AI IRL Podcast Episode 16: Understanding the Customer Engagement Maturity Model (part 2)
How would you like a tactical advantage for your company that allows you to outpace your competition by an ever-widening margin, year after year?
A recent survey of 450 companies revealed that the higher a company’s customer engagement maturity model, the faster it outpaces its competition across key metrics, with the gap increasing year after year.
This week we continue our conversation with Ross Haskell and Amber Gregorio from LogMeIn’s Bold360 team about the Customer Engagement Maturity (CEM) Model Assessment they developed with Forrester Consulting. As a reminder, the CEM helps organizations see where they stack up against nearly 500 other organizations around the globe.
What they ultimately found was that the more mature a company is, the faster it tends to adapt to a changing landscape. In the model (and in real life) companies aren’t just being compared to your closest competitor, you’re being compared to the best-in-breed that are delivering preeminent customer experiences.
The survey looked at four maturity areas:
Then it broke down the companies into four maturity levels:
The survey showed performance gaps in all four areas that were directly connected to the company’s maturity level. The higher the maturity level, the better the company performed.
And the gap widens fast.
- Last year the overall performance gap between an expert and experimenter was 18%. This year it is 51%.
- The organizational gap last year was 28%. This year it is 42%.
One of the silver bullets to help improve companies at all levels of customer maturity is deploying AI into the customer workflows.
Technologies like AI help a business become more efficient. Those that have already piloted and implemented AI are accelerating much faster than those that have not.
Unfortunately, the data confirms that those setbacks compound over time.
AI almost acts to future-proof companies in this age when customer demands are changing so quickly.
Less mature organizations tend to have siloed departments that don’t communicate or share customer data. When they add a new technology or engagement channel like live chat, they get in trouble. Customers contact them on different channels and no single rep has access to all of the data they need to give the customer a stellar experience.
Meanwhile, companies that have deployed AI have already broken down their silos and unified their information architecture because they already have a holistic picture of their customers.
AI makes great customer experiences repeatable across all channels. It allows you to accelerate your competitive advantages at scale.
The survey showed that those who moved from experimenter to expert saw the results in metrics like NPS (net promoter score) conversion rates, average order size, and top line revenue.
There definitely is a business benefit no matter where you are in the organization. There are quantifiable reasons to care about and focus money, resources, time, and brainpower on digital engagement.
In our final episode in this three-part series, we’ll give you practical tactics you can use to increase your organization’s customer engagement maturity model.
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