Technology and Insights (State of Customer-Centricity Report)

At the end of 2022 CX Centric launched the first global State of Customer Centricity Research Project. The objective of this project was to establish a global benchmark related to Customer Centricity.  Over 250 organisations worldwide took part in this project. This research was based on the Customer Centricity Maturity Model (CCMM). To access the full State of Customer Centricity report click here.

In this article we explore the results specifically related to Technology and Insights, which is one of the eight principle domains of the CCMM Model.

If you are interested in an assessment of your technology stack from a Customer Experience perspective, please do reach out to us.

In order to compete in today’s fast-moving and data-rich world, organizations must develop capabilities in data management. They must be able to collect customer data and marry this with other forms of data in order to create a rich picture of the customer and business relationship.

One in five organizations fail to gather feedback from employers regularly. So this is already a big opportunity that many business leaders are missing out on. The next crucial finding is that 75% of business leaders who do ask for feedback, don't go ahead and close the loop. So you might ask, what is closing the loop? Simple, when you give feedback, you expect something in return. Either a process is going to be improved or maybe an experience is going to be modified or even that your feedback has been reviewed and it won't be acted on, but the bare minimum to closing the loop is to make sure that your views have been taken into consideration. Closing the loop is very important, especially for employee engagement. Those employees who don't feel like they're listened to, they're often the first to leave.

Also, it's about being respectful of people's time and also making use of people's time. There's no point asking for feedback if you're not going to use it in the end. Finally, this feedback is often a goldmine of opportunities to improve the customer experience or to grow the business, or both at the same time.

One in five organizations have very limited information about their customer.

At CX Centric, we help organizations understand what a voice of customer program is. How it can benefit your business and how to get started.

We normally do this through workshops and we also analyze your technology stacks to find out ways of reducing cost. And also opportunities to use technology to improve the customer experience. We have modules on this, on our customer experience analyst course. We know that as businesses today, we need to constantly be modifying our offers, modifying our services, our value propositions, our products, and we need to answer key questions like, why are my customers not renewing their subscriptions, why are they going to my competitor? They've subscribed to my service, but they're not using it. We need to measure the experience as much as possible to gain clarity and to be able to make better business decisions.

To learn more on the importance of Technology and Insights is one of the key dimensions of the CCMM Model, click here for further information regarding the CCMM Model.

This June we are running our first all-encompassing 5 week Customer Experience Summer School. We will support professionals to level up their knowledge and skills in Customer Experience. Please check out the link and register interest. Please note that spaces are limited so reserve your space to avoid disappointment.