submitted by Kelli V, Pollack Group
Today, CCW Digital, a division of Customer Management Practice (CMP), a leading market intelligence firm for the customer management industry, released the results of its latest market study on CX Trends, Challenges, and Opportunities during CMP’s flagship Customer Contact Week taking place at the Caesars Forum in Las Vegas from June 19-22, 2023. Customer Contact Week is produced by CMP and is the leading conference dedicated to providing expert insight into exceptional customer service.
The Research and Results
The research, based on the results of CCW Digital’s Annual Consumer Preferences Survey conducted in June 2023, queried over 500 US-based adult consumers to examine their sentiments regarding interactions and expectations with leading brands.
The survey revealed a concerning trend of customer experiences regressing rather than improving. Critical key findings include:
· Only 4% of consumers felt that experiences improved over the last year, while a staggering 57% felt they had gotten worse.
· Personalization, speed, convenience, empathy, and channel accommodation are major pain points as brands struggle to deliver highly personalized experiences.
· Long wait times remain a significant frustration, as 66% of consumers reported extended wait or hold times when interacting with brands.
· Despite the growing emphasis on agent excellence, consumers have expressed a lack of notable improvements from customer service agents on the frontline and do not see the evolution of agent support, with only 11% feeling that agents are better at detecting and responding to customer challenges.
· Brands are becoming increasingly restrictive as 58% of consumers have faced difficulty in receiving a refund or make-good despite more than 60% of agents sharing that they are willing to go “above and beyond” for their customers.
The findings send a clear message
“The findings of our study send a clear message to C-suite executives: it’s time to refocus on customer centricity and prioritize delivering exceptional, personalized experiences that align with customer values,” emphasized Mario Matulich, President at CMP. “What makes the lack of improvement so concerning is that customer experiences are already weak.
Consumers are not faulting brands for failing to move from ‘good’ to ‘great,’ but rather for allowing inefficient, impersonal experiences to persist at a time when customer centricity should be a driving force. Organizations will strengthen customer loyalty and satisfaction by addressing these issues and driving business growth and success. Ignoring these insights puts your brand at risk of falling behind in an increasingly competitive market.”
The research
The research underscores the importance of addressing such issues, as customer satisfaction plays a pivotal role in brand loyalty and support. In fact, 90% of respondents indicated they are more likely to support a brand that has quick, easy, and convenient customer service, while 85% say that a highly personalized experience will have a direct impact on winning their business. Brand values also continue to be a key factor in connecting with customers, with 67% of consumers saying that a brand’s public stance on polarizing issues will impact their support for a brand.
Customer Centricity
“In the era of customer centricity, it’s ironic that some businesses downplay the actual voice of the customer, chasing trends without fully considering the impact on customer experience. This approach has led to a history of disappointment and enduring pain points like long wait times,” said Brian Cantor, Managing Director of Digital, Customer Management Practice.
“Our Annual Consumer Preferences Survey for 2023 highlights a concerning regression in customer experiences, with brands missing the mark in personalization, speed, convenience, empathy, and channel accommodation. To reverse course and make customer centricity a reality, brands must learn from these insights, prioritize the voice of their customers, and seize opportunities to improve satisfaction and loyalty.”
For more information about the CCW Digital Market Trends Study CX Trends, Challenges, and Opportunities and to download the full report and Practicality Guide, please visit: https://www.customercontactweekdigital.com/customer-experience/whitepapers/2023-june-market-study-cx-trends-challenges-opportunities.
About Customer Management Practice
The Customer Management Practice (CMP) is a leading market intelligence firm for the customer management industry, offering a comprehensive suite of events, research, marketing, and business development services. As a trusted partner to customer contact executives, CMP addresses the pressing challenges through various channels, including live events such as its industry-leading series, Customer Contact Week, online event communities, and cutting-edge industry research.
With research-backed insights and data-driven advisory services, CMP provides its clients with a holistic view of their customer management issues. It delivers new perspectives for executives craving a clear understanding of their strengths and weaknesses relative to their peers and the industry. CMP’s solutions empower executives to develop customer management skills, transforming customers into raving fans. CMP is dedicated to making its client’s customer management rockstars.
CMP’s team of experts draws upon years of experience in the industry to provide tailored solutions that meet each client’s unique needs to improve their customer experience, streamline operations, and boost their bottom line. For more information, visit, www.customermanagementpractice.com.
