Customer experience gets a lot of lip service, and even a good amount of investment and time, from companies these days. But few organizations have determined exactly what they can do on the customer experience front that is most likely to translate into the greatest returns for their businesses. So MaritzCX has created and recently introduced CXEvolution, a way for businesses to do that.
The CXEvolution effort includes a study MaritzCX did using the input of 4,300 customer experience professionals, a framework it created based on that research, a free online survey people can take to gauge their organization’s customer experience maturity, and professional services through which MaritzCX will survey an entire organization on its customer experience maturity and what it can do for best results.
“We did this study because we work with a lot of companies in lots of different industries, and one of the premium questions they ask us...is ‘we don’t know how we’re doing organization-wide with customer experience,” said Chris Cottle, CMO at MaritzCX.
“We’ve always thought that was a great opportunity for us to jump in and start adding some value,” he added.
Companies in the airline, apparel, brewery, consumer packaged goods, and supermarket categories as a whole tend to have higher customer experience maturity. But, of course, customer experience maturity varies by company.
MaritzCX explains that companies with higher levels of customer experience maturity do up to three times better than others in terms of customer retention, margin growth, profitability, and revenue. It goes on to say that using data to predict and act on customer behavior makes companies two-and-a-half times more likely to positively impact business results. Meanwhile, those with support from their leadership on such initiatives are more than twice as likely to report revenue gains.
To help those that have not yet achieved customer experience maturity, MaritzCX leverages the CXEvolution framework to do in-depth assessments to unearth details about an organization’s mastery in 14 CX competencies across six dimensions. That includes both identifying an organization’s own performance on a number of fronts, and comparing them to competitors and leaders. It then offers suggestions for improvement.
Edited by Stefania Viscusi