Customer Experience More Important than Price by 2020

We all know that Customer Experience Management (CXM) works. Plenty of research statistics are available that prove that it does. But how important is CXM going to be in the next few years?

A new report that has been published by Walker, titled Customers 2020, explains that the customer experience is going to become the driving factor by 2020, outstripping price as the main product differentiator by this time.

The report puts forth the hypothesis, that due to changes in the way that customers behave, such as their much higher reliance upon technology, and expectation of innovation, has empowered them like never before. This is a message that SandSIV has voiced previously. We can see consumer habits changing before our eyes. So what is the effect of these changing consumer habits?

Walker explains that by 2020, due to the changing way that consumers interact with a business, that the customer experience will become the main product differentiator, replacing price. Empowered customer expect an omni-channel, personalized customer experience already, by 2020 it will be vital for any business that wants to maintain market share.

Something else the Customers 2020 report from Walker explains, is how customer insights need to be used to drive the sales process, and how customer support will need to become more proactive. Both of these concepts could be seen as being an extension of creating a truly personalized customer journey.

The final section of this new report, states quite clearly that Customer Experience Management must become a C level initiative, with a top level CX champion taking overall responsibility for keeping the CX team aligned with business goals. This is another message that SandSIV has often delivered in the past, and one we stand behind fully.

Although the Customers 2020 report from Walker is not a true research report per se, it does do a good job of focusing ideas on the way that Customer Experience Management will need to evolve, and embrace additional business units and processes, to align a company with consumer buying habits in the medium term.

For more information on how Customer Experience Management can help your company, build a better, more personal customer journey, then contact SandSIV at info@sandsiv.com.

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