74% of American senior executives surveyed by Oracle strongly agree that customers’ experiences impact their willingness to be loyal advocates, according to a new report, reflecting similar attitudes from consumers. With 6 in 10 executives also strongly believing that customers will switch brands because of poor experiences, the Oracle study finds that overall, respondents indicate that they stand to lose up to 21% of annual revenue as a result of not offering a positive, consistent, and brand-relevant customer experience. Of course, offering that experience is easier said than done. And as previous research has shown, creating a seamless cross-channel experience is a big hurdle. Indeed, among Oracle survey respondents, a leading 21% said that improving the cross-channel customer experience is the top priority of their organization’s customer experience program over the next 12 months. Other top priorities include improving the online customer support experience (15%) and the online customer purchase experience (13%). In order to tackle these challenges, companies plan to increase their spending on customer experience technology by an average of 13% over the next 2 years. The biggest increases will be for analytical tools to better understand customer behavior (31%), web experience management solutions (24%) and commerce/customer service mobile applications (24%). About the Data: The data is derived from Oracle’s Global Customer Experience report, which surveyed more than 1,300 senior executives across 18 countries on the state of customer experience.
A risk-averse culture is the biggest culprit.