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8 “Need-to-Knows” for CX Leaders

Samantha Hausler
September 27, 2017

Dial back two years. Customer experience (CX) technology emerged as the #1 investment priority for businesses. In 2016, it became a critical factor to beating competition – Ventana Research found that CX is overtaking service, product, and brand value as the key way to attract and keep customers. Today, it remains a hot topic and business goal, but the reasons why are changing. Here are 8 things you need to know as a CX leader right now.

Price is no longer the most important factor

Walker’s Customer 2020 report predicts that by 2020, CX will overtake price and product as the key competitive differentiator.

 

Customers want the option of self-service

Gartner predicts that in less than 3 years, 85% of customer-brand relationships will be managed without interacting with a human.

 

Connecting data will play a major part in personlization

According to Forrester, 42% of service agents aren’t able to efficiently resolve issues because of disconnected systems. By blending data collected across departments, any employee will be able to speak to customers in a relevant, contextual way – any time.

 

AI will soon become a mandatory component of CX strategy

There have already been huge shifts in business’ investments in it – a 300% increase in 2017, compared to 2016.

 

Businesses are the last source of information in buying decisions

By the time a customer gets in contact with a business to purchase, they’re already 57% complete with a purchase decision.

 

Omnichannel experiences are the expectation

Aberdeen found that companies with strong omnichannel engagement strategies retain about 89% of their customers.

 

Social selling is boosting sales performance.

According to HBR, 73% of salespeople that adopt social selling outperform peers and exceed their quotas 23% more often.

 

Customer satisfaction is directly correlated with revenue.

Companies lose more than $62 billion because of poor customer service. But, by maximizing customer satisfaction across the buyer journey, McKinsey & Company found businesses increase total customer satisfaction by 20%, and drive revenue growth by up to 15%.

 

Interested in learning more about why your business needs to invest in CX? Read 3 Areas of Customer Experience to Invest in Right Now.

 

Samantha Hausler
Samantha Hausler is a bit obsessed over digital tech trends, coffee, travel, brunch, and reality TV. Samantha is a Marketing Strategist for Oracle CX with over 9 years of experience in the industry.
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