Does the CX industry need saving? I say yes. At an industry level, Forrester’s CX research finds “widespread stagnation“. Furthermore, CustomerThink’s study found just 25% of CX initiatives (funded and staffed) claim quantifiable business value or competitive advantage. The majority of the rest are stuck in a “developing” stage doing good work in most cases, but not seeing the results necessary to justify future investment. And mark my words, most CEOs are not true believers in CX — they want to see how CX investments lead to a better business.
Specialized vendors are popping up to help the cause. Like Brightback, launched in early 2018 by Guy Marion to “personalize the cancellation process at scale.” When the personal touch of a CS rep is not feasible, a cancellation request can trigger a personalized offer to reconsider. Marion says they’ve seen a 15% average save rate across multiple clients.
Read the full article on CustomerThink.