Why Prioritizing CX Is Your Secret Weapon To Business Success
Customer experience is a commonly discussed topic and certainly on the minds of many organizations. As Forrester research shows – 84% of CX executives work at firms that are prioritizing CX more than they did two years ago (“Why CX? Why Now? Forrester Research, October 5, 2016).
Although there are brands that have made significant transformations to delivering high quality CX, customer surveys reveal that this is only true for 1 in 5 brands (Why CX? Why Now?, Forrester Research, October 5, 2016). For many organizations, there is still a lot of room for improvement.
Customers switch brands faster than ever
In the age of the customer, competitive strategy can no longer rely on strength at manufacturing, distribution, or information. Companies that focus on improving their products and services only, without looking for new and better ways to engage and delight customers, no longer stand out among the competition.
Due to a new customer behavior phenomenon called hyperadoption, customers easily switch brands after just one bad experience. This is one of the reasons why it’s important to get every customer interaction right and focus on the new competitive differentiator – customer experience.
Forrester has found that year after year, brands with higher quality CX experience faster revenue growth than their direct competitors with lower quality CX (“Why & How To Lead a CX Transformation, Forrester Research, June 19, 2017). It’s been proven that when customers have a better experience, their intentions to stay, buy more, and recommend the brand all increase.
Adopting a customer-obsessed mindset is the only way to survive
With great CX being exceedingly rare, this creates an opportunity for companies that focus on CX to differentiate from their competition in a major way. To retain customers and attract new ones your organization must adopt a CX focused mindset.
- The first step on the path to delivering great CX is adopting a customer-obsessed way of operating. According to Forrester Research, companies that have made significant headway on the journey to customer obsession shifted from a customer-aware to a customer-led mindset (“Why & How To Lead a CX Transformation, Forrester Research, June 19, 2017). To make this transformation, you need to shift from delivering customer experience that your brand has defined as acceptable to providing experiences the customer wants instead.
- Next, you need to master CX management to reliably deliver the right CX. For many companies, this may be the hardest step, and most likely the reason why they haven’t been successful in engaging their customers. Improving CX can seem elusive because it’s based on customer’s perceptions of their interactions with your brand, but it’s not as mysterious as you may think.
Forrester has identified the CX competencies that your company must establish to deliver the right CX along with strategies that will allow your company to successfully complete your CX transformation.
Download this complimentary copy of the Forrester report “Why & How To Lead A CX Transformation” to learn about these competencies and gain deeper insight into how to implement this transformation within your organization.