Chris Barnes, our Customer Experience Officer talks about our latest report on CX and why there is a reluctance to invest in this crucial area. You can download the full report at the bottom of this post.
Customer experience (CX) is one of the biggest issues facing businesses today. In fact, it’s overtaken product and price as the main way brands can stand out and be successful.
We recently carried out research amongst 100 CMOs about their attitude towards CX and found something of a paradox. Whilst 88% expected a CX programme to yield long-term customer loyalty and increase sales over time, 36% admitted their brand still hadn’t invested significantly in the area.
It doesn’t stop there. 77% of CMOs confessed that their business has spent less than one percent of its annual turnover on enhancing CX.
Makes no sense, right?
The reasons why
So why aren’t people investing heavily in an area they believe will provide great benefits?
In our survey, the top three reasons cited for this lack of investment were that they didn’t know enough about it, the perceived cost of implementation and being able to justify the business case.
One in five also said the lack of investment came from organisational blockers and team structure and 11% blamed a lack of C-suite support and senior buy-in.
There’s still a huge and growing gap between customer expectations and the reality of what brands are delivering. And this is at a time when smaller, more agile disruptors are entering the market place and being able to be much more forward-thinking with their digital experiences.
According to Forrester research, CX improvements have stalled for a third year in a row. It’s clear that brands need to build trust with consumers, actually listen and take action.
What’s wrong with my CX anyway?
Maybe one of the problems is that people think their CX is already fine? Why spend money on something that isn’t broken? Our survey reveals that this isn’t the case:
- Over half of respondents (55%) don’t have a single view of all customer interactions across the business
- More than 50% can’t track their customers from offline to online
- Over half (55%) have no processes in place to measure the impact and costs of their CX
- More than half (55%) are aware that other brands in their industry are improving their own customer experience.
All these are signs that your CX isn’t working. And this is no time for complacency: a new brand could release a customer-focused service tomorrow that almost immediately makes another look behind the times. A Customer Experience journey should never end. It requires a culture of constant improvement.
Do something about it
So what should you do? A good place to start would be to download our new report: The CX Challenge. You’ll get advice as well as our findings on the current state of Customer Experience.
Download The CX Challenge below and get in touch. Let’s chat and see how we can start you on a successful CX journey.