“Nobody Knows” and “Nobody Cares” about CX
Except your customers…
The Experts Say CX Delivers Business Value. The recent McKinsey report on Experience-led Growth shows the results of 10-years of tracking business performance. Companies who focus on creating great experiences for customers are growing at twice the rate of their competitors. Plenty of others, such as Bain & Company and the Harvard Business Review have said the similar things about focusing on customers.
But it seems Brands don’t care. The CX Index from Forrester tracks how customers feel about the businesses they interact with, and their feedback couldn’t be worse. The 2024 report shows the worst results ever, with experience falling in essentially all industries, a decline that has been underway for years. Essentially no companies are rated by their customers as providing a great experience.
What’s going on? Read our full thinking on the link below, but essentially we see three key drivers of this disconnect. Some impact from complexity and confusion for sure, but we feel the biggest issue is that CX targets are long-term plays, and today’s execs focus on their short-term bonus goals (where incentives are necessarily profit or cost focused) and not on the real long-term value for shareholders.
