15 Mind-Blowing Stats About Customer Experience Management, 2020 Edition
Many companies are placing an emphasis on building a foundation for the “behind-the-scenes” work of managing the end-to-end customer experience.
Exceptional experiences are the expectation. That’s why so many companies are placing an emphasis on building a foundation for the “behind-the-scenes” work of managing the end-to-end customer experience.
Indeed, customer experience management (CXM) is a top priority among an ever-growing number of companies, with many putting a decent amount of budget and resources toward its mastery.
Success, of course, is often reflected in the bottom line, but it comes in other forms, too. Loyalty, positive perception, and word of mouth are additional payoffs. Rising CX budgets and an increased reliance on automated technologies to better understand customers are signs organizations are “getting it.”
Here are 15 solid statistics to make sure you do, too.
- Companies that prioritized and effectively managed customer experience were three times more likely than their peers to have significantly exceeded their top business goals in 2019. (Source: Adobe/Econsultancy)
- CX drives over two-thirds of customer loyalty, outperforming brand and price combined, according to CX leaders. However, over 70% of CX leaders said they struggle to design projects that increase customer loyalty and achieve results. (Source: Gartner)
- Speed, convenience, helpful employees, and friendly service matter most to over 70% of consumers. Companies that get it right prioritize technologies that foster or provide these benefits over adopting technology for the sake of being cutting edge. (Source: PwC)
- About two-thirds of survey respondents said they have a senior CX leader and a centralized CX team in place. Of those organizations with a centralized team, one-third have 11 or more full-time CX employees. (Source: Qualtrics)
- CX leaders in the technology industry spend 36% more time building customer relationships, proactively checking in, and monitoring tech adoption than CX “learners.” (Source: Bain & Company)
- Improving CX can be massively worthwhile. For example, for mass-market auto manufacturers, improving CX by one point can lead to more than $1 billion in additional revenue. (Source: Forrester)
- CX covers a range of activities, from voice of the customer (VoC) to customer journey mapping and user experience—and we see them more often consolidating within marketing. Between 49% and 56% of marketers said their functions are solely responsible for these activities. (Source: Gartner)
- Measuring customer retention and customer satisfaction are considered the most effective CX metrics for about two-thirds (65%) of marketing professionals. Customer lifetime value is also an effective metric for 41% of those surveyed. (Source: Ascend2)
- Forty-two percent of consumers worldwide would pay more for a friendly, welcoming experience. And among U.S. customers, 65% find a positive experience with a brand to be more influential than great advertising. (Source: PwC)
- A fundamental organizational change of mindset that focuses on the customer, along with operational and IT improvements, can generate a 20% to 30% uplift in customer satisfaction and a 10% to 20% improvement in employee satisfaction. (Source: McKinsey)
- The most innovative, future-looking companies are investing in truly understanding customers via customer data platforms (53%) and real-time decision engines (45%). (Source: Pega)
- Implementing artificial intelligence and machine learning (AI/ML) is a high priority for a majority of CX leaders and large companies. Among CX leaders, 36% said they are already using the technologies, while 28% plan to invest in them. Among large organizations (US$181 million in annual revenue), 33% said they already use AI/ML and 39% plan to invest in them. (Source: Adobe/Econsultancy)
- Sixty-five percent of CX leaders consider it “very important” or “critical” to improve the employee experience while they are improving CX, compared to 48% of CX laggards. (Source: Qualtrics)
- When B2B customer experience professionals were asked which actions or investments will have the greatest impact on customers, nearly two-thirds (62%) selected investments focused on understanding individual customer characteristics, such as individual needs, challenges, and future direction, and 58% selected initiatives focused on simplifying products and processes. (Source: Walker)
- High-performing CX organizations are more than 9X likely to integrate data from multiple sources, analyze customer interactions across channels, and engage customers optimally across channels. (Source: Pointillist)