Global companies are still struggling to measure return on investments of customer experience (CX) initiatives, according to a survey conducted by analytics firm Pointillist.
The 2020 State of Customer Journey Management and CX Measurement survey was conducted over 1,050 customer experience, analytics, customer service and marketing professionals and has revealed that:
- Organisations are struggling to connect customer behavior and journeys to business-critical KPIs such as revenue, churn, cost to serve and more.
- Only 21% of respondents are very or extremely satisfied with their ability to quantify the impact of customer experience on business metrics.
- Only 23% of under-performing customer experience teams increased 2020 budgets compared to 50% of high performers who take more sophisticated approaches when leveraging technology to improve experience.
- High performers are 1.4 times more likely to use AI.
- Data silos are still the primary barrier for effective measurement of customer experience
- 95% of organisations collect Voice of Customer (VoC) data.
Steve Offsey, the vice president of marketing at Pointillist, said: “Top performing organizations are succeeding today by using a data-driven, journey-based approach to measure and improve CX.
“This year’s report provides a wealth of insights on CX management and measurement challenges, effective strategies for measuring and improving CX, and key capabilities that separate top performers from their peers. CX, analytics, customer care and marketing teams can use this information to benchmark their customer journey management maturity and layout a strategy for improvement.”
Click here for more information about the report.