Think back to the last time you interacted with a brand. Do you remember an ad catching your eye? Did an Uber driver drop you off in record time? Were you able to use Apple Pay to buy groceries? Or did you chat with a service representative online? In today’s marketplace, these and many other moments throughout the customer journey define a brand. In the Experience Economy, our experience with a company is inseparable from the goods and services that it sells.
In this paradigm, customer experience (CX) reigns. While that might not surprise you – after all, you’re reading this article on CX-focused site – it is remarkable how many consumers report that brands are missing the mark. 82% say that they have been disappointed by companies. That’s a startling insight, but wait…there’s more.
A recent research study commissioned by Oracle, and in partnership with Jeanne Bliss, CX pioneer and founder of Consumer Bliss, surveyed 1,100+ consumers across Gen Z, Millennial, Gen X, and Baby Boomer generations. The report, entitled “One Size Doesn’t Fit All“, reveals 3 ways CX is vital to a brand and how consumers of all ages are responding.
Consumers will walk away after one bad experience
Consumers are paying close attention to their experiences and those interactions can have a lasting impact on a brand’s bottom line. On one hand, bad experiences send consumers packing. 34% of respondents say they will walk away from a company for good after just one bad experience. In fact, 4 out of 10 consumers report having already blacklisted companies and retail locations who failed to meet their expectations.
Consumers will share positive interactions
On the other hand, 41% of consumers say they are willing to pay as much as 20% more for an impressive experience. And it doesn’t hurt that consumers – especially Millennials and Gen Z – are more likely to talk about positive interactions than negative ones. They share those experiences with their friends and family members – the same people they trust more than any other source for recommendations about products and services.
Consumers are attracted to companies that meet their needs
Consumers are attracted to companies that honor them with experiences that meet their needs. But it isn’t that simple. The research reveals that preferences and behaviors among Gen Z, Millennials, Gen X, and Baby Boomers vary greatly. All generations are rethinking the world around them, and consequently how they want to experience a company’s products and services. In this dynamic landscape, one age group isn’t pickier than another – they just have different expectations.
For more information on consumer preferences across generations, read the full report: “One Size Doesn’t Fit All.”