Customer experience is quickly becoming a business’ next competitive battleground, expected to overtake price and product as a brand’s key differentiator by the year 2020. And as consumers become more informed and empowered, and alternative touch points continue to emerge, customer expectations are only anticipated to grow even larger. But as it stands, the global “Switching Economy”—or the potential revenue up for grabs in the U.S. market due to changes in consumer spending patterns and switching rates—has swelled to $1.6 trillion (a 29% increase since 2010), indicating that a large percentage of businesses are not adequately keeping up with their customers’ growing demands, causing them to take their business elsewhere. But with the help of technology and a few best practices, businesses can help boost their customer satisfaction scores and retention rates:
