CEO Monthly Issue 9 2018

30 CEO MONTHLY / ISSUE 9 2018 , Frédéric Durand, CEO and founder of Diabolocomprovides us with a fascinating insight into the continued rise of this intriguing phenomenon. The Rise Of The Chief Experience Officer: Who They Are And How They Are Transforming Businesses In recent years a new role has emerged in a growing number of businesses: that of the Chief e(X)perience Officer (CXO). Otherwise known as the Customer Experience Director or the Customer Experience Manager (CXM), the CXO has a pivotal position within the organisation. Their main responsibility? To create customer-centric strategies which help companies to deliver an exceptional customer experience. The growth of this role in today’s corporate hierarchy is not surprising. According to The Economist Intelligence Unit, 59% of companies see their turnover increase faster when they prioritise investment in the customer experience[1]. Earlier this year, PwC announced its appointment of their first Chief Experience Officer, announcing that the role would “evolve the firm’s approach to business transformation by bringing in experience strategy, design, and user experience (UX) capabilities”[2]. Such a decision reflects how expert customer experience has become a real competitive tool for companies. Indeed, 90% of CEOs believe the customer has the greatest impact on their business[3]. Companies who cannot meet consumer demands and exceed their expectations might find their number of existing, and potential customers, dwindling. Job description of the CXO In order to properly define the role and duties of the CXO, it is helpful to first consider what is meant by customer experience. The business consultancy, Wavestone, defines customer experience as the feelings consumers have, based on the accumulation of their total interactions with a company, represented by its employees, products, stores and websites, marketing campaigns, its values and its customer service centres. Therefore, the scope of the CXO extends beyond a Customer Service Manager: as the spokesperson for the customer experience they are tasked with ensuring each aspect of the business contributes towards a positive engagement between the brand and the consumer. Businesses are investing more than ever in customer relationship innovations and the efforts are beginning to bear fruit, as the latest Customer Satisfaction Index report demonstrates. The average scores for customer trust and effort with brands remains the same from the previous year, whilst the percentage of customers experiencing a problem has decreased from 13.1% to 12.8%. The report however does indicate that the gap between organisations who are upholding high customer satisfaction levels and those who are struggling to maintain a great customer experience is increasing[4]. For companies today, a superior experience must deliver value, positive emotions and be convenient for the customer. Disrupting business strategy Similarly to how a Chief Digital Officer is responsible for their company’s digital transformation, the CXO must lead the company in becoming more customer- oriented, which might require disrupting some core structures within an organisation. The CXO’s five main objectives are to: 1. Promote the culture of customer orientation internally 2. Develop knowledge and understanding of customers 3. Implement targeted campaigns to increase customer loyalty, retention, and satisfaction