90% of Companies Have a CXO
In 2020, almost 90% of organizations reported that they have a Chief Experience Officer (CXO), according to Gartner. This is a significant increase from 2017 when more than 35% of companies did not have a CXO on their team.
According to Gartner, customer experience drives over two-thirds of customer loyalty, outperforming brand equity and price combined. In fact, a good customer experience makes a person five times more likely to recommend a company and more likely to purchase in the future. That’s some serious revenue at stake.
A rapid number of companies have committed to having a dedicated CXO, to continually innovate the experience delivered to customers to meet their evolving needs and to reduce customer defects, and increase customer loyalty.
Last year Cars.com promoted their former Chief Marketing Officer (CMO) to Chief Experience Officer (CXO) to oversee the product- and user-experience design teams as well as marketing. Alex Vetter, Cars.com’s president and CEO, said attracting and keeping customers requires constant adaptation. “Now we can do it more rapidly, on a day-in, day-out basis.”
Earlier this year, companies such as Mastercard, Under Armour, United Way, and private-jet operator Wheels Up each named their first CXO. Others with CXOs in place include TGI Fridays Inc., Citizens Financial Group, Tripadvisor, and Tile Inc.
Employee Engagement is now part of the Chief Experience Officer’s role
The CXO role has now evolved from more than just focusing on customer experience and loyalty, but the employee experience, company culture, and employee loyalty. Based on three Gallup measures and a study of employee engagement this year, the overall percentage of engaged workers during 2020 was 36%. This reflects those who are highly involved in, enthusiastic about, and committed to their work and workplace.
*Related – How to Hire the Right CXO
More and more Chief Marketing Officer’s are Reporting to the CXO’s
Walmart announced that their CMO will report directly to their CXO. Traditionally the CMO position at other companies typically reports directly to the CEO. However, because nearly every part of the brand needs to ramp up the experience they provide, over the last five years we have seen more and more companies having the CMO and human resources report directly to the CXO. It all comes down to building the experience and building customer and employee loyalty.
*Related – Get your Masters in Customer Experience and become your brand’s next CXO, register for the 2022 CXEA Class.
Episode 051: Measuring your Customer’s Experience
Chief Revolution Officer John DiJulius of The DiJulius Group talks with Jess Pischel, Customer Experience Consultant for The DiJulius Group and Dean of the Customer eXperience Executive Academy, about why measuring your customer’s experience is critical to improving the customer service your organization delivers. Listen to Podcast 51.
Is your Brand Tattoo Worthy? (2 minutes)
Next CX Coach Camp November 1st – 4th
Have you ever thought about being part of the Customer Service Revolution permanently? Now you can become a licensed Customer Experience (CX) Coach, start a business around your passion, and grow it to six figures, working just a few days a week. The last CX Coach Camp of 2021 is November 1st thru November 4th. Schedule a call to see if becoming a CX Coach is right for you.
The 2021 Customer Service Revolution
We are offering both in-person and virtual options for the two-day 2021 Customer Service Revolution. For the ultimate experience and peace of mind of our in-person attendees, we will take every safety precaution. As a result, we will be limiting the number of in-person tickets that we can sell. Our virtual tickets will also provide access to every speaker that the in-person event will.
Your future success will be determined by your customer experience strategy and the percent of customers you create that cannot live without your company.