Boardrooms unanimously agree that accurate insight across the customer life cycle is critical to their growth, with the vast majority (81%) firmly positioning it as their top business priority for the year ahead.
But more than two out of three readily admits their current approach to customer experience is ineffective, they’re failing to connect the dots, or get a clear view of consumers. As a result, they face flat-lining or declining revenues simply because they are missing out on opportunities to better serve customers from start to finish.
New research highlights just how vital accurate customer insight is as it emerged businesses across the globe are now reliant on a combination of data, analytics and technology to ensure they consistently offer the very best customer experience – every time. A recent commissioned study conducted by Forrester Consulting our on behalf, gauges opinion among nearly 400 CEOs and senior business leaders working right across Europe, the Middle East, and Africa. It reveals the true impact of poor customer experience and customer management on commercial revenue.
It also emerged:
- Two thirds of all businesses now admit they fail to get a consistent single view of their customers’ expectations, habits, or preferences across all channels – with current approaches regarded as ineffective.
- With investment concentrated on consumer acquisition and collections – the beginning and the end of the lifecycle – more profitable and active customer experience stages are often being overlooked, or missed completely.
- As a result, more than a third of businesses are also now reporting flat-lining or declining revenues as they miss out on opportunities to better serve customers. At the same time, around two in five (40%) businesses report rising customer acquisition costs and rising cost to serve.
- Four out of five business leaders now see improving customer experience as the key to unlocking more value. But many admit they still have siloed approaches to analytics, data, insight – and continue to be constrained by traditional ways of working.
The research also highlighted how many CEOs are aware of the pressing need to get to grips with consistently delivering a fast, seamless and reliable customer experience amid predictions traditional business models could be defunct within the next five years as they lose ground to digital-savvy competitors.
To find out more, sign up to our forthcoming customer management webinar, when industry leaders will be discussing the critical challenges ahead. Simply click here.