“Hi, Laura? This is Meg from Toyota. You recently brought your 2005 Highlander in for service, and I just wanted to reach out and find out if you had a good customer experience.”
The call, of course, came just as I was reviewing my Visa bill and cringing at the cost of service for old cars with many miles.
It seems that more and more B2B and B2C companies are reaching out in this manner, which makes sense, annoying or not, in this very competitive economy.
A recent Forbes Insights report based on a survey of 357 executives of large organizations proved that data-driven customer experience is critical to the future growth and development of organizations. The report, Data Elevates the Customer Experience: New Ways of Discovering and Applying Customer insights, sponsored by SAS, found that the benefits of evolving to data-driven customer experiences (data-driven CX) include:
- Enhanced revenue generation
- Cost reduction
- Accelerated process efficiencies and quality improvements.
One of the most compelling findings from the survey is something we’ve discussed in many times.
Data integration remains a challenge:
- Only 36% of executives say they have attained real-time, highly integrated capabilities across all the customer channels within their enterprises.
- Half of the most highly data-driven CX organizations consider themselves to be highly integrated. Information is managed centrally, as reported by a majority of executives.
- Only 14% of executives are able to report that their data is structured on a cross-functional, synchronized basis.
But there is hope. While data management and integration remains a challenge, the framework is, for the most part, in place. Many organizations have established the mechanisms needed to achieve the necessary back-end integration to deliver data-driven CX, and executives are pushing to increase the visibility of key data sources to further data-driven CX.
The good news is that the amount of data being generated through customer experiences is growing rapidly. 98% of executives say the volume of this data has increased over the past 12 months, and in almost all cases, the growth rate has topped 10%. 38% report that such data is growing at a rate exceeding 25% annually.
The Bottom Line
Delivering a superior customer experience doesn’t happen overnight—it requires a mix of activities and competencies, from master data analytics services to data integration services to technology implementations to training to rethinking processes.
Which brings me back to Meg from Toyota. Yes, Meg, over the last several years, I’ve had a positive customer experience, and when and if my Highlander goes…you know…I’ll likely get another.