Unlocking $3.8 Trillion: The Untapped Potential of Exceptional Customer Experience

The Importance of Customer Experience (CX)

How critical is customer experience (CX) for your business? According to Qualtrics’ 2025 Consumer Trends Report, poor CX could lead to a staggering $3.8 trillion in lost sales. This is a significant amount, but for companies that excel in CX, this revenue could be theirs for the taking.

As we approach the new year, let's resolve to capture our share of the $3.8 trillion lost due to inadequate customer service. Here are some key findings from the Qualtrics report:

Service Beats Out Price

Service delivery issues (46%), communication problems (45%), and employee interactions (39%) are the top pain points for customers, surpassing price concerns (37%). Our annual customer service and CX research reveals that a great experience can make price less relevant. In fact, 51% of U.S. consumers believe that service is more important than price, with many willing to pay more for a superior experience.

Take Action: Create an experience that makes price less relevant.

Customer Loyalty At Risk

More than 53% of consumers will reduce spending after encountering poor customer service. Customers today are less forgiving; they typically give just 2.2 chances before switching brands, and loyal customers only provide 2.5 chances. This raises critical questions: Can we afford to lose customers by failing to meet their CX expectations? Can we risk diminishing their lifetime value?

Take Action: Every employee should consider, "Is what I’m doing now going to encourage the customer to return next time?"

Major CX Pain Points

Customers report that service delivery (46%), communication problems (45%), and employee interactions (39%) are their biggest frustrations. Even with a high-quality product, poor customer treatment can drive customers to competitors. Successful brands understand that both service quality and product quality are essential to retain customers.

Take Action: Identify and analyze your organization’s CX pain points to optimize customer experience.

As we enter the new year, let's commit to ensuring that every customer interaction ends positively, even those that begin with complaints. The goal is for customers to leave saying, "I’ll be back!"