With concerns about a recession rising, organizations might be reevaluating their spending and growth plans. In the past, this would have meant reducing spending on technologies to address customer experience. Studies show that customer satisfaction has been the top priority for three years, beating product/service quality.
Research shows a direct correlation between high-quality CX and customer satisfaction, which in turn, affects revenue and costs. A group with the highest measurable variable for business success spent over 92.2% on CX technologies compared to the non-success group.
Given this knowledge, we see more companies invest in CX technologies, such as CRM and CPaaS platforms. In the second quarter of 2022, over 50.7% of companies were planning to increase CX spending by 2023 by an average of 17.3%.
Why is investing in CX critical?
Customers will continue to be critical
Customers will be wary of doing business with a company that has a poor reputation for customer service. Considering that poor customer experience can be amplified on social media and web rating. Equipping teams with the means to deliver high-quality CX can help customers return and do business.
Agent turnover might rise
In early 2022, annual agent turnover increased by over 32%. CX technologies can automate customer inquiries, provide agent coaching/assistance, and identify any low-performing factors to help optimize the workforce.
Build on your competitive advantage
Customers have seen rapid changes in customer service thanks to technological innovations in CX. Self-service and digital-first customer service and several companies are planning to build on this strategy. Over 57% of companies plan to adopt a digital-first strategy while 69.3% say they need significant or incremental improvement in self-service. Investing in CX technologies can help companies build a competitive advantage.
Bracing for uncertain times by investing in CX
While there might be uncertain economic times ahead, doubling down on CX technology can help organizations navigate these leaner times due to the strong connection between high-quality CX and higher revenue.
Furthermore, investing in CX technology can help organizations reduce operating costs while still improving CX quality, which can help organizations maintain a great relationship with customers and keep revenue levels steady.