Growth: It comes down to experience
An experience renaissance to reignite growth
The structure of almost everything we do—how and what people buy, how and where they work, how they interact with others—has been upended by world events in 2020. The consumer behavior shifts we’re seeing today are not a blip. They are likely to stay with us for a long time, some likely forever. Some have been in motion for years, and many have been accelerated by the COVID-19 pandemic.
Right now, an experience renaissance is afoot – one that is galvanizing companies to push beyond the CX philosophy and organize the whole business around the delivery of exceptional experiences. These experiences must respond to customers’ new, often unmet and frequently changing needs and enable them to achieve their desired outcomes. This is the Business of Experience (BX).
An evolution of CX, BX is a more holistic approach that allows organisations to become customer-obsessed and reignite growth. Whereas CX was limited to the chief marketing officer’s (CMO) or chief operating officer’s (COO) purview, BX is in the board room as a CEO priority because it ties back to every aspect of a company’s operations. In fact, 77% of CEOs said their company will fundamentally change the way it engages and interacts with its customers.
BX is very much a new category of leadership that savvy CEOs and their leadership teams will embrace as we move deeper into the coming decade.
An innovative approach to boost business
In our research, we spoke to 1,550 executives (nearly a quarter of them CEOs) in 21 countries across 22 industries. We found that the organisations that embraced and reoriented around practices that we have defined as important for BX grow their profitability year-on-year by at least six times over their industry peers.
On average, BX leaders outperform CX-oriented companies in year-on-year profitability growth* by:
*Accenture Interactive identified the top 15% BX companies based on their survey responses to questions around BX capabilities. Using publicly available financial data, Accenture Interactive calculated industry-indexed EBIT for each company for 1-, 3-, 5- and 7-year CAGR, and then compared BX companies to their peers.