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What is Customer Experience (CX) Management?
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Customer experience is what drives satisfaction, loyalty, and advocacy based on the quality of interactions throughout the customer lifecycle.
There is a massive gap between the experiences companies offer and the experiences a new generation of consumers demand. When polled, 80% of CEOs believe they are delivering a superior experience, but only 8% of customers agree.
This is the customer experience gap, and it has significant financial implications.
A recent study showed that “Customer Experience Leaders” grow 2x faster and maintain operations that are 15% leaner than the average company.
A separate study by Forrester found “CX Leaders” outperformed companies considered “CX Laggards” by nearly 80 percentage points over 8 years in terms of stock performance.
CX leaders grow 2x faster than the average company
Customer experience management empowers organizations to translate customer insights into the improvements that drive financial outcomes, including:
- Improved customer retention and loyalty
- Increased customer share of wallet
- Optimized customer acquisition
- Reduced cost to serve
- Increased brand awareness and equity
Customer experience management is more than a system of measuring and acting on customer feedback. It is a discipline that begins with executive leadership and translates to company-wide culture. It requires a commitment to customer research, employee engagement, and continuous program innovation.
Closing the customer experience gap requires X-data and the systems to use it well. The payoff is in the bottom line.