Looking at customer experience (CX) and churn in the SaaS environment from a high level, theres one theme that stands out from the mix: The fact that we live in whats called a switching economy. The term, coined by economists, describes a current trend impacting switching brands because of dissatisfaction with their experience. It can be a major driver of customer churnand its already creating an incredible economic deficit in the US.
Early reports indicate that more than $1.6 trillion in revenue is up for grabs as always on consumers look for brands mastering CX via various channels and touchpoints. Whats more: since 2010, Accenture data shows the switching economy has increased more than 29%and only 11% of U.S. customers strongly agree that companies are effectively converging their omnichannel experiences. So, whats driving the switching economy? And how can businesses win back customer loyalty?
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