Customer Experience Data Survey

(1)

Customer Experience

Data Survey

Facts & Analysis

(2)

2 November 11, 2015

INTRODUCTION

Customer Experience Data Survey

The increase of multichannel marketing in customer care has made the role of the Chief Customer Experience Officer more complex than ever before. Chief CX Officers are charged with providing excellent customer experience among various channels while meeting the other demands of the business. This group of senior-level executives operates in an increasingly competitive landscape, extracting actionable insights from many different metrics and social media interactions. Through proper integration of data, organizational alignment around CX strategy, and consistent customer engagement, customer experience executives will be in the best position to provide positive customer outcomes.

3

Budget And Resources

4–6

Metrics And Data

7–8

Operations And Strategy

9

Conclusion

10

Consero

2 November 11, 2015

Survey Structure And Methodology

The 2015 Customer Experience Data Survey was developed in

(3)

BUDGET AND

RESOURCES

Two-Thirds Of Respondents Lack The Necessary

Resources To Manage Their Departments

Effectively

Customer experience departments are often placed into tough financial situations. Over the past 12 months, 53% of departmental budgets either did not change (22%) or decreased (31%). Despite this, 53% of surveyed officers saw their staff size increase over the same period. These data reflect a sentiment that most Chief Customer Experience Officers do not believe they have sufficient resources to manage their departments. The data also highlight the significance of departmental staff as compared to other resources. In the coming year, Chief Customer Experience Officers should prioritize working with key internal stakeholders to secure more resources for their team. This effort would enable continued staff increases and allow their teams to operate more efficiently.

Figure 1: How has your

departmental budget changed

over the last 12 months?

Increased 47% Decreased 31% Did not change 22%

Figure 2: How has your staff

size changed over the last 12

months?

Increased 53% 24% Decreased 23% Did not change

Figure 3: Do you have sufficient resources

to manage your department effectively?

(4)

4 November 11, 2015

METRICS AND DATA

Fifty-Eight Percent Of Respondents

Report Difficulty In Linking CX Metrics

And Financial Performance

Organizations today need to monitor the various touch points of the customer lifecycle—from the moment a customer researches a product to post-purchase customer support. Throughout this cycle, organizations are able to collect important data that, when translated into actionable insights, can have significant impact on the modeling and execution of CX strategy. A little less than half (47%) of Chief CX Officers surveyed use big data to improve their CX strategy, and only 42% have been successful in linking their CX metrics to financial performance. In the coming year, these senior executives may want to focus on leveraging to a greater extent big data and insights, so they can measure the financial efficacy of their department and improve strategy to better their operations.

Social media is a major focus for customer experience departments today, given the preference consumers have in communicating with brands via social network platforms. It is thus disconcerting that only 11% of CX officers surveyed have an accurate means to measure ROI on their social media activities. Given this apparent difficulty, customer experience departments ought to monitor social media closely as it evolves and actively explore methods to evaluate the yield on their investments. Two widely used metrics in the CX industry include Net Promoter Score (NPS) and Voice of the Customer (VOC). Sixty-three percent of respondents use NPS to measure customer loyalty, which can be a powerful tool

(5)

Figure 4: Have you used big data to improve

your customer experience strategy?

Yes 47% No 53%

Figure 5: Do you use Net Promoter Score

(NPS) to measure customer loyalty?

Yes 63% No 37%

Figure 6: Do you have an accurate means to

measure ROI on your social media activities?

Yes 11% No 89%

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6 November 11, 2015

Figure 7: Have you successfully linked your

CX metrics to financial performance?

58%

No

42%

Yes

Figure 8: Have you been able to capture your

company’s Voice of the Customer (VOC)?

75%

16%

9%

Yes 75% No 16% Not applicable 9%

Figure 9: Are you satisfied with the level of insight you

are able to extract from your company’s VOC program?

8%

60%

32%

Yes Not applicable No

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OPERATIONS AND

STRATEGY

Achieving Organizational Alignment

Around Customer Experience Strategy

Is A Top Challenge For Forty-Three

Percent Of CX Officers

Chief Customer Experience Officers are typically charged with a mandate either to acquire new customers or to ensure they are doing everything possible to retain existing ones. A total of 56% of CX respondents are more focused on customer retention in the coming year over securing new customers, which may be due to the high cost of acquiring a new customer compared to retaining one. When asked about their main challenges, 43% named organizational alignment around CX strategy the number one issue. Technology and infrastructure came next at 38%, followed by budget and resources at 35%. Respondents were also asked how satisfied they are with their company’s customer experience delivery. Only 7% are very satisfied, while a plurality (46%) are moderately satisfied, and 20% are dissatisfied with their CX delivery. This finding unveils a major pain point within the CX space, which can be rectified by addressing the challenges described above. If CX officers are able to achieve buy-in around their company’s strategy from their leadership team and improve their technology and infrastructure tools, they will likely be in a better position to deliver the best customer experience for their companies.

Figure 10: Are you more focused on customer

retention or customer acquisition in the coming year?

56%

Customer retention

38%

Customer acquisition

6%

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8 November 11, 2015

OPERATIONS AND

STRATEGY

Figure 11: What are the main challenges you face in

your customer experience role? (Select all that apply.)

Technology/

infrastructure 38%

Organizational alignment

around CX strategy 43%

Budget and resources 35%

Channel management 17%

Other 6%

Data/metrics _24%

Figure 12: How satisfied are you with your

company’s customer experience delivery?

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CONCLUSION

Lessons For The Industry

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How Is Consero Different From Other

Conference Companies?

Branded as the anti-conference company1_{, Consero’s model is a vast improvement over}

the traditional model for conferences and trade shows in several important ways.

Exclusivity, Intimacy, and Commonality. Consero puts its executives first. Unlike other conferences, a Consero Forum brings together executives with common levels of experience and seniority, as well as similar business challenges. This ensures optimal networking and collaborate development of best business practices.

Original Content and Thought Leadership. Consero views its events as a means to an end – solving business problems. Consero prides itself on generating exceptional, original content that contributes to practical discourse, yielding impactful takeaways that help participants to improve their own performance, as well as that of their departments and organizations. By permitting its programs to evolve until the Forum takes place, Consero can integrate the most current significant developments—e.g., a late-breaking Supreme Court decision impacting antitrust law—into the solutions that emerge from the Forum. This focus on world-class content is an important differentiator for Consero.

What Problems Does Consero Solve?

Today’s senior executives are busier than ever and inundated with information, too little of which addresses their specific current needs. Consero brings together those senior executives so that they can learn from one another in an efficient, exclusive format, and build relationships that facilitate ongoing post-Forum dialogue. One of the primary components of a Consero Forum’s substantive program is its KnowledgeBridges™, 10- to 15-person roundtable discussions on specific topics of interest that relate to common business challenges. During these highly interactive discussions, each moderated by an industry expert, executives share ideas and address particularly difficult problems with their counterparts in the room. There is no substitute for this kind of professional learning.

In addition to superior educational opportunities, Consero Forums expose senior executives to participant-requested and Consero-vetted industry solution providers that offer innovative enterprise solutions to business issues identified by the executives themselves. Consero’s highly selective criteria for solution providers and insistence that those companies send their own executives (not salespeople) ensures that Consero executives are constantly educating themselves about world-class solutions that can improve their business.

1_{Gonsalves, Antone. “Consero Takes Aim at Bored C-Suiters with Its ‘Anti-Conferences.’”}

Customer Experience Data Survey

Customer Experience

Data Survey

Facts & Analysis

INTRODUCTION

Customer Experience Data Survey

Table Of Contents

3

4–6

7–8

9

10

Survey Structure And Methodology

BUDGET AND

RESOURCES

Two-Thirds Of Respondents Lack The Necessary

Resources To Manage Their Departments

Effectively

Figure 1: How has your

departmental budget changed

over the last 12 months?

Figure 2: How has your staff

size changed over the last 12

months?

Figure 3: Do you have sufficient resources

to manage your department effectively?

METRICS AND DATA

Fifty-Eight Percent Of Respondents

Report Difficulty In Linking CX Metrics

And Financial Performance

Figure 4: Have you used big data to improve

your customer experience strategy?

Figure 5: Do you use Net Promoter Score

(NPS) to measure customer loyalty?

Figure 6: Do you have an accurate means to

measure ROI on your social media activities?

Figure 7: Have you successfully linked your

CX metrics to financial performance?

58%

42%

Figure 8: Have you been able to capture your

company’s Voice of the Customer (VOC)?

75%

16%

9%

Figure 9: Are you satisfied with the level of insight you

are able to extract from your company’s VOC program?

8%

60%

32%

OPERATIONS AND

STRATEGY

Achieving Organizational Alignment

Around Customer Experience Strategy

Is A Top Challenge For Forty-Three

Percent Of CX Officers

Figure 10: Are you more focused on customer

retention or customer acquisition in the coming year?

56%

38%

6%

OPERATIONS AND

STRATEGY

Figure 11: What are the main challenges you face in

your customer experience role? (Select all that apply.)

Figure 12: How satisfied are you with your

company’s customer experience delivery?

CONCLUSION

Lessons For The Industry

How Is Consero Different From Other

Conference Companies?

What Problems Does Consero Solve?

Opportunities To Participate

at Future Consero Forums may

be available on a limited basis.

Please contact our team for

additional information.