This report focuses on identifying future trends, best practises, challenges facing CX leaders in Australia and the evolving nature of customer experience.
Brand and CX strategy alignment are critical for business, but only 45% have a well-defined strategy.
Ipsos and Ashton Media’s landmark State of the CX Nation industry report – a first-of-its-kind research report for Australia’s CX industry as companies increasingly recognise the importance of customer experience.
The research, which was conducted by Ipsos between May and July this year, is designed to set the benchmark for customer experience in Australia, allowing organisations to leverage the insights to support their critical CX business decisions.
The report focuses on identifying future trends, best practices, challenges facing CX leaders in Australia, and the evolving nature of customer experience. It highlights the growing responsibility for CX in organisations to deliver unique, differentiated, personalised and privacy compliant experiences for customers.
One of the hottest topics in the world of customer experience (CX) is alignment. Should organisations focus on brand strategy, customer experience strategy, or find a way to align both? Should offline and online touchpoints be synchronised to create seamless omnichannel experiences? And who takes the lead on shaping the customer experience - the Sales team or Marketing? According to the 2023 Ipsos State of the Nation CX report, 83% of CX professionals agree that aligning brand and customer experience strategies is critical. This finding highlights the importance of creating synergy between the two elements for enhanced customer satisfaction.
However, one of the top challenges faced by CX professionals is how to cultivate a "customer first" culture within their organisations. It's an ongoing journey to instil the values and mindset needed to consistently prioritise the needs and desires of customers.
CX matters. It’s more than just a catchword - it can really make a difference. Companies who get it right reap the financial rewards with evidence in abundance. But it's difficult to get it right and many CX initiatives are hard to measure. According to the 2023 Ipsos State of the CX Nation report, two-thirds of CX professionals say they are coming under increasing pressure to prove the link between CX and ROI to secure budget. 55% agree that CX is like ‘a fish out of water’ without demonstrable ROI. But half of those interviewed in the survey also feel that a lot of CX benefits go unmeasured. While CSAT and NPS remain the more popular metrics, CX professionals and organisations are seeking alternative ways to measure their CX initiatives and prove correlation - not just causation, for ROCXI.
Closing the loop
Which industries do you think have the largest proportion of customers who report having unmet expectations? Mobile Network Providers, Banks or Airlines?
Closed Loop feedback is where customer or employee feedback insights from a Voice of Customer (VoC) or Voice of Employee (VoE) type study reach the relevant teams to take action.
According to the 2023 Ipsos State of the CX nation report only 20% of organisations consistently incorporate customer feedback into their product and service design. Encouragingly though, two-thirds claim that the CX team in their organisation is collecting customer feedback on critical incidents and take steps to respond directly to customers. But here’s the big questions - what happens to the other third?
Let's dive into the discussion and share our insights on how you can bridge this gap and deliver exceptional customer experiences across industries.
It’s no surprise that building a 'customer first' culture is a top challenge for CX professionals. According to the 2023 Ipsos State of the Nation CX report, only 45% of surveyed CX professionals agree that their organisation has a well-defined CX strategy.
The good news is that you're not alone! The maturity of CX within organisations still has a lot of room to grow. So, where does your organisation stand on the CX Maturity framework? Are you at the Foundation, Practiced, or Leading level? Interestingly, only 4% of CX professionals surveyed consider their organisation to be at the Leading level. But don't be discouraged! Remember, "Wherever you are, start from there."
Looking to the future, we asked our CX professionals surveyed in the 2023 Ipsos State of the CX Nation report to identify which areas they plan to invest in to achieve their strategic goals in 2023/ 2024.
The top three areas that they intend to focus on truly emphasise the importance of leveraging existing resources and gaining a deeper understanding of customer journeys to minimise the effort required for customers to engage with and enjoy a brand or service.
- Data and analytics
- Customer loyalty and retention
- Customer journey mapping
A noteworthy finding is that employee experience ranks 9th in priority, but we believe this is an area to keep a close eye on.
It's a thrilling time for CX investment in Australia, as businesses increasingly recognise the value of delivering exceptional customer experiences. The landscape is undergoing significant growth and transformation as companies embrace digital channels, leverage cutting-edge technologies like generative AI, enhance data analytics capabilities, and prioritise customer journey optimisation, ESG initiatives, and aligning employee experiences with customer needs.
About our partners - Ashton Media
Ashton Media is a trusted provider of exceptional conferences that offer invaluable insights, education, and networking opportunities. Their conferences feature compelling agendas packed with targeted themes and big ideas from inspiring industry leaders. They pride themselves on delivering unparalleled insight into the CX industry with inspiring speakers, highly targeted content, and the most senior delegations in the region. For more details on Ashton Media’s services visit ashtonmedia.com.au