The purpose of any business is to maximize profits for the shareholders. Generally, there are two ways in which this is accomplished: increasing revenue and reducing cost.
In the past, businesses focused on the things they had control over, like managing internal production costs, service provisions, employee salaries, pricing and sales resource allocation. The increasing use of technology has created an unprecedented amount of data that can be analyzed. Meanwhile, large-scale advertising as well as widespread use of the Internet have made customers more aware than ever of substitute products and services they can buy, leading to greater price competition.
The primary way in which organizations have competed to win business is either through low-cost products or services or through selling goods or services of a higher quality which allows for greater flexibility in pricing. As the customer is increasingly held at arm’s length to the business, through online shopping or contact centers, the overall customer experience has turned into a battleground to win customer favor.
In a survey conducted by Contact Babel, over 40% of businesses say that customer experience, rather than price or quality, is the main factor that they want to compete in the marketplace. Many organizations are now seeing the customer experience as the key to profitability.
Are you ready to up your CX Game? Check out Contact Babel’s report, The US Customer Experience Decision-Makers’ Guide 2019-20 to help you get where you want to be.
Download the report HERE.
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