How To Not Let The Customer Down

‘The challenges CX leaders will face in 2022 are unlike what they’ve ever faced before – the goal is still to attract and retain customers, standing proud above your competitors – but the landscape has changed. So have the solutions,’ states the ‘2022 Global Consumer Trends’ report by Qualtrics XM. It highlights key areas companies can focus on in 2022 to have the biggest impact on their consumers and business, and get ahead of the pack.

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According to a recent survey by Qualtrics XM Institute that asked more than 23,000 consumers from 23 countries about their experiences with the companies they bought from in 2021, 63% said that companies needed to get better at listening to the customer’s feedback; 62% said that businesses needed to care more about them and a whopping 60% of consumers were willing to buy more if businesses treated them better! Thus, in its ‘2022 Global Consumer Trends’ report, Qualtrics XM brings to light key areas that companies must focus on this year to get ahead of the curve.

Customers Have Had Enough

Bad experiences are costing businesses some $4.7 trillion in consumer spending every year globally, as customers refuse to spend money with businesses that don’t meet their expectations. As the cost of switching trends toward zero, they know that if one company doesn’t give them what they need, it costs nothing to switch to someone that will. Consumers are 3.5X more likely to purchase from a business after a positive customer experience and 5.1X more likely to recommend an organisation after a positive customer experience.

As consumers weed out businesses that tolerate bad experiences, the risk for those that miss the mark is huge. And the opportunity for those that get it right is even greater. For business, 9.5% of their revenue is at risk due to bad experiences.

Toss out the Pre-2022 Business Plans