The highest-performing companies are shifting strategies to emphasize the customer experience, according to a new report from the London-based Economist Intelligence Unit (EIU) that was sponsored by salesforce.com.
The better a company’s performance, the more likely it is to concentrate on connecting to customers, the report says. What’s more, the report says that CEOs across a range of industries are pushing their companies to adopt new strategies to enhance the customer experience due to the rise of the customer-led economy.
EIU conducted a global survey that found that recent social and technological changes have transformed the traditional relationship between a company and its customers – thereby making the customer king again.
The vast majority of companies know they need to radically improve the experience they give to their customers, the report says. The survey revealed that 89% of those that define themselves as “high-performing” are trying to take action in this crucial area.
Nearly one-third (27%) of all companies say they need to improve customer loyalty. But 40% of companies say a lack of clarity about how the customer-led economy will evolve has hampered their efforts so far.
CEOs need to show leadership in this area, the report concludes, but many have not stepped up -- less than half (47 percent) of CEO respondents at the highest-performing firms have taken personal responsibility for the challenge.
Here are some other key findings in the report:
Most companies (51%) are still relying on their websites as their main communication tool, followed by email (40%). Only 23% are using social media, with just 10% using mobile apps.
That mix will change over the next three years. Companies in the survey say social media will become their No. 1 channel (43%) and their use of apps will leap fourfold.
Emerging technologies are the principal enablers of this new customer-centric thinking. Companies are striving to follow their customers as they migrate across channels. Mobile and cloud-based applications are leading this trend, along with more intensive use of social media tools and connected products.
Companies are connecting their customers, employees, partners, and products to increase customer satisfaction. More than 80% of the executives polled say improving these connections will enhance the customer experience.