The State of CX in 2022

In today’s business world, more people (and companies) than ever are realizing the critical importance of the Customer Experience (CX) function. It’s a fast-growing function, as organizations compete to attract and retain top talent and to develop the best possible customer experience to set them apart.

 

Statistics from the past few years prove the point:

• 87% of executives said that CX is their top strategy priority for driving growth.
• The CX management market is predicted to grow at a rate of 18.1% annually between 2022 and 2030.
• By 2020, nearly 90% of companies reported having a CXO or equivalent leader, up from just 65% in 2017.
• Nearly 46% of companies rate CX as their top business priority over the next 5 years.

 

The importance of CX has even begun to spread into the realm of business education, as college programs across the country begin to incorporate the function into their curriculum. Several colleges and universities offer CX certificates, both for traditional students and through professional or continuing education programs. As a result, more talent is coming into the field with an understanding of CX and its significance in business as a whole.

 

Accreditations and certifications are growing in popularity outside of the traditional college and university system as well, with top industry organizations also offering CX programs and recognitions. For instance, the Customer Experience Professionals Associations (CXPA) offers the Certified Customer Experience Professional (CCXP) program. This accreditation provides “professional recognition of individuals with high levels of knowledge of the customer experience discipline.” As CX continues to grow in importance, expect to see even more courses, certificates, and accreditations developed to denote individuals’ and companies’ achievements in CX knowledge.

 

In the end, all of this focuses on the most important point: the customer. Building a great customer experience can have numerous benefits for a company. One study by the Temkin Group found that a positive CX can lead to customers who are:

 

• 5 percentage points more likely to make additional purchases
• 7 percentage points more likely to trust the company
• 3 percentage points more likely to forgive the company if it makes a mistakes
• 1 percentage points more likely to immediately try a new offering.

 

On the other side of things, a negative customer experience can have an impact too – just not the kind brands are hoping for. A PwC survey found that valuable customer experiences can offer businesses up to a 16% price premium. But there’s a catch: even when people love a company or the actual product, 59% will stop being a customer after several poor experiences – and 17% will leave after just one bad experience.

 

At Blue Rock Search, we are proud to have an entire practice dedicated to pinpointing and recruiting top talent in CX, all the way up to the C-suite. Our team has a deep understanding of the complex skill sets required to excel as a CX leader or team member, and we apply all that experience and dedication to finding visionary, transformative CX leaders to ensure our clients excel in an increasingly competitive CX market.

 

By Dawn Russell

 

About the Author

As Managing Director of Executive Search for Blue Rock Search, Dawn brings her Social Talent Black Belt skills and deep analytic abilities to bear, developing quality talent pipelines for a variety of diverse industries focused in Customer Experience. Dawn is the only Director of Executive Search at Blue Rock Search that is equally knowledgeable in three of our four specialties including Customer Experience, Franchise, and Human Resources.