As recently as a decade ago, forward-thinking segments of the business world had begun to suspect that customer experience (CX) might just have a significant effect on not only a company’s image but its bottom line.
Today, it’s widely recognized that CX is not just a game-changer but, in many ways, pretty much the actual name of the game. A range of recent findings shows how much CX impacts:
- 87% of leaders named CX as their top growth engine, outstripping any other area, including previous growth leaders like sales and marketing. (North Highland)
- 2/3 of today’s companies compete in terms of CX, compared to just over 1/3 – or 36% – in 2010. (Gartner)
- 76% of surveyed executives state that CX improvement is of high or critical importance. (Forrester)
- Almost 90% of companies now have a CXO or equivalent executive, an increase of just under a third in just over three years, compared to only 65% in 2017. (Gartner)
- 95% of leading organizations tag CX job roles as vital to business growth – the highest result for any job role. (Econsultancy)
- 56% of business-to-consumer companies have specific CX teams, most formed within the last two years. (Usersnap)
- Technology spending for Customer Experience solutions is estimated to reach USD641 billion worldwide in 2022. (IDC)
- The size of the CX industry in the US alone is predicted to grow by 15% a year, every year from 2021 to 2028. (Grand View Research)
- 70% of financial, 58% of tech, and 50% of retail companies anticipate investing larger budgets in CX technology. (Zendesk)
It may come as no surprise that CX solutions are important. Still, these facts underscore the reality that customer experience is here to stay as a crucial element of overall business strategy.
As rapidly as the industry has grown over the past decade, it revved up even more within these last two years. Due to the pandemic, consumers stuck at home opened up to remote transaction and digital interaction, becoming more involved, opinionated, and empowered.
One of the surprising revelations gained from this development is that product and price are substantially lesser criteria for many customers than experience. Whether done in-house or through a BPO Call Center, it is evident that effective CX has become the powerhouse that drives brand growth, enabling innovation, personalization, and strong, lasting customer relationships.