There’s a difference between being competitive in the market and being seen to be different.
The difference is about 600% ROI, according to longitudinal research across diverse sectors by the Customer Experience Institute at the University of Monaco.
A distinctive customer experience (CX) breeds a culture of excellence and builds customer loyalty and lifetime value. In turn, this kind of consistent, recognisable brand experience delivers long-term sustainable profitability.
CX: being different makes the difference
The traditional approach to customer experience often follows a well-worn path: first, looking at pain points; second, trying to meet market norms; and last, trying to emulate the top performers.
Yet, you will intuitively understand that trying to ‘become like the rest’ or ‘compete with the best’ are strategies that can be counter-productive and costly. That’s why so many CX projects can fail to pay back properly.
A more productive approach is to focus on the key elements of ‘what matters most to customers’. With a more cohesive, purposeful strategy that’s designed to differentiate your brand (in a good way), you can gain satisfied customers, repeat business, lower acquisition costs, higher retention and better profitability.
- Fix what’s broken – but it accept it brings limited returns
- Embed a values-based framework
- Align brand standards to customer behaviours
- Design distinctive brand experience
- Focus on customer fulfilment
Market research suggests that applying CX strategically – at brand level to create a distinctive customer experience – can deliver 600% ROI.