Global CX Trends 2023
The Customer Experience industry is constantly evolving. Here are some trends to watch out for in 2023:
A scalpel versus chainsaw will be preferred cost cutting tool in the economic downturn
The upcoming recession will be seen as an opportunity for organisations to cut poor investments and bad practices as they naturally review costs.
Businesses, however, will not touch costs in areas that add value to customers rather they will focus on micro areas to remove bad practices that were overlooked during the pandemic.
Microsurgery versus chainsaw carnage will be the order of the day. CX investment will be safe particularly human touch initiatives.
Long live the employee
The foundation of CX Excellence is a strong Employee Experience (EX). The employee is king ahead of the customer because a happy employee = a happy customer.
Watch companies do everything in their power to hold onto their best employees because rehiring is a very expensive process. A good, long-term employee is critical in delivering Customer Experience Excellence as their knowledge of the customer is key to customer retention.
Front-line staff will be motivated rather than experience cuts in salary as we will promote them into higher paying roles as they continue to perform miracles.
Customers will rationalise the number of companies they do business with
It was clear during the pandemic, consumers showed a greater level of loyalty to those companies that went the extra mile and we believe this will continue through the downturn period.
Consumers seek greater value and greater loyalty from businesses they are loyal to, or they will soon become your competitor’s most valuable customer. Tolerance levels will continue to fall over poor CX and expectations will continue to rise. And if you are not willing to treat them better than less loyal customers they will walk.
Sustainable Experiences are on the customer agenda
In a recent survey 86% of consumers want to review the sustainability credentials of an organisation before they deal with and do business with them.
66% of the customers are willing to pay more for products if the company is sustainable as they consider it of greater value. We will see a surge in businesses taking a more transparent approach with their efforts and not greenwashing their progress. Purpose and values are brilliant bed partners for customers but must be genuine.
The birth of Segmonomics (segmentation by economics)
Companies will focus on a new approach to customer segmentation and provide unique experiences for every consumer. Watch companies create and deliver better experiences based on each customer’s economic impact on the business’s bottom line. The more they spend the better the CX delivery.
The high level of personalisation will create a positive word of mouth that ultimately lowers the cost of acquisitions and increased profits.
Data abuse will kill relationships
We have reached the line in the sand over the amount of personal information that businesses have access to. This data capture will play a critical role in role in the creation or loss of trust between the customers and companies.
Increased amounts of data leaks and fraudulent activities have forced people to be 100% more apprehensive of what they share with the brands they deal with. Companies capture more data than they ever use and we will see a ‘less is more’ approach from companies to maintain strong trust relationships.
Humanizing the Bots
Widespread staff shortages will force an increase in the use of technology to solve customer complaints. This will create major frustration for customers as it will be harder than ever to get through to a human on the other end of the phone.
There is a movement in play where companies are now ticking all the emotional boxes of a human experience and incorporating them into their digital channels to enable greater human touch and personalisation.
Consumers the world over and across all age groups will maintain a preference for the human versus tech solution, particularly around complicated services and cyber safety issues.
CX will rise as a true profession
More companies are starting to recognise that Customer Experience as a true profession. The shift is growing where CX practitioners are now influencing and leading rather than simply reporting to senior management. CX Leaders should report to CEOs directly because the discipline is so critical to business success.
Academia and universities are seeing such significant growth in CX education and specialised training for C-suite, leadership, front line and back-office staff that the discipline has earned the status of a true profession.
The CX Company guide, support and mentor organisations around the globe to turn CX Strategy into action. We offer a range of services including CX audits, customer journey mapping, CX education programmes, internal communication design, and customised CX video design to engage your team and empower them to deliver CX Excellence.