In this roundup, a batch of new research reports examines a diverse set of issues. For SugarCRM, an unusual customer turnover rate at US businesses could be a harbinger of trouble. Meanwhile, the worsening day-to-day work experience of US healthcare workers is the subject of discussion for Eagle Hill Consulting. Of interest, too, is Adobe’s cautiously optimistic take on Asia Pacific businesses for this year, with the mood then lightening in Blueshift’s engaging research on elevating marketing campaigns, lifted at the end by the sympathetic approach of Qualtrics on what US employees today really think of the four-day work week. Details follow below.
SugarCRM: Dramatic Customer Turnover Spells Trouble for US Businesses
A new study from SugarCRM, the Cupertino, California-based provider of customer relationship management (CRM) software, reveals that US businesses are losing nearly one out of every two customers, a trend that most companies are ill-prepared to counter. Among respondents, 58% reported their rate of customer churn this year had increased in the last 12 months.
Overall, the findings underscore organizational turbulence across the customer journey, while highlighting the inadequacies of traditional CRM solutions unable to address today’s post-pandemic CX realities, notes The 2022 CRM Impact Report.
Results from the survey of 1,600 global sales and marketing professionals also show that more than 70% of respondents suspect customers are leaving because of poor CX. Roughly the same percentage believes that more needs to be done to improve customer trust in brands.
Missing or incomplete data is a big problem, the study points out. While three-quarters of those polled say consolidated customer information is critical to delivering optimal CX, 56% are missing data that could ostensibly improve marketing campaigns and sales conversions. Furthermore, one in four sales respondents believe that incomplete data across a customer lifecycle could cause them to miss their numbers.
For organizations, engaging CRM strategies can combat customer churn and help realize greater sales. Technology, such as purpose-built artificial intelligence (AI), can also be a game-changer, but the time to act is now, the report admonishes.
Eagle Hill: Daily Work Experience Has Worsened for US Healthcare Workers
New research from Eagle Hill Consulting, the Washington, D.C.-based management consulting firm, reveals that one out of every three US employees working in the healthcare industry say their day-to-day work experience has worsened during the COVID-19 pandemic. Moreover, a majority believes that their organizations took more action during the past year to improve CX, instead of investing in employee welfare and elevating the employee experience (EX).
In its new national poll of 509 healthcare workers, the study also found that Millennials, more than any other age group, believe that their daily work experience has worsened since the pandemic began. Millennials are much more likely as well to seek work with a new employer in the next 12 months than Gen Xers and Boomers combined.
The findings follow on the heels of previous research indicating that the EX for healthcare workers drives the patient experience (PX). This means that a negative EX can harm productivity, patient service, and the bottom line, ultimately.
Melissa Jezior, president and CEO of Eagle Hill, says the first step in improving EX is to think beyond the human resources (HR) office. EX is cross-functional, and the moments that matter most to employees are often not tied to HR, Jezior notes. Because of this, employers must ensure that company leaders understand and improve the EX for healthcare workers.
Adobe: Asia Pacific Businesses Will Lead the World in CX Investment
The newly released Digital Trends 2022 report from Adobe shows that Asia Pacific businesses, responding to a pandemic-induced surge in consumer numbers, will outstrip their global counterparts in CX investment this year. Even so, businesses in the region recognize that a lack in critical skills and capabilities could hold them back from fully serving digital-first consumers.
Nearly 60% of Asia Pacific businesses are hiking up investment in CX management, ahead of North America at 57% and Europe at 53%. Three out of five, or 60%, of Asia Pacific businesses also expect to accelerate investment in customer data technology. The report found that 77% of Asia Pacific businesses experienced a surge in new customers through digital channels during the past 18 months, and the same high percentage saw the creation of new customer journeys.
Despite their high CX investment numbers for the year, Asia Pacific businesses believe they lag behind in crucial operational capabilities. At least 83% have expressed worries that their organizations are missing necessary skills, compared to 79% in Europe and 73% in North America. In fact, the lack of digital skills is rated by businesses as the chief barrier to the delivery of digital experience, tied in first place with the poor integration of systems, the report notes.
But with 84% of Asia Pacific organizations expecting technological and social change to continue at the same or at higher levels, businesses should prioritize the development of skills, agility, and innovation required for the region to keep pace with the rest of the world, the report adds.
Blueshift: Three Key Factors to Elevate Marketing Campaigns
In the latest Benchmark 2022: Cross-Channel Marketing report on marketing campaigns from Blueshift, the San Francisco-based provider of an AI-powered customer data platform (CDP), the findings show that campaign efficacy can be elevated through the three key factors of cross-channel, personalized, and real-time delivery.
Triggered cross-channel campaigns, for instance, have a 93% higher click-through rate than triggered single-channel campaigns. For personalization campaigns, those with 1:1 recommendations yielded an open rate 50% higher than those without. And with real-time cross-channel campaigns, the conversion rate is 500% higher than in cross-channel batch sends.
“Activating cross-channel, personalized, real-time experiences may sound complicated, but it’s more simple than you may think,” said Vijay Chittoor, co-founder and CEO of Blueshift. “When you have the right technology platform to connect all your channels within a single journey builder, this enables you to create, automate, and scale sophisticated campaigns that meet and exceed customer expectations today and as they continue to evolve in the future.”
Qualtrics: Most Employees Want a Four-Day Work Week
More than 90% of US employees say they want a four-day work week, citing improved mental health and increased productivity as the benefits, reveals new research from Qualtrics, the experience management platform provider. But while three out of four employees say they can finish the same amount of work in four days, they concede that more hours overall would be needed for completion.
The findings, discussed in a Qualtrics company blog, also say employees are confident that a four-day work week would serve as a viable selling point for recruiting and retaining talent. Adjusted down, a shorter work week is the number one factor that could persuade workers to stay longer at a company, and is more meaningful to employees than perks like unlimited vacation or paid mental health days. Over 80% say a four-day work week would make them more loyal to their employer, and more than a third would be willing to take a 5% pay cut or more in exchange for recurring three-day weekends.
Yet more than a four-day work week, what employees prefer most is the flexibility to work when they want, and to adjust their work schedules to fit the demands of their lives. When presented with the options, 47% picked the four-day work week, but 50% chose flexibility.
Paid mental health days are another benefit that may increase retention and loyalty, the Qualtrics report notes. Among respondents, 95% say paid mental health days are effective in helping ensure the psychological well-being of employees.
Author Information
Alex is responsible for writing about trends and changes that are impacting the customer experience market. He had served as Principal Editor at Village Intelligence, a Los Angeles-based consultancy on technology impacting healthcare and healthcare-related industries. Alex was also Associate Director for Content Management at Omdia and Informa Tech, where he produced white papers, executive summaries, market insights, blogs, and other key content assets. His areas of coverage spanned the sectors grouped under the technology vertical, including semiconductors, smart technologies, enterprise & IT, media, displays, mobile, power, healthcare, China research, industrial and IoT, automotive, and transformative technologies.
At IHS Markit, he was Managing Editor of the company’s flagship IHS Quarterly, covering aerospace & defense, economics & country risk, chemicals, oil & gas, and other IHS verticals. He was Principal Editor of analyst output at iSuppli Corp. and Managing Editor of Market Watch, a fortnightly newsletter highlighting significant analyst report findings for pitching to the media. He started his career in writing as an Editor-Reporter for The Associated Press.
