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New Benchmarking Tool: Compare Your Organization's Customer Experience Strategy and Execution
Building on a first-of-its-kind study surveying 1,300 senior executives worldwide, Oracle has created a new customer experience (CX) benchmarking tool to help organizations compare their customer experience initiative to both their peers and to industrywide best practices.
The benchmarking tool identifies key actions each organization should consider in order to build a robust customer experience program.
"Given today's competitive environment, customer experience is one of the few ways you can differentiate your business from competitors," says Arvindh Balakrishnan, vice president of customer experience applications at Oracle. "That puts customer experience at the heart of what makes or breaks a business, so you need to know where you stand."
Strategy, Capabilities, Obstacles
To help an organization gauge its efforts, the survey compares responses to peers similar in terms of industry and region. In particular, the survey focuses on the following key areas.
- Customer experience strategy. Find out how comprehensive your CX strategy is, if it is well-thought-out, and whether it is integrated across all relevant lines of business.
- Customer experience capabilities. Measure the capabilities you have in place, including staffing, technology, rules of engagement, and training. Determine whether you can address every phase of the customer experience, from research and buying to post-purchase service and support processes—and if you are facilitating the customer's movement from one phase to the next.
- Business obstacles. Identify key obstacles that prevent your organization from delivering positive customer experiences, from legacy systems and organizational siloes to insufficient investment in training and technology.
The Customer Experience Imperative
The new benchmarking tool was created as a follow-up to the results of "Global Insights on Succeeding in the Customer Experience Era," a major study based on online interviews with more than 1,300 senior executives.
The study, conducted by independent market research company O'Keefe & Company and sponsored by Oracle, came to the following key conclusions.
- Businesses and their customers are worlds apart. Even though 80 percent of respondents believe they are effectively delivering positive, consistent, and relevant experiences to their customers, only 39 percent of companies earned a CX index of excellent or good from customers.1
- Businesses are stuck in idle. While 93 percent of respondents say improving the customer experience is one of the top three priorities for their organization, 37 percent are just getting started with a formal CX initiative.
- Huge financial stakes. Businesses estimate they lose 20 percent of annual revenue as a result of not offering a positive, consistent, and brand-relevant customer experience.
"Given these results, it is clear why Oracle felt it was important to leverage the survey to allow organizations to benchmark their efforts," says Balakrishnan. "After all, if you don't know where you are, it's hard to figure out where you need to go."
Access the Oracle Customer Experience Benchmarking Tool.
1. “The Customer Experience Index 2013,” Forrester Research Inc., January 15, 2013.