Customer Experience (CX): A Companywide Discipline

 

In today’s economy the focus on bottom-line revenues, and crucially, profitability, have never been more meticulously scrutinised. Where companies are focusing on cutting back on business resources and laying off human capital to manipulate their bottom-lines, are they missing the priority staring them in the face? In comes the point. Investing in Customer Experience (CX) can have an exponential return on Investment and should be on the agenda of any business leader who has their eyes on increasing revenue’s.

 

In a research paper published by the Harvard Business Review in 2023 entitled “Customer Experience is Everyone’s Responsibility”, Rebecca Hinds and Sarang Gupta found that improving CX “Even by a sliver, can generate 10’s of millions of dollars in revenue by reducing customer churn and upping customer spending”. The study also finds that companies that have a reputation for exceptional customer experiences are “fueled by new, cross-functional collaborations across organizations.”, and highlight a unified approach to the customer journey on all customer focused verticals within a business. One such collaboration is suggested to be the removal of siloed customer feedback from one function to another, and instead feedback shared consistently across all functions to improve overall customer satisfaction.