680 leading US business executives were in-depth interviewed about how the customer experience works and what it takes for companies to succeed. Only 23% think they can fully act on the customer data collected.
Everyone considers it business-critical – but creating a great customer experience is hard
73% considers it business-critical to deliver a great customer experience. At the same time, 56% say that silos in the organization make it difficult to collect the company’s data. Only 23% think they can fully act on the customer data collected.
The above figures are taken from a Harvard Business Review study. In the study, 680 leading US business executives were in-depth interviewed about how the customer experience works and what it takes by the companies to succeed.
Important means of competition
The report shows that in the management groups, there is often a broad and common consensus that the customer experience is an essential competitive tool in the fight for today’s customers. Companies of all sizes and in all industries also see that the strategic importance of superior customer experience is only increasing. Nearly three-quarters think good customer experience is critical to an existing business, and almost all (93%) agree that it will be there within two years.
However, still, few companies have the necessary technology in place. Delivering a superior customer experience requires flexible software as well as being able to capture and analyze different types of data. Since existing systems are rarely adapted, the consequence is a significant gap between the importance of the customer experience and the companies’ capacity to deliver. Only 15% rated their strategy and approach as highly effective.
Customer data platform
Companies have access to more information about their customers than ever before. Social media, mobile, and e-commerce, drive a large part of the increase. At the same time, three-quarters say that they cannot act on the majority of the data they collect. Organizational silos, lack of funding, cultural resistance, and problems in finding the right skills are part of the problems. Such as missing a customer data platform (CDP), i.e., a system that gives marketers the ability to collect, control, and act on customer data from separate data sources.
Develop and deliver
The good news is that most people agree on what it takes to digitally transform their organizations around the customer – culturally, organizationally, and technically. A clear leadership, a clear strategy, a customer-centric culture, adaptation and integration, investments in new technology, and an incentive for employees to develop and deliver.
Also, the above has proven to work for those at the forefront – the result: competitive advantages and growth.
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