The very best brands for customer experience excellence are now starting to think of their customers as assets that can be grown.
The leading companies in our research demonstrate a clear understanding of the link between the quality of the experience being delivered and customer value. They use Return on Investment (ROI) modeling to enable the prioritization and optimization of the initiatives that will drive the customer experience. And they understand whether the customer experience they are delivering is under- or overengineered financially.
To find out how exceptional customer experiences influence brand profitability, we assessed the financial performance of companies from 6 of the markets in our research and compared the top 50 companies against the bottom 50 companies. What we found was that outstanding customer experiences deliver outsized financial returns.
The top brands are those that view their customers’ loyalty as a form of equity in the company. And they are thinking about how they might start to move their customers onto their balance sheets.
KLP in Norway is a life and pensions company whose entire ethos is based in ethical and responsible investing. They recognize that, when your focus is on doing the right thing, you need to be able to make tough choices. To help their employees live the brand, the company has developed a set of principles that they will not compromise on. In some cases, this has meant withdrawing from companies who operate in current warzones or those whose practices towards indigenous people are open to question.
We believe that customers value us because we are true to our origins and our business side, in everything we do, every single day.
Sverre Thornes, Chief Executive, KLP