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Age-old battle for customers rages unabated, but the weapons of the future look different

September 8, 2021

Age-old battle for customers rages unabated, but the weapons of the future look different

The once-niche discipline of customer experience (CX) has become a new sabre for companies to rattle as business leaders increasingly compete for the hearts and wallets of the public.

The once-niche discipline of customer experience (CX) has become a new sabre for companies to rattle as business leaders increasingly compete for the hearts and wallets of the public.

In years past, many businesses have sought to attract new customers through often random acquisition strategies with large and sometimes unrestrained budgets according to Vijay Sundaram, chief strategy officer of multinational tech company Zoho.

As COVID continues to reshape numerous industries around the world, this old tried-and-true strategy is beginning to worry business leaders who are cautious about lifting marketing expenditure back to pre-pandemic levels.

Instead, Mr Sundaram said, customer acquisition strategies will need to “revolve around attracting the right long-term audience” – particularly through understanding this new era of digital consumer, and finding ways to connect with it.

Customer experience teams will be a key component in delivering this, he said

Mr Sundaram’s comments seem to reflect the broader sentiment among business leaders, which in the past decade have noticeably increased their focus on CX.

In 2010, only 36% of business leaders saw CX as one of the fronts they competed with their rivals on; by 2018 that figure had increased to two-thirds, shifting the narrative around CX from ‘nice-to-have’ to business necessity.

Data from research firm North Highland even suggests CX has overtaken marketing and sales as the top engine for business growth, with 95% of leading organisations now flagging CX roles within their organisation as key to their business growth.

“Customers have power, and companies realize the value of investing in great experiences,” said Blake Morgan, a CX futurist and senior Forbes contributor.

“Today, customer experience is a powerhouse driving growth and revenue at companies across the world. As the discipline has grown, so too has the number of people working in the field and its importance and credibility.”

Sources:


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