MaritzCX Delivers Breakthrough Process to Grow Revenue through Customer Experience
– Leading CX firm launches world’s most comprehensive program to help companies assess and grow financial results from customer experience efforts –
SALT LAKE CITY – February 3, 2016 – With the launch of CXEvolution™, MaritzCX has cracked the code on translating customer experience (CX) programs into hard business results. CXEvolution is the first and most comprehensive framework for assessing, measuring and prescribing specific actions proven to link customer experience maturity with financial outcomes.
CXEvolution is an assessment and action model inspired by years of experience helping global organizations like AT&T, Bank of America, GM, Adobe, Activision, BMW, Qantas, Nissan, and T-Mobile to measure and manage their customer experience outcomes. Through recent assessments of more than 4,300 CX professionals around the world, MaritzCX has proven that companies with higher levels of customer experience maturity consistently garner large payoffs in revenue, margin growth, customer retention and profitability – up to three times more than firms with lower organizational CX maturity.
Drawing on the unique combination of evaluation and prescriptive action, CXEvolution positions companies to tap into the significant financial opportunity of CX by handing them a tailored, actionable path forward. The CXEvolution framework begins with an in-depth assessment that uncovers details about an organization’s mastery in 14 CX competencies across six dimensions. The results not only identify an organization’s overall CX maturity stage, but also provide a benchmark against industry peers, best-in-class leaders and the market at large. Delivering something no other CX vendor does, MaritzCX then presents a prescriptive action plan suited to each CX maturity stage.
“Most companies are still relatively immature when it comes to managing their customer experience. Making the right small improvements can create a significant opportunity for organizations to leapfrog the competition and catapult their CX programs far ahead of industry averages—before others beat them to it,” said Carine Clark, CEO and president of MaritzCX. “With the development of CXEvolution, we are the only strategic CX business partner that can provide a clear evolutionary path to clients, along with products and services offered by us and our partners, to maximize the value of each stage of a company’s CX maturity.”
The focus on growing revenues using customer experience-based programs is big business. According to a recent report from Markets and Markets, the customer experience software and services industry is expected to grow from $3.8 billion in 2014 to $8.4 billion in 2019. Nearly 9.5 million professionals have “customer experience” in their job titles on Linkedin.com.
Key findings from the global CXEvolution study of more than 4,300 professionals include:
- Companies with the highest customer experience maturity are three times more likely to have improved financial results and customer retention.
- Companies that use data to predict and act on customer behavior are two-and-a-half times more likely to positively impact business results.
- Companies with active support from leadership, including the CEO on down, are more than twice as likely to report revenue gains.
- Airlines, consumer packaged goods, breweries, apparel and supermarkets lead in higher customer experience maturity.
- The majority of businesses have a big gap to fill; 72 percent of customer experience professionals report that their customer experience programs are not very successful in improving business outcomes, emphasizing the gap between knowledge and execution when it comes to designing and implementing an effective CX-centric program.
- Success is not about the metric used for tracking progress, but rather the processes, tools and leadership that businesses apply to their CX initiatives.
Companies with the most mature CX programs use customer data to be predictive about customer behavior, allowing teams to be proactive. In addition, these companies have garnered CX support from the executive level down to the frontline, creating an environment and culture that maximizes the utilization of CX technologies, processes and efforts. They also understand that collecting more feedback and distributing more reports doesn’t necessarily move the needle; taking action on the data you already have, does. Finally, mature companies focus on the right CX measures and tools to nurture a culture of customer centricity throughout the organization.
“Business leaders know that throwing money at CRM systems, ad-hoc surveys or customer coupon programs is not enough today,” said Steve Maritz, Chairman of MaritzCX. “Companies that really manage their customer experience are winning because they create higher value. The opportunity is tremendous for businesses ready to step up and engage, and CXEvolution now proves the massive opportunity that exists and what companies can do to pursue it. It all starts with the assessment.”
To take the complimentary CX assessment, visit staging.martizcx.com/assessment. The CXEvolution™ benchmarking study began in the fall of 2015 and to date includes more than 4,300 CX professionals across the U.S., Canada, EMEA, and Australia. MaritzCX launched CXEvolution in 2016 to help business assess their CX maturity and pinpoint technology and services that result in competitive opportunities that improve financial performance and customer retention.