There’s a long-held business myth that if consumers truly ‘love’ your brand they’ll excuse any shortcomings.

That’s why consumer brands across all sectors invest millions developing messaging they think will connect emotionally with their target audiences. They believe that this — combined with a strong product — is the key to building brand loyalty and long-term revenue.

But in an age where digital businesses are contending with consumers’ higher expectations, easier access to competitors, and increased scrutiny on spending – it’s the strength of a brand’s experience that is having the biggest impact on its bottom line.

In fact, new global research from FullStory found that 38% of consumers “don’t care” where they buy from, “as long as it works”. In short, consumers aren’t in love with your brand; they just want simple, effective experiences that deliver.

Combine that with the fact that 42% of marketers believe customer loyalty is declining in 2023 because of changing spending habits — and the relationship between digital experiences (DX) and the ability to grow your customer base becomes clear.

Missing the mark

When asked what their main priorities are when transacting online, 77% of consumers said “quickly accomplishing what they came to do”, making this the number one priority for consumers across all sectors.

But while this may seem obvious, brands across all sectors are apparently failing to deliver on this expectation. Across the board, less than 40% of consumers would describe the experience they receive online (website or in app) as ‘simple’.

And in a world where a high-quality digital experience is the distinguishing factor between choosing to go with one brand over another, the currently disappointing DX landscape presents a great opportunity for brands that can get it right.

Whether you’re a grocery business, online banking platform, or travel app, the message is the same: Brands that invest in delivering seamless digital experiences are the ones that will rise above the competition.

Marketing Technology News: MarTech Interview with Anudit Vikram, Chief Product Officer at Intentsify

But what does simple look like?

No brand sets out to intentionally make their websites and apps difficult to use. Understanding customer needs and experiences is a complex business, especially when research shows that more than half of all consumers will not report issues when they occur.

Things like slow loading times (72%) and loading errors (63%) are repeatedly reported by consumers as some of the most common frustrations experienced online. But without visibility of how or when these issues are occurring, they can seem impossible to identify, much less fix.

Digital experience intelligence (DXI) can take the guesswork away for businesses, providing them with insight into exactly where there are negative UX issues and providing insight into what a great experience looks like for their customers.

Frustration signals like ‘rage clicks’ are a great way to see where experiences are suffering, while conversion impact analytics can show businesses exactly how much these bad experiences are costing them in terms of revenue.

The rewards are huge

Not only do seamless digital experiences offer businesses the potential to gain a competitive advantage, but they also provide justification to charge more for goods and services.

Interestingly, FullStory’s recent research showed that even in a period of reduced consumer spending, over half of global consumers (59%) would be willing to pay more for a product or service if it guaranteed a positive digital experience.

And when you break that down into how much they’re willing to spend; almost a third (29%) will pay up to +5% more as a result of a great DX. A fifth of consumers (21%) will pay up to +15% more, while one in ten will spend a massive +25% more if they receive a good digital experience.

The data goes to show that investing in understanding and optimising your DX offers potentially huge returns.

Investing in DX is an investment in your brand

To put it simply, today’s digital consumers are loyal to experiences, not brands.

Your product and brand messaging are, in many cases, now coming second to a consumer’s ability to simply navigate your website or app — meaning those offering the most ‘user-friendly’ experience stand to gain the competitive edge.

Brands that deliver experiences which meet consumer expectations can even justify charging up to 25% more for their product or service, purely based on the quality of experience offered.

At a time where consumers are becoming brand agnostic, great digital experiences are not just a nice-to-have; they’re a vital part of a business’s bottom line. That’s why it’s essential that, despite the economic turmoil, businesses continue to invest in building and improving their online experiences — because you can’t have a beloved brand without it.

Marketing Technology News: When It Comes to Data Privacy, Does the Metaverse Have Legs?