Oracle’s Global Customer Experience Survey Reveals the Challenges, Strategies and Lessons Learned for Succeeding in the Customer Experience Era
By Christie Flanagan on Mar 08, 2013
Today's customers are "plugged in" 24/7. They demand instant access to information and transactional capabilities when they want them, are savvy when it comes to making purchase decisions, and are not afraid to change brands if a company no longer meets their expectations.
How are companies responding to the new environment of rapidly rising customer expectations and disruptive innovations like social, mobile and cloud technologies?
Oracle’s recently released global survey of 1,300 senior-level executives from 18 countries in North America, Europe, Asia Pacific and Latin America yields new insights on the challenges, strategies and lessons learned for succeeding in the customer experience (CX) era.
Some of the key research findings include:
- Brands recognize the significant financial impact of poor customer experiences, yet struggle to develop and execute successful strategies. The report indicates businesses can lose 20% of revenue from poor customer experiences yet many are stuck in an execution chasm.
- 91% wish to be considered a customer experience leader in their industry yet 37% are just getting started with a formal customer experience initiative.
- Executives report significant opportunities for improvement when asked to assess their organizations' effectiveness on delivering the experiences that customers expect.
- Executives cite limitations from inflexible technology, siloed organizations and systems, and insufficient investment as the biggest obstacles to delivering the best possible customer experience.
- On average, businesses estimate they will increase spending on customer experience technology by 18% in the next two years. Improving the cross-channel experience and customer analytics are top priorities.