it’s that disconnect for customers that will undermine even the most carefully orchestrated branding campaign.”Get the free daily newsletter read by industry expertsCompanies that want to do business in the European Union will now have to disclose when customers interact with AI and when content is AI generated. It’s as much of a CX issue as a compliance challenge.Handoffs are a source of friction. Nearly all consumers expect their information to be available across channels so they don’t have to repeat themselves, according to Genesys.Subscribe to CX Dive for top news, trends & analysisSign up for the free newsletter. Interested? Explore more of what has to offer. Thanks for signing up! Please keep an eye out for a confirmation email from [email protected] To ensure we make it into your inbox regularly, add us to your allow list, mark us as a safe sender, or add us to your address book. Check out more from Get the free daily newsletter read by industry expertsCompanies that want to do business in the European Union will now have to disclose when customers interact with AI and when content is AI generated. It’s as much of a CX issue as a compliance challenge.Handoffs are a source of friction. Nearly all consumers expect their information to be available across channels so they don’t have to repeat themselves, according to Genesys.The free newsletter covering the top industry headlinessource