New Adobe-commissioned research has confirmed that brands which invest in experience transformation across people, processes and technology, achieve superior business performance.
By investing across these disciplines, businesses in Asia Pacific (APAC) can trigger a transformation in customer experience that results in increased revenue and a rise in the acquisition and retention of customers.
Adobe commissioned Forrester Consulting to evaluate the business impact of investing in customer experience across the customer lifecycle.
The study, The Business Impact of Investing in Customer Experience – A Spotlight On Asia Pacific, found that long term investment in customer experience is paying off for those brands willing to embrace it.
The study found that APAC brands focusing on customer experience achieve an average revenue growth rate of 23 per cent, compared with 13 per cent of other companies surveyed.
Adobe Managing Director, Australia and New Zealand Suzanne Steele said: “It couldn’t be clearer that investing in customer experience is essential to business success.
“While it’s exciting to see the impact that investment in customer experience is having, the study highlights that only 29 per cent of brands in APAC can claim to be experience driven businesses.
“Companies yet to focus on the journey they provide for their customers will find it harder to compete, the longer they delay.”
Key findings of the study include:
- Experience-driven brands sacrifice short-term wins in favor of creating holistic experiences. Organisations that prioritise holistic customer experiences report higher costs, however, they enjoy more than twice as much return on ad spend. They also report 80 per cent higher year-on-year growth rates, and a doubling of their customer lifetime value.
- Experience-driven businesses are customer obsessed. They invest in specific customer experience and marketing initiatives such as loyalty programs and customer analytics; they are also twice as likely to increase their investment year-on-year.
- Experience-driven businesses report happier and more engaged employees. Employees in these businesses enjoy 60 per cent greater personal and team satisfaction than their counterparts in other businesses. They also fell 30 per cent greater company-wide satisfaction.
Adobe’s head of digital transformation, Scott Rigby, said: “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.
“There is a higher cost for these businesses, but the boost to their revenue growth rate, customer lifetime value, and even the happiness of their employees all mean the investment is worth it.
“Customers are responding to businesses that are clearly dedicated to providing a unique and customised experience for their entire journey.
“As customers become more accustomed to this, businesses that don’t manage to deliver that experience are likely to be left behind.”
Australian Prime Minister Anthony Albanese said Meta’s decision to stop paying for Australian news is “not the Australian way” and that he is “very concerned” about the announcement. Meta today confirmed it will walk away from funding Aussie journalism once the current content deals expire in what is a significant blow to Australia’s largest publishers. […]
The Australian media industry has responded to Meta’s decision to walk away from funding Aussie journalism once the current content deals expire. In a blow to local media outlets, Meta said it will not enter negotiations to extend deals to pay Australian media companies for the news that appears on its platforms. Michael Miller, News […]
Free TV has said that today’s announcement by Meta that it will not be renewing any of the deals struck with Australian media companies for use of news content on its platforms should be met with swift action by the government. Meta today revealed it will walk away from funding Aussie journalism once the current content […]
NOVA Entertainment has today announced the launch of a refreshed brand identity for FIVEAA, Adelaide’s premier commercial talkback station. The forward-looking brand refresh reflects FIVEAA’s new lineup and vision while paying homage to the station’s previous logo and rich heritage. Built upon the new tagline of Always Adelaide, the new direction celebrates the ‘AA’ branding […]
Australian social and content marketing workflow platform Fabulate has won big at the industry’s annual AiMCO Awards, taking out the highly competitive Best Influencer Marketing Technology Service category. Lead image: Fabulate team at Aimco Awards The win saw the start up platform, which has a team of around 50, receive the industry recognition against competitor […]
Australia’s newest transformative TV technology, Hubbl, will be on sale from March 10 in Harvey Norman and JB Hi-Fi retail stores nationally and via Hubbl.com.au. Lead Image: Foxtel CEO Patrick Delany at Hubbl Launch. Also from March 10, Hubbl will unveil a national advertising campaign starring brand ambassadors Hamish Blake and Andy Lee. The multi-channel […]
Marking a historic moment, THE LUME Melbourne will welcome original pages from Leonardo da Vinci’s Codex Atlanticus to Australian shores for the first time, as they touch down on March 9, before going on display to the public from March 16, when Leonardo da Vinci – 500 Years of Genius presented by Webuild opens to […]
Eyeota, a Dun & Bradstreet company and a global source of data for digital marketing, have selected Proximic by Comscore, a leading provider of audience and content targeting solutions for programmatic activation, as its preferred partner for making its full taxonomy of audience segments available for contextual cookieless targeting.