Enterprise companies have numerous reasons to invest in improving their customer experience (CX), as a poor experience will lead to low customer retention (41%) or a decrease in sales (39%), according to a recent survey. Indeed, a Forrester Consulting study [download page] commissioned by CSG also found that more than one-third (37%) stated they are investing in better CX because they have been losing out to competitors.
Previous research by Ascend2 supports at least one of these reasons, as the majority of marketers list customer retention as a key metric for measuring customer experience.
So what exactly are enterprise firms doing to improve their customer experience and protect the bottom line? Some 8 in 10 respondents (81%) said that they have increased their focus on creating a cohesive customer journey. This should pay off, as getting to grips with the customer journey is a key attribute for businesses with a high-quality CX.
Furthermore, 7 in 10 have been increasing their CX budgets and 63% have been adding CX tools and resources.
However, improving CX doesn’t come easily even as budgets increase. When asked to choose three top challenges to delivering a good CX, half (48%) cited that their strategy was not cohesive across teams or departments. Meanwhile, 4 in 10 complained of budget silos (38%) or the issue of moving data to new systems while relying on legacy platforms (38%).
At the day to day level, the most challenging CX tasks include the need to derive insights in real-time (56%) and personalizing CX (51%). Many larger organizations aren’t yet overcoming these at an advanced level, as only half (51%) stated they can customize interactions with customers based on their specific profile, with fewer being able to orchestrate interactions in real-time (46%).
The other most challenging CX tasks include:
- Translating data into a consistent format (51%);
- Responding in real-time to customer needs (44%); and
- Creating omnichannel experiences (43%).
The study can be found online here.
About the Data: Based on a November 2019 survey of 314 director-level and up respondents at organizations with at least $500M in annual revenue.