Study shows: False promises cost companies customers 

For the study, Qualtrics, provider of experience management systems, surveyed more than 500 consumers in Germany about their opinion of customer and brand experiences. Half of the respondents said they stopped buying from a manufacturer because the customer experience they experienced did not match the brand promise. Respondents cited product quality (68 percent) as the main reason - followed by poor customer service (62 percent) and a mismatch with the company's vision, values or stance on social issues (40 percent). "An excellent customer experience is critical to a brand's success," said Martin Meyer-Gossner, Experience Scientist at Qualtrics. "The brand is defined by everything the company does. It is embodied by the product and the Customer Journey and implemented by the employee:s. Take a delivery service, for example. If the delivery window is not met, it affects the experience with a brand." The importance of the customer experience to the brand is also evident by the factors that drive trust in the brand in 2022: customer service ranks just behind appropriate pricing, followed by concern for employee:s and not exploiting crises for their own benefit. Going beyond recommended safety standards rounded out the top five. For companies looking to stay relevant in an increasingly competitive market, product and service quality (74 percent) and customer service (59 percent) have more influence on consumers than marketing and advertising (43 percent) and social media presence (34 percent). "Understanding a company's purpose and communicating with its workforce is key to a good brand and customer experience. A company must have the right systems and processes in place to achieve this. The next step is to identify the moments in the customer journey that have the greatest impact on customer behavior. With these insights, companies can deliver what customers want - right when it matters most. A brand's purpose, promise, and values should be in every action it takes," Meyer-Gossner adds.   Do not underestimate ratings Companies should not underestimate the importance of reviews. 95 percent of people have read a review before buying from a new vendor. If there was a bad review, 62 percent of people would probably not buy.