Customer experience strategies continue to be a more important part of organizations' agendas than in the past three years despite the current economic downturn, according to 80% of executives surveyed in Strativity Group's 2009 Customer Experience Management (CEM) Benchmark Study. "The biggest surprise was that certain companies decided to increase their investment in customer relationships rather than decrease it as the majority do. These companies reap the rewards already through more profitable business with their customers," offered CEO Lior Arussy. More than 869 executives from around the world participated the study, which was conducted between February and April 2009.
Other key findings include:
- Smart companies increase investment in customers strategies during tough economic times to build competitive advantage;
- Commitment to customer experience remained high at 79%;
- 47% of companies increased their investment in customer experience by 10% or more;
- Close to 50% of executives claim they do not deserve customer loyalty;
- 86% of companies do not know the cost of new customer;
- 89% of companies do not know the cost of a complaint; and
- Only 40% claimed employees have tools to service customers.
Companies that invest 10 percent or more of revenues in customer experience:
- Have significantly lower customer attrition rate;
- Enjoy referral rates that are twice as high; and
- Are twice as likely to have customer satisfaction score of 81% or more.