Understanding Customer Experience is Key to Business Success

The analyst firm Gartner has just published a report on the use of customer experience (CX) collection and analysis in relation to a companies profits. Their findings suggest that any company that places an emphasis on studying CX has an advantage in growing their business. A survey of 214 organizations found that 80% of those that saw a rise in profits use CX metrics, while 58% of those that saw little to no growth did not use CX metrics. Jessica Ekholm, research vice president at Gartner validated these claims; “This report hopes to promote an outside-in approach to business, which is the idea that customers value CX in the long-term.

For the longest time, CX data has primarily been generated through surveys and focus groups. But Gartner has noted in it’s report that customers are starting to experience what is called “survey fatigue.” This can result in hastily written or ambiguous results, corrupting the data and hindering its usability. These flaws have lead companies to implement the use of real-time data in their CX analysis. This has paid off as the report details 43% of companies the grew used real-time data, while 22% or companies that did not grow used real-time data.

Ekholm goes on to elaborate on these findings. “Real-time data will be the difference between those who lead in CX analysis and those who are left behind in the next 5 to 10 years.” The potential of AI analysis will lead to predicting customer behavior in ways we can’t yet fathom. CX data can be hard to pinpoint with real-time data, but as analysis improves, data collection and interpretation will improve alongside. I for one am excited by this report and the interest in CX analysis itself. Like most other customers, I really value my own experience in dealing with any company I choose to do business with. I think it will be noticeable in the future which companies are using CX analysis to improve their business, and which ones are falling behind.

Source – Gartner: Top-performing companies understand CX, by Cliff Saran https://www.computerweekly.com/news/252480899/Gartner-Top-performing-companies-understand-CX