Study shows: False promises cost companies customers 

According to a study by Qualtrics, the customer experience has the greatest influence on brand loyalty and trust. This is why it has to be brought into line with consumers' expectations of the brand. Reviews should also not be underestimated.

For the study, Qualtrics, provider of experience management systems, surveyed more than 500 consumers in Germany about their opinion of customer and brand experiences. Half of the respondents said they stopped buying from a manufacturer because the customer experience they experienced did not match the brand promise. Respondents cited product quality (68 percent) as the main reason - followed by poor customer service (62 percent) and a mismatch with the company's vision, values or stance on social issues (40 percent).

"An outstanding customer experience is critical to a brand's success," says Martin Meyer-Gossner, Experience Scientist at Qualtrics. "The brand is defined by everything the company does. It is embodied by the product and the customer journey, and implemented by the employees. Take a delivery service, for example. If the delivery window is not met, it affects the experience with a brand."

The importance of the customer experience for the brand is also evident from the factors that will boost trust in the brand in 2022: customer service ranked just behind appropriate pricing, followed by concern for employees:inside and not exploiting crises for one's own company. Going beyond recommended safety standards rounded out the top five.

For companies looking to stay relevant in an increasingly competitive market, product and service quality (74 percent) and customer service (59 percent) are more influential to consumers than marketing and advertising (43 percent) and social media presence (34 percent).

"Understanding the purpose of a company and communicating with its workforce is key to a good brand and customer experience. A company must have the right systems and processes in place to achieve this. The next step is to identify the moments in the customer journey that have the greatest impact on customer behavior. With these insights, companies can deliver what customers want - right when it matters most. A brand's purpose, promise and values should be in every action it takes," Meyer-Gossner adds.

Do not underestimate ratings

Companies should not underestimate the importance of reviews. 95 percent of people have read a review before buying from a new vendor. If the rating was bad, 62 percent of people would probably not buy.

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