The new year brings with it new beginnings, new innovations, and new opportunities for growth and success. As we all place our bets on what will produce the best outcomes in the coming year, it’d be remiss to not consider what will be the single largest factor for retention, customer lifetime value, and revenue growth in 2020: customer experience (CX). Today’s customers want faster, smarter, and more relevant experiences from the brands they love, and in 2020, we’ll see these expectations climb higher than ever before.
The numbers on this are clear. According to a recent study, 86% of buyers report that they will pay more for a better customer experience. 76% of customers expect companies to understand their needs and expectations (iperceptions). Companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in customer experience (The Temkin Group).
And by the end of 2020, customer experience will overtake price and product as the key brand differentiator (Walker).
As the leader in mobile marketing and customer engagement, Swrve is built to deliver better, not more, customer experiences across mobile, web, email, and OTT platforms. We give global brands the power to anticipate and act on individual customer needs, interests, and preferences with experiences that are relevant to them in real time, at scale. Read through what our executives have to say about prioritizing customer experience (CX) in 2020:
“Tomorrow’s market share will be captured by the marketing innovators, the CX experts, and the tech influencers who are sophisticating the user journey and modernizing the path to purchase with deeply personalized and hyper relevant customer experiences. The brands that are willing to push the boundaries on speed and convenience with artful delivery and scientific execution will see the most memorable successes of the year.”
- Tara Ryan, Chief Marketing Officer at Swrve
In an age where the customization of Starbucks and the immediate gratification of Amazon are the consumer norm, competing solely on product and price isn’t enough. But the road to advancement has been difficult: many brands previously thought unifying all their customer data was the critical path, only to realize now that expensive multi-year projects focused solely on data weren’t worth it. In 2020, more brands will accelerate drivers like real-time responsiveness, personalized interactions, targeted value, and more, to deliver on customer experience—not just data consolidation.
- Lisa Cleary, Chief Product Officer at Swrve
“We live in an era where you’re only as good as your last interaction with your customers. Consumers have no shortage of options as they make the jump from one digital experience to another across channels and platforms. As we approach 2020, the margin for error will continue to shrink for brands that are not willing to adapt to new bars for delivering relevance and value within individual customer experiences.”
- Barry Nolan, Chief Strategy Officer at Swrve
"Modern customer experience is about authenticity and the quality of interaction at an individual level. In 2020, brands will be working to address the challenges of multichannel activity and hypertargeting, all the while wrestling with immense amounts of important behavioral data. We'll see the already growing interest in machine learning increase further, and brands will consider trustworthiness and transparency as key elements of retention-driven customer experience."
- Oisin Hurley, Chief Technology Officer at Swrve
“It’s getting notoriously more difficult for brands to monetize and retain users in today’s crowded digital landscape. With it costing 5x more to acquire new users than to retain existing ones, it’s absolutely critical for brands to keep retention and LTV top of mind. Next year’s market leaders will be using first and third party data to deliver experiences that are unique, valuable, and convenient to individual users. This will be key to their success in 2020.”
- Joe Aleardi, Chief Revenue Officer at Swrve
Discover how Swrve is designed to help global brands adapt to rising customer expectations, and deliver smarter, more relevant customer experiences in real time. Learn more about our industry-leading, enterprise-grade mobile, web, email, and OTT offering in one of our upcoming demo webinars.