84% of Executives See the Need for Digital CX, Yet Only 38% Have a Clear CX Strategy
New Survey from Forbes Insights and Glassbox Reinforces the Importance of Digital Customer Experience
NEW YORK – A new report reinforces the need for companies to focus on the digital customer experience (CX) to edge out competitors. Forbes Insights collaborated with Glassbox, the leading digital experience analytics platform for web and mobile applications, to survey 400 U.S.-based business executives across industries.
The results offer important insight into how leaders view digital CX, growth opportunities for digital CX technology and common challenges facing businesses as they implement long-term strategy. Key findings include:
- 84% of executives agree: to survive, businesses must deliver excellent digital CX. Digital CX was affirmed by 81% of business leaders to be an important competitive differentiator, quickly becoming as essential to a company’s success as products, services and pricing.
- 83% of respondents agree that they see a positive correlation between improved digital CX and profitability. 77% agreed that they can fully link digital CX investments to improved business performance.
- Despite this, only 38% of executives report having clearly defined goals and strategies for digital CX, and just 36% have established ownership and delegated responsibility for digital CX. Currently, only 34% of business leaders are confident that their digital experiences are optimally personalized.
- The top barriers to long-term digital CX success include privacy and security (69%), legacy analytics practices (66%), talent retention (65%) and cross-team collaboration (65%).
“Understanding the importance of digital CX is a crucial starting point,”said Yaron Morgernstern, CEO of Glassbox. “However, effectively implementing a complex digital CX strategy company-wide has proven to be challenging. The right technology and organizational alignment can have a significant positive impact.”
A deeper analysis of responses showed that many organizations may overstate the sophistication and readiness of their digital CX capabilities.
The broad lack of detailed strategy is likely preventing many businesses’ CX from reaching its full revenue and retention booting potential. Without goals, metrics, clarity and assigned digital CX leaders, companies will struggle to build and maintain a competitive digital CX long-term. By focusing efforts in those three areas, businesses can provide a seamless digital experience that improves customer satisfaction, addresses invisible inefficiencies and doesn’t leave any money on the table.