New consumer behaviours accelerate need for companies to focus on experience for long-term growth, according to research from Accenture Interactive
December 8, 2020
December 8, 2020
Companies that reimagine their entire business through the lens of experience outperform their industry peers by six times in year-on-year profitability
TORONTO; Dec. 8, 2020 – A large majority (77%) of CEOs said they will fundamentally change how their companies interact with customers as a priority to drive business growth, according to a new report released by Accenture (NYSE: ACN).
The report, titled “The Business of Experience (BX)” and led by Accenture Interactive, is based on survey research with over 1,550 executives across 21 countries and 22 industries to understand the role that the customer experience plays in driving long-term business growth, durability and relevance.
According to the research, companies that focus their entire organization around delivering exceptional experiences for their customers, employees and society outperform their industry peers by six times in year-on-year profitability.
On average, BX leaders outperform CX-oriented companies in year-on-year
profitability growth* by:
“COVID-19 has pushed experience further into the spotlight, accelerating its significance through every function and employee,” said Brian Whipple, group chief executive of Accenture Interactive. “Simply put, when you improve the experience, you improve lives and in turn, you improve business.”
While a focus on customer experience (CX) has traditionally been based on transactions with customers, being experience-led is a new way of working that is increasingly being backed by the C-suite, according to the research. Accenture Interactive calls this new holistic approach – which is becoming an urgent business imperative – the Business of Experience (BX).
The report notes that while CX has historically been part of the domain of the chief marketing officer (CMO), BX has become a CEO priority as it ties back to every aspect of a company’s operations. And it’s not just the CEO: more than half of chief operating officers (COO) (56%), chief strategy officers (CSO) (53%) and chief financial officers (CFO) (51%) said their company will fundamentally change the way it engages and interacts with its customers.
“All leaders are going to need to change their approach to experience and the quantifiable business impacts in the year ahead, as so much about our world has been altered – how we shop, how and where we work, and how we interact with others,” said Gregor Barry, managing director and Accenture Interactive lead in Canada. “We see an experience renaissance happening before us. Companies that live and breathe experience will be poised for growth.”
The research shows that leading companies (i.e., companies that are independently performing well in terms of financial growth and business cycle endurance) think about and act on the customer experience differently than their competitors. These leading companies are far more likely to take the following BX approaches, enabling them to consistently outperform their peers.
Accenture Research and Accenture Interactive surveyed over 1,550 top executives worldwide, one-quarter (25%) of whom were CEOs. The survey covered 21 countries and 22 industries. The research, conducted from November 2019 to January 2020, with a refresh in May-June 2020, was designed to study the way that business leaders considered their customers’ experiences and how their companies’ capabilities contributed to experience and business outcomes.
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 506,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.
Accenture Interactive is reimagining business through experience. We drive sustainable growth by creating meaningful experiences that live at the intersection of purpose and innovation. By connecting deep human and business insights with the possibilities of technology, we design, build, communicate and run experiences that make lives easier, more productive and rewarding. Accenture Interactive is ranked the world’s largest digital agency by Ad Age and has been named a Most Innovative Company by Fast Company. To learn more, follow us @AccentureACTIVE and visit www.accentureinteractive.com.
# # #
Contact:
Susan Kirwin
Accenture
+1 416-641-5148
susan.kirwin@accenture.com