The rapid change of consumer expectations and buying behaviors in the last years is resulting in increased competitive pressure in the market. Companies in the forefront are differentiating themselves by investing in Customer Experience Management (CXM) as one of few ways to retain customers and stand out from the competition. The BearingPoint CXM Maturity Assessment and Framework provides a holistic approach to implement, enhance and optimize your company’s way of managing customer experience.

The digital age is changing consumer expectations and buying behaviors, and companies must excel in Customer Experience (CX) to ensure a lasting competitive advantage. Market drivers such as competitive pressure, a saturated market and empowered consumers are forcing companies to differentiate themselves through a unique Customer Experience.

There are several positive effects when consumers have a good experience from interacting with your business. Companies that invest in CX have seen a positive impact on the company’s financial results due to increased customer retention, customer satisfaction, and increased cross-/up-selling rates. Companies that excel in customer experience grow revenues 4-8% above their market. However, if good customer experience brings this much value, how come this is not on the top agenda for many companies?

Customer acquisition, top-line growth and pricing are often prioritized before working with customer experience

A first answer could be strategic priority. Companies that face competitive pressure often prioritize customer acquisition and top-line growth, competing sometimes with a pricing strategy. The backside of this is that it does not build loyalty. Another answer to why CX is not on the top agenda could be because of internal challenges such as:

  • Technology limitations - the lack of a modern tech stack to enable real-time delivery of great customer experience in a cost-effective way
  • Data - Lack of customer data and unstructured data creates obstacles in understanding customer behavior   
  • Investments - Calculating ROI on larger CX efforts is not as straight forward as other business initiatives
  • Buy in from executive management - Investing in CX needs buy-in from several C-level executives since it impacts many parts of the organization. C-level executives should understand how CX enables the company to improve both top line and bottom line​ growth.

Some of the most successful companies in the world bases its operations on customer focus and insights. However, internal challenges hinder prioritization of CX initiatives. All these challenges may arise from the organization´s lack of customer centricity and ways of working with Customer Experience Management (CXM).

BearingPoint therefore recommends companies to first find out if they have all the necessary internal CX-capabilities to enable the delivery of superior CX to their customers.

Where to start? Get a snapshot of your companys CXM maturity with BearingPoint's CXM Maturity Assessment

To support companies in getting started, BearingPoint offers a proprietary CXM Maturity assessment that in a structured way benchmarks towards a best-in class set up of CXM. The framework is developed by BearingPoint together with our global clients and is commonly used in BearingPoint Customer & Growth-projects in order to get a snapshot of a company’s CXM maturity.

The assessment will pinpoint your organizations challenges and give insight on internal opportunities for becoming a leading customer centric company. Together we determine the individual CXM maturity level of your organization within 4 weeks (pending availability of stakeholders at the company).

CXM maturity level is determined by the evaluation of the CXM core competencies derived from the process of continuous improvement.

Assessment is done through interviewing key stakeholder along the customer journey. We asses eight dimensions:

  1. Vision & Strategy
  2. Development & Innovation
  3. Customer Journey Management
  4. Processes
  5. Organization & Governance
  6. People, Culture & Change
  7. IT
  8. Performance Measurement

The assessment includes a holistic view of how the internal CX-capabilities and reveals strengths and weaknesses in your company’s Customer Experience competency. A detailed report including insights in to the eight dimensions is provided as well with valuable input for future investments and prioritizing.

By knowing your company’s actual maturity in the different competences and dimensions, the recommended next step is to develop a CXM-roadmap with prioritized actions and initiatives that will advance your company into a leading customer centric organization as well as establish progress tracking of activities as you move forward.

 

Would you like more information?

If you want to get more information about this subject please get in touch with our experts who would be pleased to hear from you.

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