Improving customer experience can increase annual revenue by more than $1 billion for large wireless service providers, airlines, and hotels—and by tens of millions to hundreds of millions of dollars for firms in other industries. But despite these benefits, only 11% of brands earned an “excellent” rating in Forrester’s annual Customer Experience Index study.
What’s holding companies back? As brands go to new lengths to transform their customer experience, their own ecosystems are working against them. That’s because most businesses—even young ones—were conceived with inside-out guiding principles, like reducing costs and optimizing operational efficiency, rather than putting customers’ needs first. For example, one Fortune 500 company’s decision to cut costs by outsourcing transactional data made sense years ago as it promoted its low-cost services, but today...read more
By Rick Parrish