Customer-centric leadership is the new growth indicator: Zendesk and ESG
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- The new report, CX Champions: How CX Leaders Who Improve Their Game Are Driving Business Success , surveyed more than 1,000 CX managers and leaders in North America, Europe, Asia Pacific, and Latin America to better understand their investments in CX.
Zendesk today released new research in partnership with Enterprise Strategy Group (ESG) showing how companies investing in customer experience (CX) are reaping the benefits.
The global study found that there is a clear link between organizations with more mature customer experience capabilities and greater business success in areas such as market share, increased customer spend, and dynamic processes over the past six months.
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The research also found that, as companies around the world adapt to new forms of remote work and constant uncertainty in 2020, more than three-quarters of medium-sized and enterprise companies (78%) and almost two Thirds of small businesses (65%) said that customer-centric agility has increased in importance as a result of the COVID-19 pandemic.
"Organizations are under increasing pressure to outperform the competition and grow their businesses - that's an even greater challenge as companies adjust to the impact of a global pandemic and associated uncertainty ahead," he said. Colleen Berube, CIO and senior vice president of operations at Zendesk.
“By working with ESG, we set out to confirm the link between an organization's ability to deliver a high-quality experience and better business results. The relationship is clear. We hope that these insights into the connection between a focus on customer experience and business success can help companies learn from those ahead of the CX scale, "he added.
The new report, CX Champions: How CX Leaders Who Improve Their Game Are Driving Business Success , surveyed more than 1,000 CX managers and leaders in North America, Europe, Asia Pacific, and Latin America to better understand their investments in CX. Based on the research, ESG developed a CX Maturity Scale that segments organizations into three levels of customer service maturity, based on seven key characteristics that cover how organizations use their support teams, technology and data to drive better performance. Next, ESG classified the companies into three maturity categories: Starters : showing from zero to three of the seven characteristics; Risers (Advanced): they have four to five of the characteristics; and Champions (Expert :) that meet at least six of the characteristics.
Some key findings from the report show that companies that invest in CX reap significant benefits, including:
- Faster growth: Even during the pandemic, midsize and business Champions were found to be 8.7 times more likely than beginners to have significantly increased customer spending. For the Small Business Champions, this figure increases to 9.2 times.
- Increased market share: Medium-sized and enterprise Champions were 3.3 times more likely to have increased their customer base in the past six months. Small Business Champions experienced similar growth, 3.6 times more likely to have increased their customer base in the same period.
- High-level support: Champions also ensured increased investment and support from high-level leaders within their organization. For example, senior Champions leaders of midsize companies and enterprises were 3.8 times more likely to see customer service as a differentiator.
“Our research identified a clear connection between CX excellence and business growth. Not only are companies in the Champion stage of scale seeing better results in traditional service metrics such as time to resolution and CSAT, they are also experiencing positive business results in customer spend, retention, and CX board-level support as a business priority, ”said Adam DeMattia, director of personalized research at ESG.