EY research: consumer impression plays a key role in business success

The survey shows that customer satisfaction has a direct impact on business performance. According to previous EY research, the cost of acquiring consumers has increased by almost 60 percent in the past five years, making it increasingly important for companies to retain brand-loyal customers. Companies that prioritize the development of customer experience can not only stand out in the market competition, but also increase the loyalty of their employees and adapt more flexibly to changes, the study found.

The statement quotes László Roland, a leading partner in EY’s business advisory practice, who says that customer preferences have never changed as quickly as they do now. It is essential for business leaders to understand their customers’ expectations and respond to them effectively. However, the study shows that many companies have not yet built systems that would allow them to effectively collect and use relevant data. However, companies that do can gain a competitive advantage. Companies with high brand loyalty grow their revenues two and a half times faster than their competitors. Moreover, engaged customers are four times more likely to repurchase a given product, the expert added.

According to the leaders participating in the research, customer satisfaction can be increased most through innovation and environmental awareness, followed by value for money and personalized experience.