Aug 16, 2022 In Times of Economic Uncertainty, Invest in CX Technologies
Higher CX spending correlates with success in revenue, costs, customer satisfaction, and employee productivity, according to Metrigy’s research.
Going by the classic definition of a recession— two consecutive quarters of negative GDP growth — the U.S. is now in a recession. Recessions typically necessitate a re-evaluation of spending and growth plans, and in years past, it meant a reduction in spending on technologies to address customer experience (CX).
Fortunately, that’s not the case anymore. Customer satisfaction has been the top business priority for three straight years, beating product/service quality, revenue generation, information security, employee retention, and investor satisfaction, according to Metrigy’s Customer Engagement Transformation research study of 724 organizations.
Now, despite the economic uncertainty, we’re seeing companies continue to invest in CX technologies, including contact center, CRM, CPaaS, and CRM platforms, along with associated applications, interaction channels, and analytics. As of second quarter 2022, 50.7% of companies were planning to increase their CX technology spending by 2023, by an average of 17.3%, according to the study.
What’s more, our research success group (those with the highest measurable business success deploying key CX technologies) are spending 92.2% more than the non-success group. According to this data, higher spending correlates with success in revenue, costs, customer satisfaction, and employee productivity. That’s not the case with every technology, but with CX technology investment, it is.
It’s important to note that the study was conducted when the macroeconomy was already questionable, but we weren’t technically in a recession at that time. (We are launching a new study to track any changes; the results will come out in a webinar in September.) As the economy worsens, it’s reasonable to question whether CX spending will decline.
I continue to be bullish on CX spending for several reasons—the most important being that customers are too powerful to risk pulling back on the technologies, agent staffs, and conveniences to which they have grown accustomed.
Some of the drivers for continued CX technology spending include the following:
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