Marketing

The value of experience

June 23, 2015

Global

June 23, 2015

Global
Charles Ross

Asia editorial director

Charles Ross is Principal of Policy and Insights in Asia-Pacific and leads the region's technology and society practice. Prior to this role, he was editorial director for The Economist Intelligence Unit overseeing all thought leadership research in Asia. Charles combines a deep understanding of how technology trends are reshaping business and society with excellent research and editorial skills, to create impactful and award-winning research programmes for clients. Charles is currently based in Australia and has led many projects analysing the implications for business of new technology trends such as blockchain, fintech, smart cities, cloud computing, sustainability and the internet of things, for Google, Stripe, SAP, Telstra, Microsoft, Prudential, Westpac and the Singapore government. He is a contributing industry expert to the UN Science Policy and Business Forum on the Environment and a frequent speaker at finance and technology events across the region. Charles holds a master of business administration, focusing on strategy and organisational change, from the University of Oxford and a certificate in public policy analysis from the London School of Economics and Political Science.

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This study offers the status quo of customer experience initiatives in global and regional perspectives, including North America, Europe, Latin America and Asia. It sheds light on the future of CX development and potential challenges faced by companies.

ABOUT THE MICROSITE
This study covers the status quo of customer experience initiatives in global and regional perspectives, including North America, Europe, Latin America and Asia. It sheds light on the future of CX development and potential challenges faced by companies.

This microsite offers:

INFOGRAPHIC
• Global version:
• Asia Pacific version:

ABOUT THE REPORT
The rise of company websites, email, SMS and social media has firmly shifted the interaction between customer and company towards remote communication, but research by the Economist Intelligence Unit (EIU) shows that in-person communication remains an important instrument of customer experience (CX) strategy.

Companies that fail to respond to these changing modes of communication are vulnerable to large scale customer flight. Not only is the commercial environment becoming more competitive in many industries, the proliferation of customer contact points and the frequency of customer interaction have swelled potential sources of dissatisfaction too. With no personal touch to smooth things over, one bad experience can lead a customer to leave the company for another provider. To make matters worse, that same customer can instantaneously contact many thousands of others and regale them with a thorough appraisal of the reasons for his/ her disenchantment.

However, if done well, CX initiatives can reduce costs, increase profitability and revenues, and improve customer satisfaction. To learn how global companies manage their CX programmes, the EIU conducted a survey of 516 senior-level executives in April 2015 from 21 countries. The vast majority of these (464) were C-suite executives—of whom 165 were CEOs—while the remaining 52 respondents were heads of a business unit.

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