CX Network conducted a survey and collected answers from more than 700 respondents. About 25% of respondents were solution providers, 65% were working in marketing and customer experience management and another 10% consisted of industry analysts, bloggers and researchers.
There's is a lot of interesting stuff in the publication (presented as an infographic), but for this blog post I would like to focus your attention on the investment part.
As the survey respondents were being asked to give their top-3 investment priorities, I was pleasantly surprised to see that the clear frontrunners in these predictions were "customer loyalty and retention", "customer centricity", "customer insights" and "data & analytics".
In the framework of our own Customer Reference program, I recently conducted a survey at our existing customers. In addition to questions such as their main purchasing driver to buy a Human Inference solution and whether they evaluated other vendors in the purchasing evaluation, I also asked them some quantitative questions with regard to to the impact of our solution: cost savings, revenue growth, impact on customer satisfaction , retention increase and data processing time.
Having plotted the survey outcome, together with marketing validation interviews, we found that for our customers the average increase in customer satisfaction & retention was 25-50%, where cost reduction and revenue growth showed an average increase of 5-10%.
Keeping in mind that the CX Network research also showed that the top investment challenge for 2016 is going to be able to demonstrate ROI.
Our customers actually proof what the respondents in the CX Network research predict.
This is nicely illustrated in the quote by Phillipa Snare, EMEA Global Business Marketing Director of Facebook:
"Everyone talks a lot about customer data, loyalty and retention, and CRM systems; they talk about gathering and analysing the data but the most important thing is what you do with it afterwards. The focus seems to be in the wrong place and companies need to start talking: ’What are the experiences you want to deliver customers?”
I believe you, Phillipa!