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Though companies are facing profound consumer changes largely driven by the digital shift, Accenture’s ninth annual Global Consumer Pulse Research reveals that most companies across industries have been playing not to lose.
That strategy comes with stiff consequences in a world where consumers are more dynamic and empowered.
Today’s digital customer expects a personalized customer experience at all times and across all channels. Accenture’s “Switching Economy” captures these changing nonstop customer dynamics in a new way, defining the revenue potential at play, driven by consumer switching. At a global level, we estimate that consumer switching puts a potential of up to $5.9 trillion of global revenue at play.
It’s time to play to win.
Visit the research website: www.accenture.com/gcpr13
Infographic: The Digital Customer: It’s Time to Play to Win and Stop Playing Not to Lose
Download Infographic [PDF, 1.28MB]
Download the results of the Accenture 2013 Global Consumer Pulse Research
Download the key findings from the research [PDF, 1.14 MB]
This ninth annual Accenture Global Consumer Pulse Survey measured the experiences of 13,168 customers in 33 countries and across 10 industries to gain insight into the changing dynamics of today’s “nonstop” customers and to assess consumer attitudes toward marketing, sales and customer service practices. The survey included 1,256 US customers.
Despite having more data and insights into consumer desires and preferences, companies in the US have failed to meaningfully improve customer satisfaction or reverse rising switching rates among their customers.
Most executives could identify numerous customer strategy investments their companies are making in areas such as social, mobile, analytics and cloud. Yet, despite these investments, our survey shows no material change in consumer attitude or perception and key customer experience metrics haven’t moved.
Accenture’s “Switching Economy” captures the changing nonstop customer dynamics in a new way, defining the revenue potential at play, driven by consumer switching. Based on our research, we estimate that consumer switching puts a potential of up to $5.9 trillion of revenues at play, with $1.4 trillion in North America alone.
Given the flat-to-falling customer measures, it’s not surprising that switching due to poor customer service increased relative to 2012.
Companies are not working hard enough to retain customers. Sixty-six percent of consumers switched in the last year—yet 82 percent say they could have been prevented.
Digital adoption continues to rise and mobile online access accelerates the trend. Eighty-nine percent use at least one online channel when prospecting, with an average of three digital channels.
Every Customer is a Digital Customer. While different segments move at different speeds, understanding the new nonstop customer dynamics is critical. The path to purchase used to be linear and predictable. Now, it is continuous as customers can constantly re-evaluate their options. A new approach is required, explore our Nonstop Customer Model.
Companies must play to win by creating a customer-driven experience.
Companies that deliver valued customer experiences base their customer blueprint on five core elements:
Hyper-relevance: Providing a more tailored customer experience with more customization and personalization.
Relationships at Scale: Digital gives businesses rich channels through which to communicate with customers in much more personal ways and manage relationships with customers at scale.
Seamless Experience: Integrate information and processes that enable customers to flow easily across different channels when and how they choose.
Inherently Mobile: Invest in mobile services and support capabilities that help to deliver hyper-relevance and reduce costs.
Social Media: Harness social media in order to deliver up-to-the-second customer preferences, greater levels of trust, a mechanism for direct and dynamic interaction, and more and actionable data.
To create truly personal consumer relationships—and win revenue—companies must fuse social, mobile and digital capabilities. This requires agile front office capabilities, investment in process and operational changes, a digital technology foundation, and an action plan that prioritizes the highest impact capabilities.
It’s time to step up the game. It’s time to play to win.
October 22, 2013
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