Things have changed, big-time. Businesses that have maintained an above-average American Customer Satisfaction Index (ASCI) in their industry for the ten years between 2004 and 2014, have delivered 400% the returns to shareholders as those with average scores (McKinsey, Putting customer experience at the heart of next-generation operating models). In the last decade, through the Great Recession, mastery in customer experience has delivered a CAGR of 15%.
The shock factor is huge here, because it teaches us that customer experience has become the new master. Satisfy your customers, and grow rich. This is radically different than what business schools taught twenty years ago. Customer experience has always been a survey, an afterthought, a checkbox. Now it is your primary profit generator.
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