Customer Experience

Goals

  • Identify/calculate what percent of large organizations/CEOs (those with at least $1B in revenue) expect their marketing departments/CMOs to lead consumer experience initiatives in order to justify the investment in the build/acquisition of a new business unit with an organization.
  • If organizations don't expect their marketing departments to lead consumer experience initiatives, then further identification of who they do expect to handle this and why, will be provided as well.
  • If this data is specifically available for organizations in the healthcare, higher education, financial services, retail, and/or energy industries, a breakdown will be included.

Early Findings

  • According to research from PwC, when an executive in charge of employee experience, 88% of companies experienced an increase in profits over the course of 3 years. This compares to 72% of companies when someone other than an executive is in charge of employee experience.
  • When having an executive in charge of customer experience, 85% of companies also experienced an increase in profits over the course of 3 years. This compares to 73% of companies when someone other than an executive is in charge of customer experience.
  • About 40% of companies in the U.S. report a lack of ownership of customer experience within a company, which is the leading reason for CX problems.
  • Today, about 91% of organizations that have the most financial successful organizations in the U.S. have an executive in charge of customer experience. However, about 27% believe that customer experience should be the responsibility of the Chief Experience Officer, 22% believe it should be handed by the CMO, and 17% believe it is the job of BU leaders.
  • Respondents to PwCs research indicate that about 76% of companies today actually have an executive in charge of customer experience. Another 32% said that it is handled by a department, 31% handle customer experience with a specialized team, 11% take care of it via a product/product line, and 5% are unsure of who handles it exactly.

Customer Experience Ownership Recommendations

  • Because there is so much debate over who within an organization should be in charge of customer experience, it is recommended that regardless, customer experience is made central to the company's mission and strategy from the top down and throughout.
  • It is also suggested by industry professionals that customer experience knowledge is shared regularly and consistently throughout a business so that all parties can successfully meet customer wants and needs. This requires strict communication practices throughout the business as a whole.
  • By creating a "customer journey map," it is often much easier to identify where consumer experience might be the most prevalent, and then put the most weight in the business in that specific area/department.
  • Knowing who the customer is, is arguably the most important factor to consider, regardless of who is in control of customer experience. Sometimes making a customer profile is helpful here, as it can be used to identify pain points, understand expectations, and inform business decisions.

Proposed next steps:

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Initial research for data regarding who, within a company, is in charge of customer experience did result in the findings from the PwC study. However, it is unclear as to whether these are specific to large companies with revenues over $1b or not, and no breakdown was provided by industry. As a result, we suggest continuing on with research to locate more definitive information that potentially provides a breakdown by companies size (in terms of revenue) and industry. Ideally, an industry report or survey similar to the PwC one stated above would be most useful, but additional time is required to be sure if it exists. In the case that it does not, we can attempt triangulation to calculate this information for you. This would be done by identifying what % of companies in the U.S. are large organizations with revenue over $1B, and then finding data that correlates to how they handle customer experience.