During the 2008 economic downturn, many organizations worldwide had to become experts at customer retention in order to survive. This gave rise to a new discipline – Customer Experience (CX). Today, enterprise organizations see CX as a key business objective, not only for customer retention, but to attract customers, drive revenue, and create brand advocates.
THE RISE OF CX
By 2020, customer experience
is expected to surpass product and pricing as the key differentiator for businesses
Customers who have an excellent experience are more loyal.
Source: Temkin Group, ROI of Customer Experience, 2016
Source: Avaya, 2014
Source: McKinsey, 2014
CX LEADERS OUTPERFORM LAGGARDS
Source: Watermark Consulting, The 2015 Customer Experience ROI Study.
THE BUSINESS BENEFITS ARE REAL
Source: Avanade and Sitecore, Customer Experience and Your Bottom Line, 2016
40% of companies who focused on the CX saw increased revenues
38% saw better financial performance than competitors
YET, DELIVERY IS STILL A CHALLENGE
1. Source: Dimension Data, 2017 Global Customer Experience Benchmarking Report
2. Source: Amy Sedelius, Why Silos Damage Customer Experience
3. Source: McKinsey
THE RISE OF THE CX EXECUTIVE
Source: CCO Council
The first Chief Customer Officer (CCO) was hired in 1999 at Texas Power and Light.
There are now more than 500 officially titled Chief Customer Officers in the world (and perhaps hundreds more serving the same role but without the formal title.)
Fewer than 35 of the Fortune 500 companies have a CCO.
Approximately 60% of CCOs are promoted from within, and the remainder are hired from the outside.
The CCO role is the most fragile in the C-suite, with an average tenure of 29.4 months.
The technology sector alone accounts for 26.7% of all CCO employment.
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