NEWS IN BRIEF: Customer experience strategies rise up agendaby
A new report has revealed that customer experience strategies are increasingly a part of organisations' agendas, with investment even increasing in some firms, despite the recession.
The Strativity Group’s 2009 Customer Experience Management (CEM) Benchmark Study found that 80% of executives surveyed rated customer experience strategies as more important than in the past three years.
The study, which surveyed over 800 executives from North America, South America, Europe Asia and Africa, found that commitment to customer experience remained sufficiently high for almost half (47%) of respondents to have increased their investment in customer experience by 10% or more in the past three years. 17% reported increasing investments by 20% or more during this time period.
And whilst the majority of executives surveyed report that their firms spend less than 2% of revenues on customer experience, over 20% reported that they invest 10% or more of their revenue on it.
Furthermore, findings from the study suggest that those companies investing more revenues in customer experience have enjoyed benefits including significantly lower customer attrition rates, higher referral rates and higher satisfaction scores.
Lior Arussy, CEO of Strativity Group, believes the findings demonstrate that some companies are electing not to fall into the traditional boom-and-bust cycle with their customers.
“The biggest surprise in the study was that certain companies decided to increase their investment in customer relationships rather than decrease it as the majority do," he said. "These companies reap the rewards already through more profitable business with their customers."