Will investment in CX continue to grow?
The insights and actions shared in this blog post are taken from our latest CX symposium roundtable event where global CX leaders shared their thoughts on some of the key issues they face. All of the key ideas and insights have been published in our latest interactive E-Book: Inside the minds of global CX leaders – Turning best practice CX into immediate results.
Unfortunately, regulatory requirements have been a key driver of many CX investments rather than a genuine desire to do the right thing for customers. It becomes a “have to do” rather than a genuine “want to do”.
Investment in Customer Experience will continue to soar with digital transformation technology spend alone expected to reach $6.8 trillion by 2023. The major tech suppliers have moved from selling CRM solutions towards selling CX and EX solutions to support the delivery of CX Excellence. Investment in employee skills and training will continue to grow but needs greater balance with technology investment. Technology wins the investment battle every single day. Not because it is always the right solution but because they have the best sales talent on the planet. CX practitioners must stand up for a greater balance of investment in human touch initiatives. Billions of CX dollars are being unwisely spent in favour of technology that customers don’t see or feel.
The consumer today still has a preference to speak with a human being especially if there is a critical or complex issue to be resolved. Tech advancements continue to confuse and anger boardroom decision-makers because they witnessed a raft of poorly managed tech investments over the past three decades. It is widely reported that only 1/3rd of tech projects are deemed successful. Decision-makers continue to throw good money after bad. Boardrooms have fallen into the flytrap of the never-ending spending on tech projects which create major business headaches.
FIVE ACTIONS FOR IMMEDIATE RESULTS:
CX practitioners need to stand up and seek absolute ROI from tech vendors and tech colleagues that promise everything from a tech solution that generally will deliver little.
CX practitioners must clearly articulate the tremendous value of delivering CX Excellence for the customer rather than the cost benefits to the business.
Stop focusing on short-term scores, results, and unconnected project completions. Instead, focus on the longer-term benefits for the business and the harder, bottom-line measurement.
The investment will be approved when you articulate the value at the c-suite level. CX practitioners need to shift from the softer NPS focus into harder measurements such as increased sales, reduced cost to serve, lifetime value, churn management, and natural advocacy.
For every dollar spent on tech solutions we should seek a 25% matching fund in human touch investments.
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.