With CX playing such a make-or-break role in brand and customer loyalty now, unified customer experience management (Unified-CXM) platform Sprinklr recently unveiled its Industry Benchmarking Reports for Digital Unified-CXM.
The research surveyed more than 1,500 professionals worldwide and leveraged Sprinklr Modern Research to analyze owned and earned digital conversations from the top 2021 Forbes Global 2000 companies to help brands compare their own customer experience management maturity against industry peers.
The reports highlight how leading companies encourage brand advocacy, engage with customers, and respond to them efficiently across digital channels. The firm’s latest series of reports shows how to make critical changes in each of the following industries: retail, technology, food & beverage, media & entertainment, and pharmaceutical.
Key insights from the reports:
- Retail: More than half of retail brands respond to customer comments within 5 hours—18 percent respond within 30 minutes.
- Technology:82 percent rate their unified CXM maturity on a high scale with 17 percent ranking themselves at the highest level, known as “transformational” CX; 84 percent report they are embracing AI frequently to understand the intent of the unprecedented volume of publicly available data.
- Food & Beverage: Only 45 percent of food and beverage companies use listening for competitive insights that could fuel innovation.
- Media & Entertainment: 85 percent of large, global media and entertainment companies use insights from listening to public consumer social media conversations to inform their marketing strategy.
- Pharmaceutical:64 percent of pharmaceutical companies take over 1 week to respond to customer inquiries on social media and messaging channels, or don’t respond at all, and less than 50 percent of pharma companies make an effort to respond to questions requiring individual follow up.
“Our research shows that there is significant room for improvement across industries when it comes to real-time, unified customer experience management. Even before the pandemic hit, customers expected fast, personalized responses and engagement across digital channels. Now the high standard for Unified-CXM that brands must meet is only increasing,” said Ragy Thomas, CEO and founder of Sprinklr, in a news release. “Leading brands are becoming customer centric by doubling down on AI adoption to increase their efficiency at scale, while powering business growth with digital customer insights.”
Sprinklr’s Digital Unified-CXM Benchmarking Reports analyzed both owned and earned digital conversations from the second quarter of 2021 (April 1 to June 30, 2021). In addition, brand time to first response (SLA) was calculated between 9:00 AM EST – 5:00 PM EST, Monday – Friday across the top Facebook and Twitter accounts for the brand (if the brand had a dedicated Twitter support handle that was also included in the time to first response calculation). Sprinklr also included data from a commissioned 3rd-party survey of 300 senior executives in each industry (1,500 total) from April 1, 2021 to August 13, 2021. Furthermore, the reports include an analysis of the 60 top technology brands by revenue from the 2021 Forbes Global 2000.