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April 2017

Ryan Smith’s Qualtrics Capitalizes On The Rise Of The ‘Experience Economy’

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A Series of Forbes Insights Profiles of Thought Leaders Changing the Business Landscape:  Ryan Smith, Founder and CEO, Qualtrics.

CGA are proud to be Platinum partners of Qualtrics and a recent trip to Qualtrics’ Insight Summit in Salt Lake City proved fascinating – particularly on Disruptive Innovation by Clayton Christensen, along with brand presentations from the likes of Allianz, Adidas, Michelin, GE and Air BNB amongst many others.

We want to share with you this Forbes article on the ‘Rise of the Experience Economy’ by Ryan Smith, Founder & CEO of Qualtrics.

Come and talk to us about how the business landscape is rapidly changing and how CGA can help future proof business brands

The Experience Gap

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Transforming Customer Experience: closing the gap between customer expectation and actual delivery?

In our increasingly 24/7, Omni-channel digital world, meeting customer expectations and adding value is a tough challenge. Why? Because transactional business models are being disrupted by new digital propositions that provide consumers with convenience and access to a wide array of products in increasingly new and innovative ways.
Leadership teams are under pressure to understand the value of their future customers and quickly identify how to improve the current service experience. Which is a tough ask when organisational transformation and structural change may be required to future-proof the business. Understandably they ask themselves: How can I mitigate the risks involved, and what will the ROI be?

Chris Garthwaite, our leading CX practitioner comments, “in this more anonymous and time pressured world we are seeing a more emotional customer emerging, one who is now choosing to engage with brands that are sincere, authentic, responsive, caring and personal in the way they engage.”

In a renowned survey conducted by Fred Reichheld, 80% of companies believe they deliver a ‘superior service’ but only 8% of their customers agreed.  These results have been proclaimed as ‘The Experience Gap’ by many within the CX industry and exist because businesses simply aren’t recognising the importance of their customers.

So how do organisations close the gap between customer expectation and actual delivery? For brands and organisations to win in future, success will involve transformation of the way they themselves think and behave. It will demand a deep understanding of customer needs and a sincere culture of wanting to support and serve their customers.

This requires a consistent focus on individual relationships that are valued not just driven by financial transactions and efficiency. But knowing where to focus attention and effort is increasingly complex and customers are increasingly promiscuous. What’s required is a blend of skills. Both a rational and systemic process and a emotional experience that captures the customer’s heart.

  • Customer Experience: Delight at every touchpoint
  • Employee Experience: Improve engagement, retain top talent, develop leaders
  • Brand Experience: Create brands that everyone wants to associate with

We need to become more customer centric. How do we do that? Where are we on the continuum? Are we talking about evolution or revolution?’   

Talk to us about how we can help close your experience gap in 2017


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