Australian businesses behind in CX, study claims

CX technology and services company MaritzCX says Australian businesses are behind their global counterparts when it comes to maturity in the customer experience (CX) space.

The release:

Australian and New Zealand businesses are behind their global counterparts when it comes to customer experience (CX) maturity, a study by CX technology and services company MaritzCX has found.

In particular, the region has some catching up to do when it comes to integrating multiple data sources to drive CX insight. Additionally, only 11% of respondents allow their frontline customer teams to action customer concerns when they arise while 7% reported having very little or no knowledge of their organisation’s customer-related processes. Most local businesses are also yet to adopt the practice of linking CX outcomes such as Net Promoter Scores (NPS) to employee KPIs.

The MaritzCX CXEvolution benchmarking study is based on assessments conducted by more than 5,000 customer experience professionals across the globe. It is the largest study of its kind and to date has seen more than 560 respondents from Australia and New Zealand.

Calling on a comprehensive framework of assessment, CXEvolution identifies an organisation’s overall CX maturity and provides a benchmark for businesses to gauge their progress compared to industry peers, best-in- class leaders and the market at large.

The 2017 study found that companies with high levels of customer experience maturity are three times more likely to have strong financial results and customer retention. Those using data to predict and act on customer behaviour are 2.5 times more likely to see positive business results while organisations with active CX support from senior leadership are more than twice as likely to report revenue gains.

Much like the rest of the world, Australian and New Zealand CX professionals continue to experience a gap between CX knowledge and execution with 72% of global respondents reporting existing customer experience programs are yet to improve business outcomes.

Businesses interested in assessing their CX can take part in the complimentary assessment at www.maritzcx.com/assessment

Launched in 2015, CXEvolution draws on years of experience helping organisations such as Qantas, Australia Post, Holden, nib, and more to measure and manage their customer experience outcomes.

David Blakers, Managing Director MaritzCX APAC said, “Based on our research and experience, we know high-performing organisations do well on six key underlying dimensions: customer, people, structure, technology, information and process. Locally, we are seeing a belief and commitment to CX, however, there is some catching up to do when it comes to the implementation and follow through.”

However, Blakers predicts a shift in the market as more companies get serious about CX. This is only the tip of the iceberg with a report from Markets and Markets forecasting the global customer experience management market to be worth US$13.18 billion by 2021.

Source: MaritzCX release


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