It's not news that customer experience is more relevant and important today than ever before. The survey results from KPMG's 2018 CEO Outlook Survey proves all our thoughts on the subject. It contains numerous interesting statistics and analysis, none more so than the common challenge of personalising the customer experience.
I'm sure for many CEOs, they'll take some comfort from knowing that they are not alone in attempting to deliver on the holy grail of "the experience." Today brings many more challenges that CEOs have not had to face in years past. With three very different generations - millennials, Gen X and Baby Boomers, it's become an extreme challenge to understand their wants and needs. If a company is not able to deliver to these generations based on their own wants and needs, their level of success greatly diminishes. The survey found that 48% of UK CEOs "struggle to understand how the needs of millennial customers differ from those of other generations."
Have human resource and global mobility teams begun to adapt and change their policies and programs to deliver a great customer experience to their own employees, both new talent as well as current talent?
At Plus, we've focused heavily on the customer experience. Much of our time has been spent on the research and science behind what's the perfect recipe for customer experience. Check out some of our own insights on the topic here.
CEOs know they need to build a new relationship with customers to achieve long-term growth. But a surprisingly high proportion of business leaders are struggling to get their customer strategy right. Hoped-for benefits from using technology to understand customer preferences are also proving elusive for many. Globally, 25% of CEOs said they were not meeting customer expectations of a personalised experience. Perhaps more worryingly, 44% of UK CEOs said investments they had made to create that personalised experience had not delivered the growth they’d hoped for. A key challenge is understanding the different demands and preferences of different generations – Millennials versus Generation X and Baby Boomer consumers. Globally, 45% of CEOs say their organisations struggle to understand how the needs of Millennial customers differ from those of other generations. In the UK that number rose to 48%.