Customers dissatisfaction is steadily growing with nearly 70% of consumers reporting they want companies to improve their experiences, according to the 2023 CX and Communications Consumer Insights report. This trend has moved in the wrong direction over the years, nearly doubling since 2019 when 35% of consumers expressed dissatisfaction. While customers have high expectations, smart business leaders will see this as an opportunity, rather than a threat.
What we can all learn from the CX leaders & laggards
There is a disparity between customer experiences by industry. Banks are the clear frontrunners, delivering simple, informative, and customizable communications. The rest of the pack—credit cards, utilities, healthcare, health insurance, retirement funds, and more—are trailing behind.
What do banks get right? Survey respondents indicated these industries:
- Make it easy to navigate account details online (43%)
- Communicate clearly (43%)
- Make it easy to talk to a real person (41%)
- Send notifications when there’s something important to look at (34%)
- Allow customers to select how they want to receive communications (25%)
The common denominator for these “wins” for the CX leaders? Communication.
Why communication is more important than you might think
Communication is at the core of how consumers view companies. About three in five consumers (61%) judge a company’s level of innovation based on the communications they send. And when companies don’t get it right? The survey shows that it only takes two or three bad communications experiences to make a customer leave.
The theme of personalization was also strong. Eighty-one percent of consumers want businesses to personalize their communications experience based on what the business knows about them. That figure is up from 74% in 2022. Still, only 28% of consumers say companies are “doing great” at customizing their experiences based on the data companies have.
To meet increasing consumer expectations, look for tools that allow you to manage all of your omni-channel communications from one platform, including composition tools, identity and preference management, and analytics and reporting. These platforms engage customers with personalized digital and print experiences across the entire customer journey.
A new trend in communications: artificial intelligence
Some companies are starting to incorporate artificial intelligence (AI) into their communications experiences, notably as chatbots for self-service. We asked consumers about chatbots and 23% had noticed improvements in the technology over the past year across the companies they do business with.
Since conducting our research, ChatGPT – and generative AI at large – has taken the business world by storm. While many businesses are testing its capabilities in sandbox environments, they remain leery of how to best harness these tools to bring internal efficiencies and customer value. Even so, we’re excited about the opportunities that it can bring to helping companies deliver next-gen communications experiences.
Despite challenges, opportunities abound
It’s tough for established companies to meet customers’ CX demands and keep up with emerging technologies, especially with rigid processes and systems in place. About 40% of businesses have trouble with digital transformation due to their inflexible legacy systems.
Fortunately, businesses don’t need to create custom solutions to tackle CX and communication demands. Customer communication management and CX experts can help create the solutions needed without using valuable in-house resources. These shared solutions make it easier to achieve digital transformation while achieving operational savings goals.
For businesses looking to enhance their CX, don’t forget about the importance of the communications you send! Focusing on communications can go a long way toward helping companies retain customers, attract new ones, improve profitability, and deliver a better CX.
