The Business of Experience
The emphasis on experience is arguably at its greatest today because the structure of almost everything we do has been upended by world events in 2020. Consumer behaviour shifts we’re seeing today are likely to stay with us for a long time, some likely forever.
For years, the rise of customer experience via touch points (CX) has gone hand in hand with the digital revolution. The internet (and then smartphones) made it necessary to design complex interactions through technology across a new customer journey. Even though we have made huge strides in improving CX, it has become too homogenized, leaving little differentiation.
We must move beyond the belief that touch points are where experiences start and end. To every interaction with your brand, customers bring a purpose, problem, need or question—along with expectations for how quickly or easily that outcome will be realized. Companies need to push beyond the CX philosophy and reimagine their entire business through the lens of experience to enable customers to achieve these outcomes. Big and small, established brand and startup, companies that embrace this mindset shift will not only be able to meet their customers’ needs and become an indispensable part of their lives, but they will also uncover new market opportunities and set themselves up for sustained growth, relevance, and durability. 77% of CEOs surveyed in Accenture research recognize this and said that their company will fundamentally change the way it engages and interacts with its customers. Welcome to the Business of Experience (BX).
Becoming a BX leader starts with becoming customer obsessed. Beyond the CEO, every C-level executive and leader inside both front- and back-office functions needs to be invested in shifting their thinking about experience. That is evident by customer-obsessed organizations such as Amazon, Apple and the like that have embraced a BX strategy and are reaping the rewards as a result. BX-oriented companies like these have proven that you can drive commercial impact when you make a positive impact on people. On average, these BX-oriented companies out per form their CX-oriented peers in year-on-year profitability by at least six times in the past one, three, five and seven years.
Through talking to clients who are doing or at least aspiring to do BX, Accenture research identifies four winning ways to help businesses realize their promise. Learn more.