Intelligent CIO Europe Issue 65 - Page 42

Organisations must unlock the new paradigm of personalised , empathetic experiences at scale to build customer relationships and growth amid changing consumer preferences and increasing expectations . We take a look at the findings of Genesys ’ State of Customer Experience report which delves deeper into this philosophy .
• The majority of consumers ( 86 %) believe a company is only as good as its service – a staggering 16 % increase from 2021 . But only 13 % of businesses have the tools and technology in place to deliver the experiences people want today .
• Less than half ( 43 %) of consumers have felt highly valued after a call , while a quarter of consumers have lost their temper ; some ( 12 %) had experiences so bad that they were driven to tears .
• These bad experiences are worse than frustrating – they ’ re loyalty killers : 77 % of consumers will switch brands after five or fewer negative interactions with a brand ’ s customer service .

Poor customer experiences are threatening brand loyalty , with nearly one-third ( 31 %) of consumers opting to take their business elsewhere after a dissatisfactory interaction last year . New research from Genesys , a global cloud leader in experience orchestration , also reveals that the number one challenge for organisations is keeping up with rising consumer expectations – putting their bottom line at risk as they struggle to deliver relationship-building experiences . In the third edition of this Genesys global benchmarking study , The State of Customer Experience examines how consumer preferences for personalised , empathetic experiences , rapidly increasing digital channel use and declining satisfaction with automated interactions create mounting pressure for organisations worldwide .

Bad experiences kill customer loyalty
“ Consumers today have little tolerance for fragmented , inefficient and transactional interactions , which they ’ re demonstrating by leaving for the competition ,” said Barbara Holzapfel , Chief Marketing Officer at Genesys . “ The most innovative organisations are proactively addressing these rapidly changing expectations by redefining what ’ s possible using digital technologies and Artificial Intelligence ( AI ). For organisations , this study underscores the importance of strengthening customer and employee relationships by orchestrating personalised , empathetic experiences at scale .”
Earn loyalty by understanding customer generational dynamics and personalisation preferences
For organisations to meet the increasing expectations of consumers , it ’ s imperative to understand the preferences and motivations that are driving their behaviours .
Expectations about what makes a great customer experience ( CX ) are rising faster than most organisations can keep up with – and consumers aren ’ t afraid to walk away when their needs aren ’ t met .
• The experience and values-driven generations : Gen Z and millennials ’ loyalty is won and lost in the experience . These generations are quick to stop doing business with a company

Genesys report confirms customer experience is at the heart of success

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