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However, so far, few organizations can fully meet the ever-changing expectations of customers. According to the latest research of Accenture, after the outbreak, the ranking of customer experience on the list of CEO priorities has declined by 33%. One of the emerging problems is that it is difficult for enterprises to clearly judge the level of return on investment of customer experience.

Accenture believes that excellent experience is not determined by products and services, but how enterprises help customers obtain the most important results for them. Now, driven by the chief executive, the experience is upgrading from workflow to a new business model. This has prompted enterprises to go beyond the scope of “touch driven experience” (Cx) and rethink the overall business through a broader perspective of experience, so as to help customers achieve their expected goals.

It’s time to open the value led experience (BX)

We call the coming new experience model “value led experience” (BX). It supports enterprises to be customer-oriented and rekindle the growth engine in the post epidemic era. On average, the profit growth rate of BX leading enterprises is more than 6 times that of Cx oriented enterprises!

The touch driven experience is facing challenges

Although paying attention to customer experience is not a new measure, at present, value led experience (BX) has become a very urgent business for enterprises. This is largely because the contact driven experience (Cx), as we all know, is facing three challenges: customer demand, consistency and enterprise mission.

1. Customer needs

Excellent experience is no longer icing on the cake, but a necessary condition for the survival of enterprises. However, many enterprises seem to have problems of inconsistent pace with consumers, too rigid, or unable to keep up with the speed of consumer change. As consumers witness more and more experience cases, their expectations rise and become highly mobile, spanning different product and service categories. At this time, it becomes more difficult for enterprises to meet the needs of customers.

2. The same

When enterprises talk about CX, they tend to focus on traditional sales and marketing contacts. Its importance has not decreased, but its value proposition has stagnated, because many basic elements of Cx have broken through the limitations of contact and become ubiquitous. In order to provide excellent experience, enterprises must change the way they provide it.

3. Corporate mission

Consumers are no longer satisfied with the products and services themselves. They also care about the attitudes and values of service providers in the fields of social issues and sustainable development. This is also the core of “position economy” advocated by Accenture for a long time. The foundation of BX practice is to attach importance to brand vision and commitment to improve people’s quality of life and equality, which will play a crucial role in brand development.

Four winning principles and reconstruction of ambition

To a large extent, value led experience (BX) is a new management category. As we continue to move forward, in the next decade, the sharp minded CEO and his leadership team will actively explore value led experience. By interviewing BX’s leading enterprises or enterprises with this ambition, Accenture has identified four success rules to help them achieve their goals.

Customer demand first

Customer needs are constantly changing and often unpredictable. Therefore, we now need to find ways to understand the needs of customers, large or small, which have not been met.

This requires the whole enterprise to go all out – the relevant data needed are scattered and stored in the sales team, customer service department and financial function. In addition, the use of remote methods to conduct new customer research directly can also reveal their current needs and expectations. Mining unmet needs means that enterprises need to think about how to improve customers’ sense of happiness and loyalty, clarify their goals and specific ways in work, entertainment or family, and then deliver excellent experience to help them achieve their goals.

It is important to bear in mind that these customer needs may exist either at the functional or interactive level (for example, streaming media services help people find and consume content more easily) or at the service or business level (for example, medical equipment providers in hospitals reshape their businesses to solve the problem of home-based care).

Accenture research shows that globally, the proportion of leading enterprises (55%) who can translate customer data into practical actions is more than twice that of other enterprises (26%), while the proportion of Chinese enterprises is as low as 21% — among them, the proportion of Chinese enterprises with high-quality data (24%) and high-quality insight (15%) are lower than the global average.

Making experience innovation a daily habit

Real experience innovation culture requires enterprises not only to change what they say, but also to innovate the behavior of the whole enterprise, so as to narrow the gap between brand commitment and actual delivery experience.

Experiential innovation refers to solving problems in a new way. It has three progressive levels of function innovation, service innovation and business innovation, which continuously occurs in all levels of the whole enterprise, and can not be realized simply by optimizing experience contacts. Although the implementation is more difficult, it is also more difficult to be imitated by competitors, which can bring customers a more transformative experience.

Among Chinese enterprises, although only 22% of them have empathy with the process of continuous innovation, the proportion of them who have strong confidence in the return on investment in customer experience innovation is unexpectedly as high as 71%, which reflects that Chinese enterprises have found a strong correlation between customer experience and business results. “Experience economy” is in the ascendant in China, but it is easy to know but difficult to do – only 18% of Chinese enterprises have the ability to build and manage brand commitments directly related to customer experience.

Comprehensively promote experience culture

The ultimate goal of value led experience (BX) is to open up front-end functions such as sales, marketing, service and products (break the isolated island of departments), and to connect seamlessly with back-end functions such as human resources and supply chain. This requires enterprises to comprehensively change their operation mode and shift their focus from attracting customer interaction to establishing interaction in each customer experience journey.

In other words, experience is no longer just the responsibility of a chief executive. Everyone in the enterprise must pay close attention to it. Every employee and every link of the enterprise must closely contact and cooperate with each other, take experience as the core goal, and play a role as a whole with high cohesion and customer supremacy.

Accenture research found that 57% of BX’s leading enterprises have taken action and said they can achieve this transformation in the whole organization and in cooperation with partners at all levels, more than twice the proportion of their peers (25%). Only 18% of the Chinese companies surveyed think they have the ability to change. In addition, leading enterprises have set up innovation departments (69%) or transformed operation departments (63%) for this purpose, which are twice as many as their peers (32% and 28%). Nearly 60% of the leading companies said that they had linked employee performance evaluation, compensation and bonus to touch driven experience results, while only 25% of other companies did so.

Simultaneous upgrading of technology, data and talents

Successful enterprises are taking all kinds of practical measures to reshape their business and operation mode around experience. 74% of the enterprises surveyed said that they planned to thoroughly reflect on the process and operation mode to improve the business flexibility in the post epidemic era.

For some enterprises, this change may need to improve the technical foundation, provide lower cost, more reliable services and more personalized solutions. For another part of enterprises, the success of the reform needs to find a new business model, establish more accurate pricing, different distribution channels or new revenue sources.

However, no matter what way, it is inseparable from changing the operation mode, integrating technology, data and talents into a complete system driven by CX and focusing on unified and coherent customer journey. This does not mean increasing investment, but changing the way of investment. By reorganizing data, technology and talent, BX’s leading enterprises improve agility, continuously release efficiency, and re invest in new performance and growth opportunities. This helps businesses improve their experience and meet customer needs without sacrificing profitability and sustainability.

Among the enterprises that have established leading edge, 61% clearly know what technology platforms they need to use to maintain competitiveness and customer relevance, while only 27% of their peers have such confidence. Among the Chinese enterprises interviewed, only 17% of them have a clear understanding of how the technology platform enables customer experience.

Value led experience (BX) is a significant change in thinking mode. Now is the best time to explore the transformation from contact driven experience (Cx) to value led experience (BX). We firmly believe that even if the future is still full of uncertainties, this action will ignite the growth engine and bring the desired results to customers and enterprises.

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