CMSWire: The CX Premium: What Customers Really Value (and When They'll Pay for It)

This article was written by Greg Kihlström for CMSWire. Read the full article here.

Airlines, apps and investment firms see the biggest CX returns. Now it's time to align your strategy with what customers really want.

It would seem like a foregone conclusion to maintain or ideally lower prices in a time when the economy is anything but dependable. Yet, new research from the Qualtrics XM Institute show that 72% of US consumers are willing to pay more for a better experience, meaning that despite uncertainty about the future, nearly three-quarters of the market is willing to prioritize CX over cost.

Let’s look at three takeaways from this research and what brands can do to address this need in the market, while not alienating the other 28% of customers.

The Experience Upgrade Preference Spans Industries

While the research supports that a majority of customers seem willing to spend extra to receive special treatment and perks, that willingness varies widely depending on the industry.

The areas where consumers are most enthusiastic are when the stakes—or the pain points—feel particularly high: airline passengers (84%), rideshare users (77%) and investment-management clients (73%) say they would pay extra for an upgraded experience. The share dips to 70% for parcel delivery and 68% for better customer service, though these are still rather substantial numbers.

This article was written by Greg Kihlström for CMSWire. Read the full article here.