Experience-driven businesses are likely to grow revenue 1.8 times faster than other companies, said the Adobe-Forrester APAC research, adding that brands which invest in experience transformation across people, processes and technology, achieve superior business performance.
"It is amply clear that customer experience has moved from being a competitive differentiator to a business imperative for brands," said Kulmeet Bawa, Managing Director, South Asia, Adobe.
In evolving markets like India, significant advances in technology coupled with increasing Internet penetration and mobile proliferation have had a huge impact in the way brands are interacting with their audience.
The study titled "The Business Impact of Investing in Customer Experience - A Spotlight On Asia Pacific," found that long-term investment in customer experience was paying off for those brands willing to embrace it.
"The need to be able to provide rich and meaningful customer journeys across channels is leading brands to assume the role of experience makers, to succeed in today's digital era," Bawa added.
Experience-driven brands sacrifice short-term wins in favour of creating holistic experiences.
Organisations that prioritize holistic customer experiences report higher costs. However, they enjoy more than twice as much return on ad spend and revenue growth.
"They report 80 per cent higher year-on-year growth rates, and a doubling of their customer lifetime value," the survey noted.
Employees in such businesses enjoy 60 per cent greater personal and team satisfaction than their counterparts in other businesses.
For the results, Forrester surveyed 1,269 marketing, advertising, CX, digital and analytics business leaders from global enterprises, including 445 respondents in the Asia-Pacific region.
"The age of the experience-driven business is well and truly upon us and it's encouraging to see brands across APAC investing in experiences and customer loyalty," said Scott Rigby, Head of Digital Transformation, Adobe.
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