The ROI of Endineering. Part 2. Where is the investment growth from consumer experience coming from?

Businesses are growing their investment in consumer experience as a vehicle for increasing engagement with products, pushing profits, innovation and efficiencies. According to Forbes,

• Companies with a customer experience mindset drive revenue 4-8% higher than the rest of their industries.

• Two-thirds of companies compete on customer experience, up from just 36% in 2010.

• Companies that lead in customer experience outperform laggards by nearly 80%.

• 84% of companies that work to improve their customer experience report an increase in their revenue.

• 73% of companies with above-average customer experience perform better financially than their competitors.

As a longtime advocate of the customer experience, it’s great for me to see interest in it increasing, despite most attention going towards the on-boarding and usage phases. This interest will widen the remit of the discipline, no doubt expanding it to other areas beyond core functionality. Endings will start to be considered as an important part of the process of dealing with consumers. This is a growing field. There is significant appetite for taking on-board new areas of the consumer experience discipline.

Alongside this increase in direct investment in consumer experience, there is an adjacent area of concern about considerate consumerism. Nielsen, the data analytics firm, found that
“A new era of sustainability is rising. Consumers in markets big and small are increasingly motivated to be more environmentally conscious and are exercising their power and voice through the products they buy.”
They found “...a whopping 81% of global respondents feel strongly that companies should help improve the environment.” Engagement in this area is often interpreted simply as consumers purchasing products that are better for the environment. But significant improvements can come from the way people dispose of their products as well. Endings form a bridge between consumption and actionable improvements in consumerism.