Did you know:
- As much as 80% of a typical company’s revenue comes from existing customers?
- Acquiring new customers is between four and 10 times more expensive than preserving and growing existing customers?
Primary Intelligence recently published a new CX study entitled, “The State of Customer Experience,” in which we asked leading CX practitioners for feedback on their collection, analysis, distribution, and follow through on customer feedback.
We also asked them to share performance-related data so we could see which strategies and tactics are yielding the best outcomes in terms of company performance, Customer Experience IQ, and program success.
State of Customer Experience Highlights
Below are some of the more interesting findings from our State of Customer Experience research:
- 81% of B2B organizations collect customer feedback on a regular basis.
- Key Take Away: Although this figure is promising, most organizations lack confidence that they have a good understanding of their customers’ overall experiences with them.
- 83% of organizations want real-time access to CX data.
- Key Take Away: In reality, only 61% of respondents say they have real-time access today.
- The highest percentage of organizations (30%) are spending between $100K – $500K annually on CX programs.
- Key Take Away: This investment range yields the best outcomes in terms of revenue growth, profitability, and customer retention.
- Key Take Away: Organizations with more modest budgets can still make significant progress, particularly in marketing effectiveness and knowing what products and services customers want to buy.
- The biggest benefit of CX programs is an improved understanding of customer needs (86% of respondents).
- Key Take Away: Most respondents highlighted customer-related benefits (not internal benefits) as the most important outcomes of CX programs. Additional customer-focused benefits include enhanced customer support (70%), discovery of best practices (65%), increased response rates (63%), and better overall communication with customers (58%).
- 74% of companies analyze customer experience on an ongoing basis with all customers.
- Key Take Away: This best practice yields better performance outcomes, especially when trying to improve overall understanding of customers and identify top challenges customers face.
- 67% of organizations collect feedback from multiple levels within customer organizations.
- Key Take Away: Another best practice, collecting feedback from multiple levels provides a holistic view of customers’ experiences.
- Technology has made tracking and reporting on customer experience easier and more accurate.
- Key Take Away: 65% of organizations use CRM or SFA tools to capture CX feedback. Salesforce is the most popular SFA tool, with 71% CX market capture.
- Key Take Away: 50% use off-the-shelf survey tools; popular picks include SurveyMonkey and SurveyGizmo.
- Retention rates are lower in organizations without CX programs.
- Key Take Away: While 52% of organizations with CX programs report customer retention rates of 75% or more, 40% of organizations without CX programs have retention rates of 50% or less, highlighting the importance of CX initiatives.
Want to learn more about the State of Customer Experience?
If you’d like to learn more about Primary Intelligence’s State of Customer Experience research:
CLICK HERE to order your copy of The State of Customer Experience report from Primary Intelligence.
WATCH our State of Customer Experience Webinar.