Large Companies Expect More Impact From Their CX Efforts This Year, Will Hike Spending

February 5, 2014

Temkin-Biz-Impact-Customer-Experience-Efforts-Feb2014A recent study from Econsultancy found that company marketers consider customer experience (CX) to be their single most exciting opportunity this year. Large companies (with at least $500 million in annual revenues) surveyed by the Temkin Group [download page] seem to agree: relative to last year, they expect more positive business results from their customer experience efforts, and a strong majority are planning to spend more to attain those results.

Indeed, 63% of large companies surveyed in Q4 2013 said they expect to spend significantly or somewhat more on customer experience this year. That represents continued growth from 54% who planned those increases in the 2012 study and 46% in the previous year.

Respondents are betting on a big payoff from those investments. Some 28% expect a significantly positive impact from their CX efforts on business results this year, nearly double the 15% who experienced that level of impact last year. What’s more, another 49% expect a moderately positive impact on their business results, up from 35% who reported such an impact last year.

Having buy-in helps: 84% of respondents agree that executives are fully committed to their CX goals.

So what CX areas are grabbing respondents’ attention this year? The web experience is a natural choice, and 8 in 10 respondents indeed report that they will expend significantly or somewhat more effort improving the web experience this year. Interestingly, the Temkin Group reports a big increase in focus on phone agent experience, which actually makes plenty of sense considering that phone calls are still consumers’ preferred method for contacting businesses. Meanwhile, more than 8 in 10 companies will increase their focus on customer experience measurement, but the areas with the biggest increases in focus this year are CX executive dashboards and customer journey mapping.

About the Data: The results are based on a survey conducted in Q4 2013 among 152 respondents from companies with $500 million or more in annual revenues.

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