A majority of Marketing leaders agree that the delivery of contextual customer experience remains the top priority for them. However, even after delivering customer experience, Marketing campaigns fail to truly appreciate customer acquisition, loyalty, and retention. In a highly-competitive subscription-based economy, we can see customer experience becoming the new-age currency of every B2C and B2B relationship.
A moderate increase in Customer Experience generates an average revenue increase of $823 million over three years for a company with $1 billion in annual revenues. (Temkin Group, before it was rebranded to Qualtrics XM Institute)
In a recently published report titled “The State of Customer Experience Management 2019”, Qualtrics XM Institute has found out that “Customer experience (CX) is highly correlated to customer loyalty, but very few companies currently deliver excellent CX.”
So, where do CX managers actually fail with their efforts?
We found out key points in the Qulatrics XM Institute report. Read on…
Leaving Too Much to Do for the CX Leaders
Qulatrics XM Institute has found that finding a credible CX leadership remains a daunting challenge for laggards in the economy. 44% of the respondents haven’t tested a Senior CX leader enough. These leaders are less than a year-old in the company, which has resulted in limited efforts toward building a CX-driven organization.
33% of the centralized CX companies have, on average, 11 or more full-time employees assigned to customer experience campaigns. 66% of the companies have less than 10 employees handling CX efforts.
In order to succeed, CX laggards could leverage more technology and bestow faith in more experienced CX professionals.
Poor Understanding of Ideal Customer Profiles, Led by an Ambiguous CX Strategy
The lack of enough CX leaders in the company seems to affect CX strategies across the organization.
The report found that the companies suffer heavily due to unclear understanding of customers (22%), lack of commitment from CX executives (33%), conflict across organizations (47%), and ambiguous CX strategy (45%). 11% of the respondents find that the wrong organization is leading the effort!
When will Chatbot Become the First Choice of CX Interaction?
Qulatrics XM Institute report on CX finds that chatbot is lagging behind all other tech-based interaction channels, including Voice, Mobile apps, Social media, and Self-service. More 70% of the respondents rated their CX campaigns is either missing or deficient in Chabot-based CX delivery. Nearly 50% of the respondents also felt that their ability to provide online interaction via a CX agent is equally disappointing.
Without chatbot support or chat-based virtual assistant, organizations may not meet their CX goals.
Not Keeping Employee Experience on the Same Page as CX
Employee Experience is the invisible link between every CX success. In a few years or so, employee advocacy and experience campaigns would drive more revenue to CX goals compared to the annual numbers observed in the last 5 years.
According to PwC’s 2019 Global Consumer Insights Survey, a majority of “global organizations are learning that investing in employees can yield a better customer experience.”
The Qualtrics XM Institute Q2 2019 CX Management Survey found out that less than 50% of the respondents actually connect their CX goals with the employee experience. However, things are positively changing for companies in linking overall CX efforts with Brand Experience, Product Experience, and Employee Experience.
About 40% of the respondents acknowledge that focus on improving these experiences over the next 12 months; 81% are planning to increase their focus on CX in 2020.
The Era of Human-Machine CX is Beginning to Take Lead
In 2020 and the coming years, a majority of CX leaders would be training themselves in key competencies. Qualtrics XM Institute has highlighted twenty skills that every Marketing professional should train with. These leaders can then hire CX executives with these skills in 2020.
These would help CX leaders to provide more contextual experiences. These experiences align with the value and progress of CX efforts. Successful CX efforts would be built on Marketing analytics, actionable insights, and AI-based communication. In the next few years, we expect CX efforts getting a lot more push from leveraging new technologies such as Voice, Video, Search Intelligence, Chatbot, AR VR, and Live Messaging.
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