Oracle’s new global customer experience (CX) survey, Global Insights on Succeeding in the Customer Experience Era, gives CX practitioners the ability to look at how they’re doing from many different perspectives, including by industry. Which industries lead the pack? Which ones are bringing up the rear? Who has more to lose?
The Life Sciences and Pharmaceuticals industry has a lead in terms of their approach and views on CX while Insurance appears to be lagging. When asked, are customers willing to pay more for great customer experiences?
- 44% of all respondents strongly agreed—the reality is 86%
of customers already do1
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- Among Life Sciences respondents this figure rose to 53%
- Only 24% of Insurance respondents shared this view
And, when it comes to CX implementations
- 61% of organizations have implemented a customer experience initiative
- Life Sciences respondents are leading this group with 77% having CX implementations
- Only 52% of those in the Insurance industry have implementations
Who has more to lose for not delivering positive CX?
Media/Entertainment estimates they lose an average of 27% of annual revenue as
a result of not providing a positive, consistent and brand-relevant CX.
Consumer Electronics/Technology comes next with a 25% loss followed by
Distribution and Travel, both estimating a 23% loss.
When it comes to investing in CX, all industries plan to increase their investments over the next two years. Although where those funds will go differs as the top priorities vary among industry
- Health Care - business process management systems
- Insurance - eCommerce solutions
- Distribution - real-time decisioning/recommendation platform
- Consumer Electronics/Technology - knowledge management system
One trend that is consistent across all industries is the large
chasm that exists between what business executives think and what their
customers think when it comes to delivering a positive CX. You can find more
insight into this disconnect with executives in the Forbes article Why
CEOs Don’t Understand Their Customers.
I’ll stop with the jaw-dropping data and conclude by
reminding everyone that CX is a marathon, not a sprint. CX is still in its
infancy, but your strategy likely needs to catch up to customer expectations and then keep pace. Use the data in this survey
to understand where your CX strategy needs better conditioning. Pull ideas from
other industries to see how you can deliver great CX in your market.
1“2011 U.S. Customer Experience Impact (CEI) Report,” RightNow (acquired by Oracle in March 2012)