Goodfirms Released a Survey Which Gives Insights on Current Trends

GoodFirms survey, Customer Experience Management: Demand, Trends, Challenges, and the Future Scope, suggests that businesses must plan CXM strategies to embrace new trends and technologies like AI, automation, etc., to offer exceptional experiences, acquire more customers, retain them sustainably, nurture loyalty, and advocacy.

By Global FinTech Series News Desk 

GoodFirms, a universally renowned B2B ratings and reviews platform released its recent survey research report-“Customer Experience Management: Demand, Trends, Challenges, and the Future Scope”.  The survey attempted to gather valuable insights into the industry demand and current trends in the market while pointing out challenges and opportunities. 

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Key Findings: 

• CXM attempts to deliver seamless services to customers while improving customer satisfaction and loyalty.
• Customer experience management differs from customer relationship management,

even when CXM and CRM are closely related.

• Around 71.2% of businesses believe proper customer communication is a challenge for delivering a great customer experience. 
• The future of the customer experience industry may expect higher investment in AI tools and increased automation.

53.2% of the surveyed companies stated that they have a devoted customer experience in comparison to 29.5% of businesses who would have one, once they obtain a significant customer base. Whereas, 17.3% have still not planned a dedicated team for customer care, according to the GoodFirms survey. 

79.5% of respondents said understanding the audience was a major strategy, 71.9% of businesses indicated personalised experience, 63.1% as user-friendly UX/UI, 61.7% as improved customer support, 54.3% as mapping the customer journey, 31.8% prioritising omni-channels presence, 29.4% implementing technologies like AI/ML, 22.6% as enhanced social listening, 20.5% felt empowering the frontline employees drastically for enhanced customer experiences: were the key findings when the research attempted to explore the top customer experience strategies adopted by the surveyed businesses. 

According to the surveyed businesses, 91.1% agreed that higher customer retention is the crucial benefit of customer experience management. 86% believe better customer satisfaction, 81.2% believe in enhanced customer engagement, 79.6% said it helps build customer trust, 72.3% believe rises in revenue, 66.7% sense improved brand image, and 47.9% said it leads to higher customer acquisition.

“Proper communication with the customer, tracking the conversational history of the customer, having an efficient omni channel presence, organisational silos, inadequate and flawed data collection, lack of commitment from leadership, and limited funding are the challenges faced by businesses while embracing customer experience strategies,” GoodFirms.

Further, the research highlights a few areas that can be expected to bring changes in the future of customer experience (CX) management; about 73.3% to bring a transformation change in their CXM strategies, 58.2% are planning to invest more in AI tools, 46.7% mentioned increased automation, 35.2% felt use of IoT and Blockchain, 26.7% plan to introduce gamification.

GoodFirms concludes by saying that having a satisfied customer can help businesses reach new heights, gather competitive advantage, and stand as a key differentiator. Therefore, businesses must plan CXM strategies to embrace new trends and technologies like AI, automation, etc., to offer exceptional experiences, acquire more customers, retain them sustainably, and nurture loyalty, and advocacy.

You can refer to the full report here to keep yourself updated with the latest developments and trends in 2024 in customer experience.

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