Customer experiences still being mismanaged
Despite the fact that building customer loyalty through a better customer experience is high on most companies' agenda, many are failing to clearly understand customer expectations and therefore deliver what is needed and wanted, according to Strativity Group's latest Customer Experience Management Global Benchmark study.
Although the study indicates that 80% of the executives strongly agree that customer strategies are more important to companies' success than ever before, many companies fail to design and deliver those strategies and, as such, lose out on customer commitment and loyalty.
Key findings The study examined various organisations' customer experience cycle, from customer experience definition to customer-centric organisational alignment, as well as their mechanism to respond to customer feedback. Noteworthy findings from the report include:
- Only 43.9% (up from 40.0% in 2006) believed that their companies deserve their customers' loyalty;
- 42.6% said that their companies' products and services are not worth the price they charge (down from 44.0% in 2006);
- 56% said that their companies have differentiated and beneficial products and services (up from 49.5% in 2006);
- 43.7% said their companies will take any customer that is willing to pay (up from 38.3% in 2006);
- Only 34.8% indicated that their company has a dedicated customer experience management role;
- Only 27.2% of the respondents said that the definition of the customer experience is well-defined and communicated in their companies;
- Only 28.8% said that employees have the tools and authority to solve customer problems (down from 34.0% in 2006);
- Only 23.9% agreed that their employees are well versed in how to delight customers.
Gap observed The study highlighted a serious gap between companies' recognition of the importance of customer-focused strategies and their ability to successfully develop and implement such strategies. According to Lior Arussy, president for Strativity Group, "In this economic environment, companies must be more serious about understanding and delivering a complete customer experience."
Most of the executives surveyed said that their companies lack the three foundational elements critical to any customer-centric programme:
- A clear customer experience strategy;
- Empowered employees with tools to provide a great experience;
- A systematic way to turn customer feedback into actions.
The full study has been made available for purchase (US$950) from Stativity Group.
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