How to develop CX strategies in an uncertain world

Australia’s CEOs have spoken – these are challenging times for the economy, their workforces and their customers. Soaring costs, talent shortages, inflation pressures and even talk of a looming recession. It’s all on the table in 2023, with PwC Australia’s 26th CEO Survey revealing 70% of business leaders expect the nation’s economy to slow this year1. This is supported by the International Monetary Fund, which is projecting global growth to fall from an estimated 3.4% in 2022 to 2.9% in 20232.
How to develop CX strategies in an uncertain world | Probe CX

Of greater concern, 28% of Australian CEOs believe their company will not exist 10 years from now if they stay on the same path3. Now is clearly not the time to maintain the status quo. Innovative thinking and strategic change should always be on the boardroom agenda but never more so than when business conditions are increasingly complex and competition for market share is heating up.

 

Amid such pressures, customer experience (CX) is top of mind for many enterprises given its role in guiding the impression consumers have of a brand throughout all aspects of their buying journey. With many businesses looking for ways to reduce costs, the likes of Forrester are predicting some CX programs may be at risk of cost-cutting this year4 and that means it has never been more important to identify key strategies for ensuring CX success.

P_Web_Why improve CX

Source: Key Customer Experience Statistics to Know | Customer experience, Client experience, Investing (pinterest.com.au)

How do you develop a CX strategy?

Leverage first-party data

Consumers want greater levels of personalisation and that starts with learning how they shop and buy. Where organisations previously relied on third-party cookies to understand consumer behaviour, people are no longer willing to simply hand over their data as a matter of course. Brands need to be smarter about what information they request and access from customers and then use it wisely to generate better experiences for them.

Invest in digital

Remember when going ‘digital’ was all about delivering a desktop website? What simple times they were. Today digital CX extends across multiple platforms, apps and devices, with an omnichannel mindset essential for any company that wants to shine when it comes to CX. An increase in digital investment will help ensure customer experiences that are seamless and allow consumers to effortlessly move between channels.

P_Web_The CEO outlook in 2023

P_Web_The CEO outlook in 2023-m

Source: PWC Australia’s 26th CEO Survey

Embrace outsourcing

The past couple of years have been incredibly tough for recruitment and HR teams, with a global skills shortage creating a war for talent across multiple industries. Given such pressures, it is no surprise many organisations have gravitated to non-traditional outsourcing that is allowing them to dial their workforce needs up and down as needed, along with ‘skinning down’ operations and simplifying central functions.

Focus on retention

Happy staff foster happy customers, which is why any CX strategy should include an emphasis on creating a workplace environment where people want to be. Organisations that drop the ball on employee retention will pay a hefty price on multiple fronts, from the cost of recruitment, onboarding and training to the loss of quality team members who not only know the business but how to deliver memorable service that gets customers telling positive stories.

Summary

With economic storm clouds on the horizon, customer experience is shaping as a key priority for organisations wanting to stay ahead of their competitors. If you make the mistake of doing what you have previously done, you will fall short of meeting your customers’ expectations and delivering their wants and needs. Now is the time to rethink your CX strategy and deliver positive change for your customers and bottom line.

Research has found that companies with a customer-focused CEO are more profitable than their competitors. Discover four customer-centric trends to shape 2023.

References
1 26th CEO Survey | Australian findings | PwC Australia
2 Inflation Peaking amid Low Growth (imf.org)
3 26th CEO Survey | Australian findings | PwC Australia
4 2023 CX strategy checklist: Seven priorities for your CX plan | MyCustomer

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