It’s not easy to run a successful business these days, especially in an increasingly competitive market with easily distracted consumers. According to a study from the John M. Olin School of Business at Washington University, 40% of Fortune 500 companies won’t exist in less than a decade. And 90% of Fortune 500 companies have shuttered since 1955.
So, why do some businesses succeed while others don’t? Genesys worked with experts at the MIT Technology Review to get a better understanding of why certain companies survive—and even thrive—in today’s constantly evolving and fiercely competitive market. And that answer comes down to customer experience technology.
We recently presented findings from the MIT Technology Review survey at the 2017 CX Leaders Council (CXLC), an annual event for leading customer experience organizations, held October 26 to 27 in Siem Reap, Cambodia. Aligned to the theme of “Iconic Journey”, the MIT session revealed that “iconic” organizations, or those with high levels of both customer experience and brand awareness globally, were more than twice as likely than their peers to use leading-edge customer experience technology. The data was collected from more than 550 senior executives in over 30 countries, including China, Japan and Australia.
Iconic companies also are strong technology leaders, with 63% having fully deployed, leading customer experience solutions, noted Elizabeth Bramson-Boudreau, CEO and Publisher at MIT Technology Review, during her CXLC keynote. And while these brands saw the need to improve customer satisfaction as their primary goal across different stages of the customer experience journey, low-performing companies mainly sought to maintain efficiencies, Bramson-Boudreau added.
Iconic companies understand that technology plays a large role in providing good customer experience. The study also revealed that:
- 88% of iconic companies used analytics to improve consumer loyalty and retention, compared to 60% of standard companies;
- 91% tapped artificial intelligence (AI) tools in some way to increase customer satisfaction, compared to 42% of other companies;
- 58% used AI in customer analytics, a 20% increase over other respondents.
I recently experienced how a lack of technology can hurt a company and degrade the customer experience. If this company had relied on a solution such as AI, they could have made better use of my data—and they would have retained a customer. In fact, companies that introduce meaningful innovations like AI for data analytics achieve faster growth, noted Nigel Hollis, Executive Vice President and Chief Global Analyst at Kantar Millward Brown, during his keynote at CXLC.
Make Social Awareness a Priority
Good customer experience isn’t the only factor in becoming an iconic company. Social responsibility also plays an important role in brand value, with 75% of iconic companies highlighting it. These companies realize that as their visibility and engagement with consumers grow, they need to give back and demonstrate that they share their customers’ values and aspirations.
This is an area I’m passionate about, and I strive to be a socially responsible marketer. Genesys also is a strong advocate of giving back to the community. Attendees at this year’s CXLC assembled portable solar-powered lamps that were distributed to children who lack access to electricity in Siem Reap. And at our G-Summit events throughout Australia, New Zealand and Southeast Asia, Genesys teamed with SolarBuddy Thailand to assemble more than 850 lights for the Popel Village region of Cambodia. While such initiatives seem small, they are huge the local communities they serve.
Be Iconic, Not Ordinary
Does your company have a clear customer experience strategy? Are you iconic or ordinary? Check out MIT Technology Review survey findings to see how you measure up against other companies—and learn what you need to do to ensure your business’ longevity. A strong focus on customer service and delivering a memorable customer experience will ensure you remain relevant in a competitive market.
See more highlights from the 2017 CX Leaders Council on the Genesys Facebook page.