A new Optus report has found only 12 per cent of Australian organisations are delivering outstanding customer experiences despite the fact that 95 per cent of consumers will remain loyal to organisations that do so.
The fourth Future of Business report, which was released during the Optus Vision conference in Sydney on 18 June, found only 39 per cent of customers reporting a good experience are likely to remain a customer of that organisation, compared to 95 per cent of customers who reported an outstanding one.
Customers with an outstanding experience were also five times more likely to become brand advocates compared to customers with good experience.
By contrast, nearly 80 per cent of customers who reported a bad experience said they took some form of action such as complaining to friends or via the Internet.
The Optus report was based on surveys of 550 organisations across enterprise and government, as well as more than 5000 customers.
It also found customer experience and advocacy were the first or second top priority for nearly half of all organisations surveyed, although only 45 per cent said they understood the impact of customer experience on profits and revenue.
Top hurdles to better customer engagement were budget constraints (47 per cent), competing internal agendas or priorities (38 per cent), and lack of department alignment (33 per cent).
Speaking at the Sydney event, Optus Business president, John Paitaridis, urged businesses to strive for more than "good" customer experiences if they want to meet expectations.
"We should not be surprised that 'good' is not 'good enough," he told attendees. "However, you may be surprised with the difference between what good means and what outstanding means, because that has a massive impact on customer loyalty and retention.
"The key point here is the majority of our customers are at risk if the only level of service we're providing is only 'good'. Only outstanding customer experience creates advocates."
Key things consumers want from brands include engaging with staff that are friendly, meet their needs and are knowledgeable. They also want to interact with real people as often as they can and feel valued, Paitaridis said.
According to the report, 60 per cent of custom
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