Consumer Trust and Confidence is an overarching measure that accounts for a single or series of experiences plus a belief that the experience will continue to impress in the future. In other words, the experience (or satisfaction) is a backward look whereas feelings of Trust and Confidence take us into the future. They are ultimately what secures the loyalty, advocacy and other benefits.
In this study (http://bit.ly/1kYVQXd ) some adept statistical analysis enables a simple correlation between level of customer experience and loyalty. In the case of transactional sales, we see that a positive experience results in 140% more purchases than where there is a poor experience. Similarly, in a membership scenario, there is a 74% better chance of being a member 7 years later where the most positive experience is secured.
The benefits of delivering a good experience (or better – securing maximum Trust and Confidence) are not just intuitive, they are measurable and it will be enlightening to translate into different business outcome scenarios. However, whilst it is straightforward to multiply sales by 140%, understanding a baseline level of experience and improving delivery is not so obvious. We have a wide range of CPD courses, for more information visit http://www.liv.ac.uk/cpd/
Image Credit: William Warby