91.1% of the surveyed businesses Agree that a Good Customer Experience Contributes to Higher Customer Retention: GoodFirms Survey

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Enhanced customer engagement is a major benefit of implementing customer experience strategies, as per 81.2% of the survey respondents.

Washington, Dec. 14, 2023 (GLOBE NEWSWIRE) — GoodFirms, a universally renowned B2B ratings and reviews platform, released its recent survey research report-“Customer Experience Management: Demand, Trends, Challenges, and the Future Scope“. The survey attempted to gather valuable insights into the industry demand and current trends in the market. The survey also aims to predict the future scope of the customer experience industry while pointing out its benefits and challenges. 

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GoodFirms research reveals that around 53.2% of the surveyed businesses have a dedicated customer experience management team. In comparison, 29.5% of businesses are likely to have one as they obtain a significant customer base, and 17.3% still have not planned a dedicated team to handle customer experience.

The research also attempted to explore  the top customer experience strategies adopted by the surveyed businesses, and the findings were: 79.5% respondents said understanding the audience as a major strategy, 71.9% of businesses indicated personalized experience, where 63.1% as user-friendly UX/UI, 61.7% as improved  customer support, 54.3% as mapping customer journey, 31.8% prioritizing omni-channels presence, 29.4% implementing technologies like AI/ML, 22.6% as enhanced social listening, 20.5% felt empowering the frontline employees drastically for enhanced customer experiences.

According to the surveyed businesses, 91.1% agreed that higher customer retention is the crucial benefit of customer experience management. 86% believe better customer satisfaction, 81.2% find enhanced customer engagement, 79.6% said it helps build customer trust, 72.3% believe rise in revenue, 66.7% sense improved brand image, 47.9% said it leads to higher customer acquisition.

“Proper communication with the customer, tracking the conversational history of the customer, having an efficient omni-channel presence, organizational silos, inadequate and flawed data collection, lack of commitment from leadership, and limited funding are the challenges faced by businesses while embracing customer experience strategies,” GoodFirms.

Further, the research highlights a few areas that can be expected to bring changes in the future of customer experience (CX) management; about 73.3% indicated that there are significant efforts underway to bring a transformation change in their CXM strategies, 58.2% are planning to invest more in AI tools, 46.7% mentioned increased automation, 35.2% felt use of IoT and Blockchain, 26.7% plan to introduce gamification.

GoodFirms concludes by saying that having a satisfied customer can help businesses reach new heights, gather competitive advantage, and stand as a key differentiator. Therefore, businesses must plan CXM strategies to embrace new trends and technologies like AI, automation, etc., to offer exceptional experiences, acquire more customers, retain them sustainably, nurture loyalty, and advocacy.

Key Findings: 

  • CXM attempts to deliver seamless services to customers while improving customer satisfaction and loyalty.
  • Although CXM and CRM are closely related, customer experience management differs from customer relationship management.
  • Around 71.2% of businesses believe proper customer communication is a challenge for delivering a great customer experience. 
  • The future of the customer experience industry may expect higher investment in AI tools and increased automation.

About Research:

GoodFirms Survey- Customer Experience Management: Demand, Trends, Challenges, and the Future Scope” queried 485 businesses, which included sellers, retailers, suppliers, and consumers, to understand and give an idea about the transformations of the industry and the responsible factors for the shift.

To read and download more research articles by GoodFirms, click here.

If you wish to participate in GoodFirms’ future research studies, register your name and company details with GoodFirms.

About GoodFirms:

GoodFirms is a Washington, D.C.-based B2B review and rating platform that delivers rich, original, and in-depth coverage of IT products and services to B2B service users. Both service seekers and service providers benefit from the reviews, ratings, and research insights delivered by GoodFirms.

CONTACT: Sophia Jayden ([email protected])

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