Yes, another acronym to learn. Customer experience management (CXM) has become a new and pressing topic of discussion for CMOs across the globe – regardless of industry.
CXM is concerned with the business of managing the totality of a customer’s individual interaction with a brand, over time. No small thing.
The following stats compiled by CMO put into perspective just how important a customer experience focus and CXM is to a company’s future success. Grab a coffee and enjoy.
- Over 80% of organisations expect to compete mainly based on CX this year. (Source: Gartner)
- Companies that are experience-led have 1.6x higher brand awareness, 1.5x higher employee satisfaction, and 1.9x higher average order value. Experience-led businesses also have 1.7x higher customer retention, 1.9x return on spend, and 1.6x higher customer satisfaction rates. (Source: Forrester)
- In a survey of customer experience team leaders, 100% of respondents agreed that customer experience management cannot succeed without engaged employees. (Source: Customer Think)
- In the same study, 97% of CX team leaders agreed that CXM is a business strategy for creating loyal customer relationships, and 89% said it includes any effort to improve customer satisfaction. (Source: Customer Think)
- Fifty-two percent of CX professionals believe that CXM requires a chief customer experience officer to be successful. (Source: Customer Think)
- Organisations classifying themselves as “very advanced” at customer experience are almost three times more likely than their peers to have exceeded their top 2018 business goals by a significant margin. (Source: Adobe Digital Trends Report)
- Customer experience leaders are four-and-a-half times more likely than other companies to have a highly integrated, cloud-based technology stack (32% vs. 7%) to fuel their customer experience management strategies. And companies with a unified tech stack are 131% more likely to have significantly outperformed their top 2018 business goals (30% vs. 13%). (Source: Adobe Digital Trends Report)
- Half of brands say they are planning to increase CX-related technology spending in 2019. (Source: Adobe Digital Trends Report)
- To deliver on their customer experience management goals, 55% of marketers are prioritising more effective audience segmentation and targeting. (Source: Adobe Digital Trends Report)
- Eighty-six percent of consumers are willing to pay more for a great customer experience. In fact, by the year 2020, customer experience will overtake price and product as the key brand differentiator. (Source: Walker)
- Consumers with an emotional connection to a brand have a 306% higher lifetime value, stay with a brand for an average of 5.1 years vs. 3.4 years, and will recommend brands at a much higher rate (71% vs. 45%). (Source: Motista)
- Loyal customers—those who support a brand over time—spend 67% more than new customers. (Source: Edelman)
- Customers who have had an unpleasant experience on a brand website are 88% less likely to return. (Source: Clicktale)
- Sixty-one percent of users are unlikely to return to a mobile site they had trouble accessing, and 40% end up visiting a competitor’s site instead. (Source: McKinsey & Co.)
- Companies with the strong omnichannel customer engagement strategies retain an average of 89% of their customers, compared with 33% for companies with weak omnichannel strategies. (Source: Aberdeen Group)
Interested to learn more? Reserve your place at our customer journey mapping event on 25 March in London here.