Rising interest rates. Record inflation. Skyrocketing energy prices. Recession jitters. Labor shortages. In the context of the current landscape, what should customer experience leaders focus on in 2023?
Look no further than our The Future of CX in 2023 report. We’ve partnered with Aspire to produce a nuanced perspective on the state of the customer communications market with lessons from the past, the connection between EX and CX and the continuing journey to CXM.
While non-essential customer spending is expected to drop amid global fears of an economic downturn, there are still bright spots on the horizon. Every interaction between customers and brands takes on even greater significance in this environment. To earn repeat business and cultivate loyalty, organizations must demonstrate empathy and build relationships to withstand extraordinary pressures by prioritizing personalization.
The numbers tell the story: retaining customers brings companies a ton of ROI. It’s six to seven times more expensive to acquire a new customer than it is to retain an existing customer. According to an analysis by Bain, a five per cent increase in customer retention can increase company revenue by 25 to 95 per cent. Retained customers buy more often and spend more than newer customers. Satisfied, loyal customers are more likely to become brand advocates – referring friends and family to create new customers for your business.
Though it may seem counterintuitive, doubling down on customer communications is a winning strategy. CX leaders are 10 times more likely to invest in customer communications management (CCM) in order to realize better business outcomes, according to Aspire Customer Communications Services.
The Future of CX in 2023 report also delves into how customer behavior is likely to evolve before examining the top CX trends to watch for and the future of customer experience metrics. It’s required reading for marketers who are on the front lines of customer communications, customer experience and digital strategy.
Helping businesses prepare for the future of customer experience
OpenTextTM is on the front lines of digital transformation, helping businesses around the world modernize their systems to improve employee and customer experience. OpenTextTM Exstream helps create personalized experiences across the customer journey with one platform.
- Learn about the challenges ahead for CX professionals
- Explore trends shaping the landscape of customer experience management (CXM)
- Get tips to help your organization with the shift to CXM