By 2016, nine out of ten of companies will be competing primarily on the basis of customer experience [Gartner, 2015 Marketing Study]. In 2014 it was nearer half. That means 2015 will see an unprecedented period of investment in people, systems and technology that support exceptional customer experience. It is the new competitive battleground.
2015 is the year of customer experience. If you’ve got it, you need to invest to stay ahead. If you haven’t got it, you need to invest to catch up. And if you’re in the middle, you’re about to get squeezed.
The challenge with being more customer-centric is that it is a multi-faceted task. It involves people, systems and technology. It is also a journey, not a touch point. According to McKinsey, even a 95% satisfaction rate at each stage of a 6-touchpoint customer on-boarding process means on average a quarter will have a poor experience at some stage. Customer experience is also a multi-channel journey, connecting web with mobile with email with social with phone and face-to-face. And across this multi-channel, multi-touchpoint journey consistency is the most important predictor of overall customer experience and loyalty [McKinsey]. All of which means outstanding customer experience is still a rarity.
2014 saw a ‘race to the middle’ with businesses realizing that even minimal investment in customer experience improvements could help them close the gap to higher-performing competitors. During 2015 this middle ground will rapidly become poor performance. Competition will become tighter and tighter as customer experience becomes the top innovation project for 2015, according to Gartner’s survey of marketing expenditures for the year.
So where are industry leaders looking for new opportunities to retain competitive advantage in what is being branded as the ‘Age of the Customer’?
Will greater visibility over price and product availability leave customers more empowered than the businesses meant to serve them?
Join the CXO Select Club as we bring together 20 industry leading executives for a strategic discussion around these questions and more, including:
- How can you gain buy-in for customer experience projects?
- What is the business case for investment? How do you create it?
- What is the best strategy? Where should you start? Who should be involved?
- What examples are there of good customer experience? What does “good” look like?
- What are the key people, system and technology considerations?
To discuss this question and more, join the CXO Select Club on the 25th of February at The Mercer, one of London’s most sophisticated restaurants. The evening will commence at 6:30pm with a half-hour of informal networking and drinks, before moving through to the dining room for the discussion at 7pm.
We have limited availability so kindly register for the event through the button below, or email Lindsay at email@example.com to confirm your place at the table.
As always, this event is free of charge to guests thanks to the kind support of Selection Services, a leader in managed IT Solutions in the UK.