Mar 09, 2020 Follow the Leaders: Transform Your CX
Posted at 14:07h in Metrigy Blog
Nemertes Research conducted a study of 517 companies to understand what successful companies do differently than those that aren’t yet delivering solid CX.
We all know those brands that have distinguished themselves by delivering top-notch customer experience – Southwest Airlines, Chick-Fil-A, and Ikea, to name a few. And then there are all the other companies working hard to become like them—or even better.
Delivering a coveted CX requires a companywide focus on employees, technology, and leadership — to effectively execute a well-thought-out strategy. Nemertes Research conducted a study of 517 companies to understand what successful businesses do differently than those that aren’t yet delivering solid CX.
I’m excited to share these intriguing research findings at Enterprise Connect on Monday, March 30. The session, The DNA of Successful Customer Experience, runs from 9-9:45 a.m. and will include real-world data documenting business success metrics, including revenue increase, cost decrease, and customer rating improvement.
In the research, Nemertes identified a subgroup of participants that documented measurable before-and-after success (revenue, cost, customer ratings) with their CX initiatives. We placed those in the top half of the measurements in the success group.
For example, the success group reported a 72% to 112% improvement in their customer ratings, depending on company size, following a transformative initiative that involved the use of artificial intelligence (AI).
Leveraging advanced technologies is vital to transforming the customer experience. For example, when organizations use virtual assistants and predictive analytics, they advise agents to recommend products while on a customer call — ultimately helping them meet upsell goals and keeping customers happy with products they need.
They are relying heavily on both AI and analytics to improve customer interactions. AI-enabled intelligent routing, chatbots, and self-service are key focus areas. Additionally, analytics overall represents a huge success correlation. Successful companies are significantly more likely to use agent, predictive, and sentiment analytics — and that usage is resulting in higher customer ratings, more revenue generated, and reduced operational costs.
Successful companies not only evaluate a variety of technologies, but they also implement them. For example, our success group is 50% more likely to have a contact center vs. all other companies. And, the success group offers 34% more customer interaction channels, including video, in-app chat, and mobile business chat. They’re also more likely to integrate those channels using omnichannel capabilities.
Implementing these technologies requires strong leadership. Organizations increasingly are hiring chief customer officers (CCOs), or top CX executives with similar titles. In 2018, 25% of companies had CCOs; by 2019, that number had increased to 37%. But 59.2% of the success group has a CCO, and that leadership has a significant impact on success. For example, companies with CCOs have documented a 55.9% improvement in customer ratings, compared to a 23.3% improvement among those without customer ratings.
The Enterprise Connect Session
I’ve only touched on CX success criteria here, so join me on Monday, March 30, for well-organized guidance on how you can deliver a solid customer experience. You will leave understanding:
• What budget you should request, based on similar companies to you
• How to make your case to decision-makers, leveraging real-world data to showcase what’s possible with a CX transformation project
• What technologies should be on your evaluation list, and which are showing the most promising return on business success metrics