CSG® (NASDAQ: CSGS), a leading SaaS platform company helping brands make ordinary customer and employee experiences extraordinary, today released The 2024 State of the Customer Experience Report. Backed by industry research, internal data, expert testimonial and customer initiatives, the report identifies surprising twists in the traditional CX playbook and offers actionable strategies for brands to roll out the red carpet for their customers to win long-term loyalty. It shines the spotlight on a new status quo: the pressure on brand leaders to take a data-driven, future-focused approach to the customer journey and prove faster return on investment (ROI) of their projects.
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CSG Premieres 2024 State of the Customer Experience Report (Graphic: CSG)
“We’re seeing a transformational shift in the way customers interact with businesses, driven by their heightened expectations and the breakout role of new, sophisticated technologies,” said Liz Bauer, EVP and chief experience officer, CSG. “As personalized, effortless and engaging customer experiences become table stakes, the traditional script that once guided CX strategies is being rewritten. Brands must make way for innovative approaches that are centered around digital intelligence and actionable insights.”
The 2024 State of the Customer Experience Report highlights five pivotal shifts in the CX playbook:
- Effortless experiences win big. Less is more; customers appreciate quick, simple interactions that get the job done, even if they lack glitz and glam. In fact, an extraordinary experience can be one that is so easy, it’s forgettable.
- Flashforwards are as important as flashbacks. CX-savvy brands have a wealth of 360-degree customer profiles that can tell them what customers have done in the past. But it’s not enough to know what customers did. Now, they need to predict what each customer will do next – and plan the right actions to help customers do so effortlessly.
- IT joins the cast. As marketers and CX teams look to unify data siloed across their tech stack, IT will become a recurring character, offering the technical skillset needed to help unify disparate systems, support cybersecurity fortification and boost data-driven decision-making.
- Not every channel needs a sequel. A winning strategy doesn’t mean pursuing every channel out there; just the ones that matter to your customers. Brands need to stay innovative with channel adoption, but those that chase too many plotlines risk confusing their audience.
- Win audiences – and justify budget – one scene at a time. There is more pressure than ever to prove ROI, and this year’s CX project needs to pay for itself… within the fiscal year. To achieve this, brands should start small and invest in microjourney wins. Deliver effortless, impactful journeys that drive immediate outcomes rather than full-scale, end-to-end journeys that can take months or years to pay off.
“Today’s customers are tough critics,” said Mark Smith, SVP of Customer Experience, CSG. “They expect smooth, intuitive experiences that understand who they are and what they want next – and get it right on the first take. For CX leaders, a data-driven, pragmatic mindset is valued now more than ever as teams face mountains of siloed data and growing complexity across their tech stack. Through all this, every CX investment will need to tie back to tangible value for the customer and ROI for the business.”
Read CSG’s full analysis, findings and recommendations – including where AI fits in the storyline – in the global industry report: The 2024 State of the Customer Experience Report.
Methodology:
CSG tracked over 13 billion customer journey interactions in 2023 through its customer journey management platform, CSG Xponent. CSG defines a customer journey interaction as an instance where an API triggers an action to be taken on a channel within the customer journey.
Additionally, CSG sourced data from:
- 5.4 billion customer communications
- 740 million printed statements
- 504 trillion billing transactions processed monthly
- 393 million payments and $218 billion worth of payment transactions
- 95 million field-service work orders processed
About CSG
CSG empowers companies to build unforgettable experiences, making it easier for people and businesses to connect with, use and pay for the services they value most. Our customer experience, billing and payments solutions help companies of any size make money and make a difference. With our SaaS solutions, company leaders can take control of their future and tap into guidance along the way from our fiercely committed and forward-thinking CSGers around the world.
Want to be future-ready and a change-maker like the global brands that trust CSG? Visit csgi.com to learn more.
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