Customer experience 2020's top opportunity for growth
To achieve CX objectives the right mix of technology and personnel must be in place
C-suite executives have ranked customer experience (CX) optimisation as their organisation's greatest opportunity for growth in 2020, Adobe’s ‘2020 Digital Transformation Trends Report’ has revealed.
The migration of customers online, catalysed by the ongoing pandemic, is cementing CX as a top business priority, and represents a shift away from focusing solely on product and service innovation, towards providing unique experiences along the customer journey. Personalisation, frictionless payment, and data-capture processes are just a few critical touchpoints which should be fine-tuned.
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One area in which the benefits of enhanced CX in action are visibly apparent is in customer engagement, conversion, and loyalty. Here, organisations reach out to existing customers with value-added propositions that are mutually beneficial. As consumers trust businesses with which they are already familiar, the customers are more likely to accept the engagement, and offer feedback in return. Simply, customers share their needs, and the company works to provide an improved product to service them.
Adobe’s research, which was restricted to companies with a turnover of at least £10 million, found that over half of those surveyed are planning to increase their CX spending in light of the commercial benefits such a strategy brings to the table.
One warrant concern is simply, why are organisations only shifting their focus towards CX now?
CX has been gathering momentum for years. Its potential has always been apparent, yet barriers prevented widespread adoption. Historically, the message that CX optimisation is worth diverting spend from other initiatives fell on deaf ears. Even today, C-suite executives face an uphill battle with the boardroom to obtain investment.
Fortunately, Adobe’s research shows that it is a battle that can be won. Executives should present strong business cases for the kinds of ongoing investments that support CX strategies, working closely with CEOs who in turn must provide top-down guidance. All departments must be aligned for a CX strategy to bear fruit.
Further, advancements in technology are exponentially upping the value of CX enhancement.
“AI is increasingly powering customer journey management and is helping to provide the most relevant real-time experiences to customers at scale,” Adobe’s 2020 report explains.
“While senior executives are typically tuned into a wide range of AI use cases within their organisations, many companies have been slow to recognise the opportunities in areas such as data analysis, automation, optimisation and personalisation.”
With transformative technology available, it’s time to take full advantage.
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