15 Remarkable CXM Stats

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.

  1. Over 80% of organisations expect to compete mainly based on CX this year. (Source: Gartner)
  2. 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)
  3. In a survey of customer experience team leaders, 100% of respondents agreed that customer experience management cannot succeed without engaged employees. (Source: Customer Think)
  4. 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)
  5. Fifty-two percent of CX professionals believe that CXM requires a chief customer experience officer to be successful. (Source: Customer Think)
  6. 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)
  7. 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)
  8. Half of brands say they are planning to increase CX-related technology spending in 2019. (Source: Adobe Digital Trends Report)
  9. To deliver on their customer experience management goals, 55% of marketers are prioritising more effective audience segmentation and targeting. (Source: Adobe Digital Trends Report)
  10. 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)
  11. 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)
  12. Loyal customers—those who support a brand over time—spend 67% more than new customers. (Source: Edelman)
  13. Customers who have had an unpleasant experience on a brand website are 88% less likely to return. (Source: Clicktale)
  14. 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.)
  15. 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.

Croc bolsters strategic social capability with Rabin appointment

Meet Tom Rabin, the latest addition to our award-winning B2B social media team.

Tom joins from social media communications agency, 1000heads, where most recently he was working as an Account Director in their Sydney office, looking after accounts including Google, Intel, Samsung, and Microsoft.

At The Crocodile, Tom will be leading social strategy and campaigns for tier one accounts including London Stock Exchange Group, Videojet, and Verizon Media.

The Crocodile’s Account Directors are among the industry’s best, combining top-end skills across strategy, planning, client relationship management, and team leadership.

The Crocodile’s Head of Social Media, Robyn Pierce, says: “The demand for talent in B2B social is at an all-time high. We are delighted that Tom has chosen to join the team. As well as being a confident and accomplished Account Director, he is an exceptionally talented social media practitioner with a deep understanding of how social media fits within an integrated marketing environment.”

Peter Berg joins The Croc as Senior Copywriter

The Crocodile continues to attract the very best talent in the B2B market with the appointment of senior copywriter, Peter Berg.

He joins us having built a wealth of experience at the likes of Earnest and April Six working on accounts including Facebook, Cisco, Microsoft and O2 to name but a few. He hails from Minnesota, along with Prince, Bob Dylan and the Coen Bros, and (like those noir-loving brothers) has a passion for script writing (cop thrillers) as much as copywriting and creating big ideas.

Creative Director, Chris Tongeman says: “At The Croc we believe in the importance of data and technology in getting in front of more of the right people, however unlike many others we also believe in the importance of ideas, experience and creativity to convert those moments into meaningful engagement. This requires intelligence, critical thinking, customer empathy along with the bravery to make a creative leap beyond the obvious. It takes people like Peter and we’re delighted to have him on the team.”

CX Shorts: Let’s talk tech

Next in our CX shorts series, we’re diving straight into one of the key buzzwords around CX: tech. So, who better to talk to than Charlotte Kennett, Global Customer Marketing Manager at Blue Prism, Robotic Process Automation (RPA) provider?

Charlotte has picked up on a key stumbling block in CX: many B2B brands are starting to talk the talk, but few are walking the walk. It’s something the industry is famous for. And for her, tech is the way to fix that.

Take a look at our first CX short, where we hear from Sylvia Jensen about the end goal for a good CX strategy. Look out for our next short coming next week!

CX Shorts: The end goal

The first in our series of CX shorts, we’re asking marketers what good CX means to them and (because true end-to-end CX is a tough ask) how the industry can get there.

After our first #IAMCX event, Sylvia Jensen, VP of EMEA Marketing at Acquia talks about the end goal of a CX strategy. ‘Loyalty’ is the obvious answer, but Sylvia believes there’s a higher goal.

Anje Pearson joins from LBi Digitas

We’re really pleased to welcome another quality strategic hire, Anje Pearson, who joins as Account Director. (That’s ‘Anya’ by the way, never ‘Angie’!).

Having spent the last four years working with LBi Digitas she brings best in-class experience in digital strategy and execution, working with the likes of Unilever and Auto Trader. Not to mention a plethora of booze brands from beer to wine, hiccup!

Managing Director, Jason Talbot says: “We have a really simple plan to build a great agency: hire people who are the best at what they do. Anje not only comes with a great depth of strategic experience she also has the human characteristics that make her a great fit at The Croc – a smart, likeable problem solver that has the courage to want to do great work. We’re delighted to have her as part of the gang.”