Very interesting article from the MIT Sloan magazine, about the super frequently asked question: does customer experience really improve the financial performance?
They do not only investigate this question, but they do give some tips -tricks on how you can manage better customer experience in order to deliver the financial results as well.
In order to read the full article you need to register, but MIT Sloan provides a free subscription plan, in which you can read 2 articles / month for free. I think it is worth while to burden one of your free passes on this article.
“Satisfaction guaranteed or your money back.” That business promise has been made to consumers since 1875, when Montgomery Ward used it to differentiate his mail-order catalog from other retailers. Commitment to customer satisfaction is now a vow many businesses make. It is common to find mission statements and marketing plans that specifically address customer satisfaction; compensation systems that incorporate satisfaction metrics into their bonus criteria; and advertisements that trumpet customer satisfaction awards.
Customer satisfaction has become the most widely used metric in companies’ efforts to measure and manage customer loyalty.1 The assumption is simple and intuitive: Highly satisfied customers are good for business.
However, the reality has not proven nearly so simple….
Source: MIT Sloan Magazine