So much for all of the industry talk about a total focus on the customer experience?
According to Strativity Group’s 2014 Customer Experience Management survey, “Customer Experience in Action Study,” 81% of global companies are not fully committed to executing customer experience strategies.
“It seems, despite the growing interest in customer-centric strategies, the vast majority of companies are demonstrating little sense of urgency,” Lior Arussy, President of Strativity Group, Inc., said in a press release. “Resources, budget and sponsorship commitments do not match corporate declarations–triggering a severe economic impact.”
Here are some other key takeaways from Strativity’s 2014 Customer Experience Management Survey, “Customer Experience in Action Study”:
Over 80% of global companies surveyed feel that Customer Strategies are more important to organizations now than ever, however…
Non-committed companies are 3X more likely to have greater customer attrition
Fully committed companies are 5X more likely to get higher referral rates
The majority of companies do not operate with economics driving their strategy (76% do not know their customer acquisition cost)
83% of executives don’t know the cost of a customer complaint
Additional reports in the Customer Experience in Action Study include:
The 5 Key Customer Experience Differentiators
Trends in Customer Experience Strategy
The Economics of Customer Experience
The Current State of Customer Experience in Organizations
The Percentage of Employees Organizations is Dedicating to CE
Customer Engagement Evolution
Customer Experience strategies have become increasingly important over the past few years as the CE landscape is dramatically changing. Companies are facing more complex customer issues as a result of customers’ increasingly higher expectations.
The gap is widening between those who adapt, and those who do not. The time is now for companies to take action in conceiving and executing transformative Customer Experience strategies.
The Customer Experience in Action Study explores organizations’ commitment to Customer Experience and Strategy Execution - and the impact it delivers. The 2014 study includes Strativity’s new Maturity Assessment Model, developed as a guide for organizations to evaluate their progress on the CE journey across 5 core CE components: Customers, Employees, Strategy, Measurement and Organization.
The online survey that preceded the Customer Experience in Action study was conducted in February 2014. Responses were collected from 248 corporate executives based out of North, South, and Central America, Europe, Asia, and Africa.