CEO Leadership of Customer Experience Can Drive Company Growth
New study reveals link between C-suite led customer experience investment and revenue growth.
Last week we reported on new research from The Institute of Customer Service, which found that the majority of UK CEOs and boards have no understanding of what customers want and ignore experienced frontline employees.
SEE ALSO: How to Get Your CEO "on Board" of Your Customer Experience Strategy
The report concluded that boardrooms put profits before the delivery of a great customer experience, which from the point of view of CX leaders is of course a counterproductive way of working.
New findings by the Economist Intelligence Unit provide evidence to back up that thinking, as it shows that CEO leadership of customer experience can make a real difference to the company's overal revenue growth.
The study finds that 59 per cent of C-suite executives at companies that prioritise CX investment believe they have better revenue growth than their competitors. These companies are also more likely to have their CX initiatives led by the CEO (43 per cent) than companies that consider CX less important (28 per cent).
Sponsored by Genesys, the research is based on a survey of 516 C-suite executives from 21 countries across four regions. It also found that globally over the next three years more than half (56 per cent) of companies will increase investment in CX by more than 10 per cent.
Survey responses indicate that companies where the CEO is in charge of CX initiatives are more likely to recognise their value and invest in them.
However, despite the C-suite priorities in customer experience, a challenge remains in clarifying who leads the CX strategy within organisations. 72 per cent of CEOs believe they are in charge of CX initiatives, but only 27 per cent of other C-suite executives believe that this is the case.
Respondents do not consider this a significant concern yet, as CX is seen as a relatively new field and companies are still establishing where responsibility should lie.
SEE ALSO: Winning Customer Advocacy at the C-Level
Charles Ross, the editor of the report, said: "Ambitious companies are driving large investments in customer experience initiatives to adapt to the digital communication channels customers are demanding.
"By prioritising CX and placing the CEO in charge, companies are hoping their CX initiatives will drive revenue growth and improve profitability."
Who drives customer experience inititiatives within your company? And have you found a correlation between the focus on CX and your company's revenue growth?