Lack of data integration and exec buy-in is risking CX ROI

Confirmit research reveals critical areas that drive customer experience success

The State of CX survey, run by Confirmit and Engage Business Media, has strengthened the case of CX professionals who are putting ROI, data integration and executive buy-in at the top of their CX ‘wish list’ for 2018.

The research found that despite increasing recognition of the importance of a customer-centric approach to business and investment in CX programs, ROI is the biggest area of failure with only 20% of companies scoring 9 – 10 for seeing a ROI, and 14% scoring 0-2.

While the survey also confirmed the strong correlation between executive buy-in and the setting of achievable goals and future investment, only 30% of respondents said that key stakeholders were truly invested in the goals of the program.

Though 88% of respondents are capturing feedback from customers, too few (25%) are including feedback from suppliers or partners.

Slightly over half are collecting employee engagement feedback, but usually only as a one-off annual employee engagement activity, rather than as a continual listening program.

By contrast, the research showed those businesses integrating data from four sources scored a 31% higher ROI than those collecting from only one source.

Claire Sporton, Confirmit’s SVP of Customer Experience Innovation, said many businesses were able to provide anecdotal evidence or use key metrics to measure CX program success, but very few were able to link the CX program with financial results.

“Without the ability to demonstrate ROI, it is much harder to gain support of the C-suite, set the right goals for the business and secure the desired improvements and culture change across the business,” Ms Sporton said.

“The clear correlation between data integration, lower future investment and low ROI performance pinpointed by the research highlights the very real need to not only better integrate financial, operational and customer data, but also to break down the silos of data lying stagnant in many businesses.

“These could be brought together in a more meaningful way to create a holistic view of the customer and encourage CX innovation.”

Fortunately, CX professionals now have access to technological advances such as text, predictive and social analytics that enable them to listen more effectively to all voices – not just those of the customer – across multiple channels.

There is also a growing willingness to harness data from CRM and contact center records, for example, to create a much more engaging and relevant customer, employee and partner experience.

“The implication for the CX industry going forward is that there will need to be a sea change in the skill sets required by professionals,” Ms Sporton said.

“We need to resist the temptation to think that AI is going to solve all our problems – it’s still in its adolescent phase. Instead the focus in 2018 should be on using the machine learning and automation that is already available to do as much of the ‘heavy lifting’ for us as possible, right now.

“We need to blend traditional research skills with behavioural economics and look out from behind the spreadsheet to, instead of ‘measuring’ CX, harness human skills such as empathy and broader business acumen to create authentic conversations that build trust.

“Only then can we ‘do’ things differently and create the proactive and personalized experience that customers, employees and partners are seeking.”

About Confirmit

Confirmit is the world’s leading SaaS vendor for multi-channel Customer Experience, Employee Engagement, and Market Research solutions. The company has offices in Oslo (headquarters), Grimstad, London, Moscow, New York, San Francisco, Sydney, Vancouver, and Yaroslavl. Confirmit’s software is also distributed through partner resellers in Madrid, Milan, Salvador, and Tokyo.

Confirmit powers Global 5000 companies and Market Research agencies worldwide with a wide range of software products for feedback / data collection, panel management, data processing, analysis, and reporting. Customers include Aurora, British Airways, British Standards Institution, Copart, Cross-Tab, Dow Chemical, GfK, GlaxoSmithKline, GMO Research, KeepFactor, Morehead Associates, Nielsen, Research Now, RS Components, QRS, SSI, Sony Mobile Communications, and Swisscom. Visit www.confirmit.com for more information.

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