Primary Intelligence Releases New Customer Experience Research
Findings highlight how B2B organizations are collecting and understanding insights about their customers
DRAPER, Utah (October 28, 2015) – A new research report from Primary Intelligence finds that Customer Experience (CX) programs not only lead to an improved understanding of customer needs, but also generate enhanced customer support, discovery of best practices, increased response rates, and better overall communication with customers.
“Typically, as much as 80% of a company’s revenue comes from its existing customer base,” according to Jessica Bledsoe, Vice President of Marketing at Primary Intelligence. “CX programs are essential in today’s hyper-competitive environment, not only because of their impact on an organization’s bottom line, but also because of their potential to drive strategic competitive advantage for firms that leverage them successfully.”
The new research report, entitled The State of Customer Experience: How Organizations are Utilizing CX Programs to Improve their Understanding of Customers while Driving Revenue and Increasing Product Competitiveness, found that:
- 81% of B2B organizations are collecting customer feedback on a regular basis, yet most lack confidence that they have a good understanding of their customers’ overall experiences.
- 83% of organizations want real-time access to CX data; in reality, only 61% of respondents say they have real-time access today.
- Annual investments of between $100K - $500K yield the best outcomes in terms of revenue growth, profitability, and customer retention. However, organizations with more modest budgets can still make significant progress, particularly in marketing effectiveness and knowing what products and services customers want to buy.
Despite the benefits of CX programs, not all organizations engage with customers to collect their feedback on an ongoing basis. The two primary reasons for not implementing Customer Experience programs include lack of budget and too many other priorities.
Yet even companies without CX programs today recognize their value. Nearly two-thirds of these organizations had a CX program in place in the past. And none of these organizations reported that Customer Experience Analysis is questionable or too difficult to complete.
Primary Intelligence highlights key strategies organizations can adopt to improve and leverage their Customer Experience programs, including:
- Ensuring support from senior-level executives
- Implementing closed feedback loop systems
- Creating repeatable processes for fast customer follow-up
- Utilizing templates to capture consistent and holistic feedback
- Sharing CX information broadly with employees
- Aligning customer feedback with internal processes
- Implementing debriefing and discovery sessions to discuss impact and next steps
- Utilizing customer journey mapping tools
- Taking incremental steps, especially at the beginning of the CX journey
This report is part of the Industry Insights series from Primary Intelligence. More information about the report can be found at http://www.primary-intel.com/product/state-of-customer-experience-2015/
About Primary Intelligence
Primary Intelligence delivers outcomes for B2B marketing, sales, and product leaders. We teach you how to win and retain more revenue by speaking directly to buyers and sales teams to uncover root causes through our Win Loss Analysis and Customer Experience Analysis programs. Our expert consultants initiate change in Fortune 500 companies.
Primary Intelligence began in CEO Ken Allred's basement in 2000. The company is privately held and headquartered in Draper, Utah.