What’s Missing in CX?

Brands that excel at customer experience (CX) outperform their competitors in all the areas that matter - retention, revenue, profit, loyalty, CLV……the list goes on.

This might lead you to think that all leaders are doubling down on CX projects, investing wisely and securing their growth and future success. It seems not. According to Forrester, CX is generally failing and executive buy-in is low.

How can this be?

Either executives don’t believe that CX is important (perhaps partially true) or, more likely, there’s scant evidence in their business that CX is worth investing in. This I can believe.

A recent CustomerThink article suggested that “a mere 12% (of CX leaders) say their CX programmes impact overall business performance”. Gartner and Forrester have also indicated that CX programmes are not delivering their expected value.

Two critical factors seem to be missing.

First, a belief by executives that CX is fundamental to business growth and achieving a competitive advantage. If they don’t see the link between CX and KPIs like profitability, however obvious that may be to some of us, that will surely undermine their willingness to invest, drive activity and create a culture of continuous improvement.?

This requires a business case that properly articulates value and bases the calculations on value levers that effective CX projects can move.?

Second, being too tactically focused and obsessing about enacting changes that are tactical rather than strategic. As Gartner so eloquently put it, “Focusing Only on the Path to Purchase Cannot Drive Meaningful CX Outcomes”.

Effectively measuring customer expectations, and how companies are performing against them, requires a very specific methodology and associated analytical skills. This may explain why 98% of companies have failed to do it.?

The 2% who have done so understand the strategic intelligence that it provides, the impact it can have on financial KPIs and the strong competitive advantage of knowledge other companies in their sector lack.

If you’d like to be one of those forward-thinking 2%, we should talk: https://promisingoutcomes.com/book-a-call/?

.

.

#CustomerExperience #CXTransformation #Leadership #BusinessStrategy #ChangeManagement #EmployeeEngagement #ContinuousImprovement?