Research shows new consumer behaviors to push businesses to focus on experience for long-term growth
Seventy seven per cent of recently surveyed CEOs said that they plan to make changes in how their businesses interact with consumers as a priority to drive business growth.
The report by Accenture also said that these companies that focused their organization around delivering consumer experience have outperformed other businesses by six times in year-on-year profitability.
“COVID-19 has pushed experience further into the spotlight, accelerating its significance through every function and employee,” said Brian Whipple, group chief executive of Accenture Interactive. “Simply put, when you improve the experience, you improve lives and in turn, you improve business.”
Similarly, it was also found that companies being backed up by C-suite is also a means for increasingly strengthening the move to being experience-led. Accenture Interactive calls this new holistic approach as the Business of Experience (BX).
The research also notes that while Customer Experience (CX) has been part of the chief marketing officer’s domain, BX has been part of the CEO’s priority because it revolves around every aspect of a company’s operations. In the survey conducted, even COOs (56 per cent), CSOs (53 per cent) and CFOs (51 per cent) said that there is a need for the way their company engages with their customers to change.
“All leaders are going to need to change their approach to experience and the quantifiable business impacts in the year ahead, as so much about our world has been altered – how we shop, how and where we work, and how we interact with others,” said Gregor Barry, managing director and Accenture Interactive lead in Canada. “We see an experience renaissance happening before us. Companies that live and breathe experience will be poised for growth.”
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