Majority of Companies Fail to Capture Economics of Customer Experience
HACKENSACK, N.J., March 27, 2014 – Strativity Group, the world leader in Customer Experience Transformation, presents the results of the 2014 Customer Experience Management survey: Customer Experience in Action Study. A benchmark for Customer Experience and Customer Relationship Management professionals worldwide, the study has previously been cited by numerous media organizations including: CNBC, Business Week, Associated Press, Fast Company, Gartner Group, CRM magazine and more.
Highlights from this year’s findings include:
- Over 80% of Global Companies we surveyed feel that Customer Strategies are more important to organizations now than ever, however…
- 81% of Global Companies are not fully committed to executing Customer Experience strategies
- Non-committed companies are 3X more likely to have greater customer attrition
- Fully committed companies are 5X more likely to get higher referral rates
- The majority of companies do not operate with economics driving their strategy. 76% do not know their customer acquisition cost
- 83% of executives don’t know the cost of a customer complaint
Additional reports in the Customer Experience in Action Study include:
- The 5 Key Customer Experience Differentiators
- Trends in Customer Experience Strategy
- The Economics of Customer Experience
- The Current State of Customer Experience in Organizations
- The Percentage of Employees Organizations are Dedicating to CE
- Customer Engagement Evolution
Customer Experience strategies have become increasingly important over the past few years as the CE landscape is dramatically changing. Companies are facing more complex customer issues as a result of customers’ increasingly higher expectations.
The gap is widening between those who adapt, and those who do not. The time is now for companies to take action in conceiving and executing transformative Customer Experience strategies.
“It seems, despite the growing interest in customer-centric strategies, the vast majority of companies are demonstrating little sense of urgency,” says Lior Arussy, President of Strativity Group, Inc. “Resources, budget and sponsorship commitments do not match corporate declarations – triggering a severe economic impact.”
The Customer Experience in Action Study explores organizations’ commitment to Customer Experience and Strategy Execution – and the impact it delivers. The 2014 study includes Strativity’s new Maturity Assessment Model, developed as a guide for organizations to evaluate their progress on the CE journey across 5 core CE components: Customers, Employees, Strategy, Measurement and Organization.
About Strativity Group, Inc.
Strativity Group, Inc. is a global Customer Experience transformation firm. We define success by a single word: EXECUTION. Our holistic, integrated approach is unique to the industry and allows us to deliver exceptional performance, experiences and results for our clients. Our work spans multiple industries with clients that include: FedEx, Royal Mail, Mercedes-Benz, Capital One, Sage, and more. Our work has impacted 220 million customers and 375,000 employees in 21 countries. The online survey that preceded the Customer Experience in Action study was conducted in February 2014. Responses were collected from 248 corporate executives based out of North, South and Central America, Europe, Asia and Africa.