Why Improving CX is the 🔑 to Higher Revenues.

Customer Experience Management

Customer experience has become a top priority for business decision-makers, so why is CX technology is holding them back? New research reveals what’s going wrong.

While the majority of business decision-makers around the world are prioritising customer experience, it has been discovered that customer satisfaction levels are at an all-time low for the last FIVE YEARS!

In 2021 Forrester completed a global study, which revealed that most senior professionals believe that their current CX management systems are outdated or missing essential features, and by their own admission, is what’s preventing over two-thirds of them from being able to provide good customer experiences.

This particular study was conducted on behalf of Sprinklr and surveyed 310 decision-makers from across North America, Europe, Asia and Oceania, with organisations varying in size from 1,000 to 20,000+ employees, and covering a range of sectors – including healthcare, construction and retail.

It was revealed that the importance of CX is continuing to grow within organisations around the globe.

  • 65% of decision-makers state that they’re prioritising their CX strategy more than the previous year, and
  • 82% of decision-makers state that their CX strategy is a critical or high priority in the upcoming year.

The following points were identified by respondents as the top objectives for the next 12 months in business:

  1. Improving the quality of CX (58%).
  2. Ensuring secure and seamless customer experiences (51%).
  3. Increasing revenue (51%).

However, it’s interesting to see that whilst CX is an increasing priority for organisations, decision-makers do not believe that their extended efforts are being reflected in the quality of customer experiences delivered.

As experts in the realm of CX, we see this happen more often than not and although findings reveal that 75% of decision-makers consider quickly resolving customer issues across digital channels and acting on competitive insights to be very important, only 25% believe that their organisations are able to achieve this. 

The trend of struggling customer management is not something that businesses can ignore as it’s concerning that the number of organisations possessing the right capabilities to achieve good CX never rises above 29%. 

Understanding how to address one-on-one customer interactions on digital channels was identified as one of the key CX areas that organisations are struggling with – 56% of respondents admit that they struggle to deal with these interactions. See the graph below for more data.

Ultimately, the overwhelming issue revealed within the study was the lack of key customer experience management technology. 

  • 93% of the respondents feel that they are missing features from their customer experience management platform that would enable them to better execute their CX strategies (e.g. security features)

Having secure, seamless, and insights-driven customer experiences is the ultimate goal for CX experts/decision-makers.

It’s interesting to note that CX leaders strive for advancements in their current AI capabilities, to help them improve data privacy, manage risk and better customer data governance.

Alternatively, consumers themselves have also expressed the belief that poor technological capabilities are affecting customer experiences. Recent research found that:

  • 52% of consumers say that digital channels are failing them due to limited capabilities or services, and 
  • 44% of experience failures reported by respondents were due to digital channels misunderstanding their queries.

The proof is in the pudding! and outdated customer experience management technology is playing a major role in current CX strategies from both an organisational and customer level.

Whilst increased prioritisation of CX within organisations is positive news, businesses will be unable to capitalise or execute their CX strategies to their fullest potential until digital solutions are updated and implemented throughout.

However, whilst innovation is great, businesses are consequently challenged to take on the responsibility of inefficient processes, siloed data and a disconnected stack of customer experience tools.

This is where professional help becomes extremely beneficial for businesses, and with over 28 year’s experience enhancing business CX capabilities to increase overall revenues, we can confidently say that we have the right expertise to help you win!

The HOED Research team guarantees to provide you with:

  • Competitive Pricing.
  • Great Value.
  • Wealth of Experience.
  • Quick turnaround of results.
  • Actionable Insights, and
  • Extensive professional reporting.

Richard (Managing Director) Email: