Firms Scramble to Improve the Customer Experience
In the social media age, organizations are gaining an increasing awareness of and appreciation for the importance of their customers. As a result, these businesses are pursuing newer and better tech tools to understand consumer preferences and behaviors. Realizing that the stakes are high, these companies are trying to create the greatest customer experience they can, according to a recent survey from Oracle. However, while intentions are lofty, execution is lacking in many situations. In fact, a significant share of companies are only beginning to develop customer experience management (CEM) initiatives. For example, many organizations are not taking advantage of social media resources to boost sales and customer service functions. And, as is often the case, a lack of funding and silo-driven infighting are creating roadblocks. For these companies, time is running out: Survey findings reveal that an overwhelming majority of consumers are quick to abandon a brand if their experiences are negative. More than 1,340 global senior executives took part in the research.