Regardless of what product or service you sell, your customers want an unforgettable experience when they do business with your company. When they have an amazing experience, customers are willing to pay more, to share information with friends and family, and to promote a company they love. For this reason, customer experience (CX) has never been more important. Research further demonstrates the impact of CX on the bottom line.
In Singapore, about 81% of people are inclined to spend more with a company that offers a good customer experience – the highest in the region. 83% will take their business elsewhere following several bad experiences.
Covid-19 has further put CX centerstage. Consumer behavior transformed as interactions with brands shifted to online channels. Bain uncovered that about 47% of Southeast Asian consumers decreased offline purchases while 30% increased their online spending.
Consumer expectations continue to grow, with buyers preferring trusted and reliable brands. Over 40% of consumers in this region have tried new brands since Covid-19, a significantly higher number than those in the US and China.
As a result, a new role is gaining prominence within the C-suite – the Chief Experience Officer. Gartner found that over 90% of enterprises now employ a CXO or executives with similar responsibilities. This role can also be known by other names, such as Chief Customer Experience Officer and Chief Customer Officer.
In Asia Pacific, Chief Information Officers are also acknowledging the increasing role they play in managing CX, working alongside Chief Marketing Officers and Chief Technology Officers. According to Adobe, 74% of CIO respondents said CX has become a primary priority for their role .
A CXO must have a solid understanding of their customers. He or she must be able to assess customers’ experiences with the company at each touchpoint, empower teams with the tools they need to deliver a positive CX, and have the insights to generate a roadmap to elevate experiences across the customer journey.
The goal of the CXO is to lead a brand’s CX strategy and help break down internal silos. To do so, businesses need the proper tools, which include:
Customer experience has become more critical than ever. Technology and easier access to information has shifted the power to customers, increasing their expectations for great experiences. CXOs must focus on building and growing customer relationships.
One of the greatest tools they need to succeed is support. It’s critical for CEOs to clearly communicate with other C-suite members the organizations’ CX-related goals, and the CXO’s role and responsibilities in elevating these experiences.
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