The new rules of Customer Experience in the 'Intelligent Experience Economy'
A new era of customer experience ('CX') has arrived. We call it the 'Intelligent Experience Economy'. In the 'Intelligent Experience Economy', the combined impact of mobility, AI, and the Cloud will enable organisations to completely reimagine the relationship between brands and consumers. This goes beyond convenient and accessible experiences to interactions that are radically more valuable to the customer. This new era will be defined not only by the valuable experiences that organisations will create, but also by the speed in which these experiences will be delivered to the market.
In late 2016, PwC commissioned Forrester Consulting to evaluate the state of global CX today and the capabilities required to reimagine and execute the customer experience of the future. In-depth surveys and interviews with 507 global C-suite executives responsible for CX strategy were conducted. Our findings suggest that organisations need to make big changes to thrive in this new reality.
We have long talked about CX being a source of sustainable competitive advantage. CCO's already know this, with 75% telling us that CX is very important to delivering their organisation's overall strategy. Whilst we think organisations 'nod their head' to the notion of customer-centricity, not many have built and embedded the underlying capabilities needed to execute their customer vision. When it comes to CX, talk is cheap - organisations need to take the next step and turn the rhetoric into experiences that customers actually value. However, with almost one third of organisations having no clear roadmap for their CX vision, the question is 'how'?
Our report identifies five rules organisations can follow to reimagine the customer experience in the 'Intelligent Experience Economy'.
These rules are the revolutionary action that organisations need to take if they want to be successful in this new era.
A closer examination of where organisations are today raises serious questions about their ability to reach their ambitious CX goals in the next few years. Our report found that almost 1/3 of respondents say that their organisation lacks a roadmap to their future state and that 26% say they do not have executive buy-in for their vision.
Without a clear roadmap and executive buy-in, it will be nearly impossible to create the real, transformative CX change needed to keep pace with competitors and rising customer expectations.