It makes sense to assume that change and innovation are necessary to keep a business thriving. And yet, major companies drop the ball with their inability to adapt to the glaring shifts occurring in their business sectors. This happens time and time again and likely will continue to happen again because many organisations continue to make the same costly mistakes:

·   They fail to keep their technology or product up with the times

·   They focus on their success in the now, without anticipating the future behaviours and needs of their customers

While some believe that this catastrophe will never happen to their industry, the truth is that it already is—with customer experience.

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While the rise of customer experience around the world isn’t surprising to most, what might be is how quickly and aggressively it is dividing industry leaders from laggards worldwide. Recently, Forrester Research reported, “Over an eight-year period from 2007 to 2014, the total stock returns of customer experience (CX) leaders outperformed both a portfolio of CX laggards and the S&P 500.” [2] They also found that CX leaders saw 17% revenue growth, while CX laggards saw only 3% growth [3]. Suffice it to say, those who do not have comprehensive customer experience programs are falling behind like their unlucky predecessors, and without a plan of action to catch up, they will suffer the same fate.

If CX laggards understand the changes occurring in the CX landscape and harness the growing range of choices that are available to them, they can learn to be adaptable with the times. This adaptability will ensure that buy-in for their CX initiatives, programs and projects happen at the right time, with the right resources, and most importantly, with the right outcomes. They’ll be able to swim and even thrive in the CX tidal wave—rather than sink in it—the latter being a fate we have all seen too often with the once successful brands of yesterday.

[1] Stefan Tornquist. “The Consumer Conversation.” www.econsultancy.com April 2015.

[2] “Customer Experience Leaders Crush Laggards on Revenue Growth.” www.forrester.com July 15, 2015.

[3] Forrester Research Inc., “Customer Experience Drives Revenue Growth,” June 21, 2016.

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