3—Fine-Tune Your CX Using Advanced Analytics
Executives already using advanced data analytics to design and strengthen
their CX:
of CX Leaders
of CX Laggards
Raw data, like crude oil, is valuable for its potential. And just as oil is refined into sought-after products, data must be analyzed before it can yield actionable insights.
Top performers are keenly aware of this, as the data visualization shows. Leaders are also more likely to use other technologies in pursuit of the best CX: data lakes, customer data platforms, artificial intelligence, machine learning and the Internet of Things, to name a few.
Laggards may have trouble catching up, according to survey analysis. When asked about their plans to use these technologies one year from today, the Leaders’ planned adoption outpaced the Laggards’ in every category.
Customer data platforms, which aggregate data and create a unified view of each customer, can enable companies to accomplish personalization on a mass scale—and enable Laggards to close the innovation gap.
Customer data platforms break down organizational silos, create a unified customer view for each customer and serve as a foundational layer, allowing companies to create connected customer experiences.
4—Enlist And Serve The Entire Enterprise
Executives whose organizations have integrated CX as part of their overall business model:
of CX Leaders
of CX Laggards
As customer acquisition and retention has become more complicated and expensive, business leaders are increasingly making CX a company-wide effort—among top performers, that is.
Most Leaders see CX as a team sport that goes beyond the function of marketing and requires equal involvement from department leaders across the organization. Still, centralized ownership is vital when it comes to managing CX.
It’s important to have a single owner or a single group that's in charge of this on behalf of the company. Sometimes, different business units will have different goals, and trade-offs are made.
Customer data platforms can help the entire enterprise because many of the touchpoints across the customer journey are managed by functions beyond marketing.
5—Invest In The Right Talent
Executives who have invested in the right talent or plan to do so in the next year:
Customers will stay longer, buy more and pay a higher price if they’re happy and feel like they’re valued.
of CX Leaders
of CX Laggards
For all its importance, technology only goes so far. It’s the human factor that ultimately powers the best CX. Although customers base purchasing decisions on price and quality, the buying experience and whether a customer feels valued also factor heavily.
That’s why, the importance of attracting and retaining top talent cannot be overstated. There’s a direct line between satisfied employees and high scores in customer lifetime value, a measure of the average customer's revenue generated over their entire relationship with a company.
Investment in customer experience creates a virtuous cycle where customers will recommend, refer and give positive reviews. This kind of positive consumer behavior drives employee satisfaction because people feel much better when they’re rowing together. Put more plainly, happy employees treat customers better.