Large CX Chasm between Businesses and Customers
By Christina McKeon on Feb 04, 2013
Today Oracle announced a new global customer experience (CX)
survey, Global Insights on Succeeding in the Customer Experience Era.
While there are many CX surveys on the market, most of those surveys focus on the customer perspective in the form of Voice of the Customer programs and CX indices. Oracle took a different approach with its survey talking to over 1,300 business executives globally to understand their perspective when it comes to delivering positive CX. What we found indicates that organizations still have a long journey ahead of them in pursuit of delivering great CX.
While we expected a gap between what businesses think and what customers think when it comes to offering a positive, consistent, and brand-relevant CX, we found a rather large chasm. Most notably, there is a large perception chasm that indicates businesses and their customers are worlds apart.
- 80% of organizations say they effectively deliver a positive, consistent, and relevant CX...but only 39% of companies earned a CX index rating of “excellent” or “good”1
- 49% of executives believe consumers will switch brands due to a poor customer experience. The truth is that 89% of customers have already2
In addition, our survey uncovered an execution chasm where businesses are stuck in idle.
- 91% of organizations want to be a CX leader...but 37% are just getting started with a formal CX initiative and only 20% consider their CX initiative “advanced”
agree social media is critical for success...yet 35% don’t support social
media for sales or service
The cost of failure is significant with executives estimating they lose an average 20% in annual revenue by not delivering positive CX. That’s $400M for a $2B company.
We have a lot to share with you over the coming weeks to provide more insight into the data in this report. Stay tuned for different perspectives on the survey including regional, industry, and line of business analysis. You can download the report here.
1 “The Customer Experience Index, 2013,” Forrester Research Inc., January 15, 2013
2 “2011 U.S. Customer Experience Impact (CEI) Report,” RightNow (acquired by Oracle in March 2012)