Sixty-Three Percent of Executives Report a Customer-Centric Strategy Would Increase Revenues; Sixty-Nine Percent Report Lack ...
March 15 2012 - 11:33AM
Marketwired
- The biggest value of a customer-centric strategy is to drive
revenue and the most prominent barrier to customer centricity is
the inability to share information across sales/marketing, customer
service and product engineering functions, according to a recent
survey by Coveo.
- Customer centricity focuses on an organization's ability to
listen to and adapt to customer demand in a much more agile
fashion, by aligning information to respond to sudden, and more
diverse, customer needs.
- In a survey of more than 130 customer service and support
executives conducted Feb. 29 at the 2012 Customer Care Leadership
Forum in Dallas, 63 percent said placing customers in the center of
their business ultimately drives revenue.
- In the same survey, 69 percent of respondents listed lack of
collaboration among sales/marketing, customer service and
engineering departments and internal information silos as the
biggest impediments to establishing customer-centric culture and
operations.
- It is clear that better listening to and responding to the
customer is a top goal of C-level executives. According to Gartner
Research's latest global survey of 2,335 CIOs in 4Q11, retaining
customers is the most important business priority following
corporate growth.
- Other Coveo survey findings include:
- 42 percent of respondents estimate that their companies have
visibility into less than a quarter of information across all
interaction channels, including social streams.
- 65 percent noted that they do not (54 percent) combine social
data with enterprise content or are not sure (11 percent) of
whether their organizations combine this data in customer service
and support operations.
- Asked to identify the biggest barrier they face in turning
their organizations' social strategy from listening and monitoring
to taking action, a comparable number listed the lack of internal
resources (44 percent) and the lack of technology to easily marry
social and enterprise data, while making sense of it (41 percent).
14 percent cited lack of support from executives about the validity
of social data.
Quotes: Kate Leggett,
senior analyst, Forrester Research: "Although 78 percent of
customer intelligence professionals understand the value of social
media data, far fewer are able to transform it into customer
insight that drives better company strategy."(1)
Louis TĂȘtu, CEO, Coveo: "The survey
findings reflect the need for better insight into the overwhelming
amounts of customer and product information across interaction
channels and siloed departments to truly create a customer-centric
view of the information for front-line staff. Insight Solutions
break down siloed data structures by combining disparate sources --
unstructured and structured data from social and enterprise systems
-- into a single view for more effective and efficient customer
response, more innovative products that meet customer needs, a
better customer sales and service experience, and ultimately higher
sales and less churn."
About Coveo Coveo transforms companies'
ability to gain insight from diverse and overwhelming amounts of
unstructured and structured data, whether it exists behind the
firewall or in social media. Coveo's unified indexing technology
connects broadly with all systems to create a virtual integration
layer, from which role-based Insight Consoles present consolidated,
correlated information mashups. Greater insight enables more
effective and efficient customer service, more relevant customer
experiences, increased sales and shorter sales cycles, faster
innovation for better product development and ultimately, increased
profitability.
Coveo customers range from Fortune 100 companies such as
Lockheed Martin, PepsiCo and Verizon, to Global 2000 companies such
as GEICO, CA Technologies and T-Mobile, to mid-sized businesses
such as Terumo Medical, IBM Netezza and Children's Hospital of
Boston. For more information, visit www.coveo.com.
(1) Forrester Research, "Navigate The Future Of Customer
Service," Kate Leggett, January 30, 2012
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Editorial Contacts: Kate Lukach Coveo 418-263-1111
x233 klukach@coveo.com