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5 Stats to Reshape Manufacturing Customer Experience in 2022

Bhagyashri Kambale | November 20, 2021 | 615 views
MANUFACTURING-CUSTOMER-EXPERIENCE
The manufacturing business has always prioritized providing the excellent and most user-friendly products worldwide to its target consumer groups. However, digitalization and customer interaction approaches have altered the manufacturing industry's traditional business model.

Now, manufacturers must prioritize improving the customer experience for their target consumer group and keeping up with new trends daily to flourish and remain competitive in the upgrading market. Because, in the end, the buyer is the one who drives your business and generates money. Manufacturers are committing significant efforts to improve the customer experience in the following years.

To assist manufacturers in their sincere efforts to improve the customer experience in the manufacturing industry, we have compiled some key facts that must be understood and executed by the industry's or business-specific needs.

Before going into manufacturing customer experience statistics, it's essential to understand why customer experience is so critical in the manufacturing industry.

 

The Importance of Customer Experience in Manufacturing





Customer service and experience are critical components of any business, which is true in the manufacturing sector. Customer experience can be described as any activity taken by a business to positively influence a customer's impression and opinion of the business, its products, or services.

“You’ve got to start with the Customer Experience and work back toward the technology, not the other way around”

– Steve Jobs.

Customer experience benefits your business in a variety of ways, including the following,
  • It increases customer retention
  • It increases the customer lifetime value
  • It creates brand loyalty
  • It influences brand reputability
  • It can deliver businesses with a competitive edge.

 

Manufacturing Customer Experience Statistics





Make your manufacturing business more customer-centric and reap the benefits that many customer-centric companies, such as Apple, Nissan, and Chick-fil-A, are experiencing.

To better understand what the customer and industry have explored regarding the customer experience in 2022, below are some statistics from well-known businesses.

#Stat 1

Businesses that prioritize customer experience see an 80% increase in revenue.
(Source: Forbes)

A positive customer experience increases customer interest in the product and acts as a form of word-of-mouth marketing. This way, the business benefits from increased sales and organic promotion by genuine consumers, critical for any manufacturing organization.

# Stat 2

73% of customers say that customer experience influences their purchasing decision.
(Source: PWC)

Customers are not solely concerned with the product's quality or pricing. Instead, they are interested in the complete experience they get while purchasing a product. Therefore, if customers have a negative experience during the purchasing trip, it is pretty likely that they will leave the purchase process in the middle and hunt for other viable solutions on the market. Whereas, if the purchasing journey and post-purchase service are satisfactory, they will gladly purchase the goods and suggest new clients to your business.

# Stat 3

By 2023, AI and machine learning will manage around 40% of all consumer contacts.
(Source: Super Office)

Manufacturing production and revenue are increasing as a result of technological advances and applications. However, the customer experience is not far behind in implementing cutting-edge technology like AI, VR, and AR. For instance, chat bots are the best example of how artificial intelligence, natural language processing, and machine learning are being used to increase consumer engagement.

Virtual interaction is becoming more prevalent in the manufacturing industry daily, and both manufacturers and customers like this digital interaction.

“Our interactions with our customers have become much more virtual, which frankly seems to work well for the customer and us.”

-Scott Heide, Chief Executive Officer at Engineering Intent Corporation

Technology application in manufacturing will be maximized, and businesses intend to automate the customer experience by 2023.

# Stat 4

According to 70% of customers, an ideal customer experience should be quick, convenient, and cooperative, as well as friendly.
(Source: Adobe)

Customer service is a skill, and it's always a good idea to put yourself in your clients' shoes. According to an Adobe study, 70% of customers want a quick and convenient service that saves them time. In addition, they anticipate full collaboration throughout the purchasing process, including post-purchase servicing.

# Stat 5

72% of customers with a good consumer experience will tell six or more people about it.
(Source: Nice Reply)

In the first statistic, we discussed word-of-mouth marketing. You will always receive referrals for the excellent products or services you provide to your target consumer group. Customers that have a positive experience will always bring you two additional potential customers, and this number will grow exponentially with each pleasant experience delivered by your organization.

 

How did MacDonald's plan to increase revenue simply by improving the customer experience?

When McDonald's revenues started to decline, they focused on the customer experience rather than marketing strategies.

They began by listening to their clients and giving them a more streamlined experience. Customers told McDonald's to simplify the menu, increase order accuracy, and use higher-quality ingredients.

McDonald's also improved store interiors and introduced digital self-order kiosks and table service, reducing customer wait times. BTIG predicted a 4.1% increase in revenues as these modifications were made. As a result, McDonald's may outperform competitors by improving total customer service.

Final Words

Customer experience is crucial in manufacturing, and manufacturers must leverage digital customer experience trends to improve their reputation. These a fore mentioned customer experience statistics can assist you in shaping a compelling client experience for 2022 and propelling your organization to new heights of success.

 

FAQ


Why should a manufacturing company invest in customer experience?

Client experience improves customer retention, builds brand reputation, and gives companies a competitive edge. So manufacturers must invest in the consumer experience.

What is the difference between customer service and customer experience?

Customer service is one aspect of the customer journey, whereas consumer experience is the sum of all customer encounters with the brand.

What does a customer experience include?

Customer experience is the overall perception of your business or brand. It is the consequence of a customer's engagement with your website, customer service, and the product they purchase. So, it is the aggregate of all elements from browsing to buying to the product experience.

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CORE Industrial Partners Portfolio Company Cadrex Manufacturing Solutions Acquires EPMP

CADREX | October 07, 2022

CORE Industrial Partners (“CORE”), a manufacturing, industrial technology, and industrial services-focused private equity firm, announced today the acquisition of E.P.M.P., Ltd. (“EPMP” or the “Company”), a precision sheet metal fabrication services provider, by CORE portfolio company Cadrex Manufacturing Solutions (“Cadrex”). The Cadrex platform was formed in 2021 and includes ten business units with approximately 1.5 million square feet of manufacturing space and more than 2,000 employees across ten states as well as Mexico. Founded in 1984, EPMP provides high-volume sheet metal punching, forming, welding and assembly capabilities utilizing a variety of different metals, including aluminum, copper and brass, as well as carbon, galvanized and stainless steel. The Company serves a nationwide customer base in the renewable energy, HVAC, food & beverage, and industrials end markets, among others, through an equipment fleet that includes press brakes, turret punches, fiber lasers, combination laser & punch machines and automated fabrication cells. Headquartered outside San Antonio in Seguin, Texas, EPMP operates an ISO 9001-certified facility with over 50,000 square feet of manufacturing space. “EPMP’s significant historical investments in automation-driving material handling systems and robotics augment Cadrex’s high-volume sheet metal fabrication capabilities and make EPMP a highly strategic fit with the platform.” -Matthew Puglisi, Partner at CORE. Clint Plant, President of EPMP, said, For almost 40 years, EPMP has been committed to manufacturing and service excellence, demonstrating that commitment throughout all aspects of our organization. We recognize and appreciate this same customer-centric orientation at Cadrex and we’re looking forward to collaborating with Cadrex and CORE to continue our strong momentum. ABOUT CORE INDUSTRIAL PARTNERS: CORE Industrial Partners is a private equity firm with $700 million of capital commitments investing in North American lower middle-market manufacturing, industrial technology, and industrial services businesses. CORE’s team is comprised of highly experienced former CEOs and investment professionals with shared beliefs, deep experience, and a demonstrated track record of building market-leading businesses. Through our capital, insight, and operational expertise, CORE partners with management teams and strives to build best-in-class companies. ABOUT CADREX MANUFACTURING SOLUTIONS: Cadrex is a leading provider of complex production parts, assemblies, and weldments for a variety of end markets, including information communication technology, aerospace & defense, energy transmission & distribution, food production & agriculture, medical, material handling and electronic gaming & kiosk. With locations in nine states and Mexico, Cadrex offers comprehensive in-house manufacturing capabilities, including laser cutting, sheet metal fabrication, injection molding, electromechanical assembly, CNC punching, CNC machining, robotic welding, stamping, fastener insertion, and tool and die manufacturing, to effectively serve customers with lights-out manufacturing capabilities from low- through high-volume production. ABOUT EPMP: EPMP is a precision sheet metal fabrication services provider for a variety of end markets, including renewable energy, HVAC, food & beverage, and industrials. The Company offers high-volume sheet metal punching, forming, welding and assembly capabilities from an ISO 9001-certified facility outside San Antonio in Seguin, Texas.

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3D PRINTING

Fortify Ships FLUX CORE 3D Printer to IERUS Technologies

Fortify | October 06, 2022

Fortify, provider of advanced composite-photopolymer printers, announced today that IERUS Technologies received a FLUX CORE 3D printer and Flux Developer materials onboarding software for design and engineering of Defense Systems. The 3D printer will be used to realize complex RF (radio frequency) applications. "Placing a printer at the IERUS Technologies headquarters provides a critical resource to support the growing need for additive manufacturing solutions in electromagnetics for Defense, Fortify's printers are uniquely positioned to print low-loss 3D printing materials, enabling performance advantages where traditional manufacturing falls short (due to machining, weight, and size)." -Eric Versluys, Director of Defense Programs at Fortify. IERUS Technologies, a provider of engineering and design solutions for Defense and commercial customers, such as sensors and strategic systems, is designing novel RF structures such as Graded Refractive Index (GRIN) lenses leveraging Fortify's FLUX CORE system. The Flux Core system enables companies like IERUS to take advantage of the design freedoms enabled by RadixTM, a 3D printable low-loss material developed by Rogers Corporation. "The Fortify 3D printer line will enable IERUS Technologies to develop complex RF structures that push the limits of traditional RF architectures with novel electromagnetic phenomenologies." -Jason Keen, CEO of IERUS Technologies This announcement comes a few months after Fortify's strategic investment from In-Q-Tel and the development of a portfolio of electronic 3D printing materials. IERUS will leverage the FLUX Developer toolkit, an open platform for the development of viscous and filled resins, to optimize printing of RF devices. Fortify will be showcasing 3D printed RF structures printed on the FLUX CORE 3D printer at Array 2022 October 11 - 14 in Waltham, MA. About Fortify: Fortify is transforming the 3D printing industry with its patented DCM (Digital Composite Manufacturing) platform. DCM delivers new levels of additively manufactured part performance by introducing functional additives to photopolymers. By combining a deep understanding of material science with high performance mixing, magnetics, and polymer physics, Fortify is able to produce custom microstructures in high-resolution 3D printed parts. The company is currently focused on applications ranging from injection mold tooling to high performance end-use parts with unique mechanical and electromagnetic properties. Founded in 2016 and based in Boston, Fortify4 technology enables material properties and components unattainable using other additive or traditional manufacturing processes.

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