In today’s mobile age, power lies more and more in the hands of the customer and the value of delivering a great guest experience has never been more prominent.
According to a Customer Experience Index (CEI) survey, 86% of consumers are willing to pay more to receive a better customer experience, and only 1% of customers feel their expectations are being met consistently. Another survey by American Express revealed that 59% of Americans would try a new brand or company for a better service experience. So as Steve Cannon, Mercedes Benz USA President and CEO put it, “Customer experience is the new marketing.”
It is thought by the year 2020 customer experience will overtake price and product as the key brand differentiator (Walker). Product or price advantage can be easily duplicated, but a strong customer experience can’t be copied and the companies that do focus on customer experience will flourish.
According to the Harvard Review, customers who had the ‘best experience’ spend 140% more compared to those who had poor experiences and are more likely to be loyal. On average, loyal customers are worth up to 10 times as much as their first purchase (White House Office of Consumer Affairs) and studies have shown that improving customer experience can increase annual revenues by more than $1B for large hospitality companies. Positive guest experiences and overall satisfaction not only equate to loyal guests but they are also profitable.
As the hospitality industry grows increasingly competitive, more and more properties are looking to technology to help them manage and deliver an enhance customer experience. As property management systems (PMS) are at the heart of guest experience management, investing in a modern Cloud PMS is key to managing and elevating the guest experience – here’s how:
