Navigating Digital Customer Experience Technologies and Budgets: Insights from Nemertes Research Studies
In today’s digital age, customer experience (CX) is a top priority for executives across industries. With the rapid advancement of technology, businesses are constantly seeking ways to enhance their digital customer experience to stay competitive in the market. However, navigating the vast landscape of digital CX technologies and setting a reasonable budget can be a daunting task.
To help businesses streamline their technology considerations and budget planning, Nemertes Research conducted two recent studies: the “Digital Customer Experience 2018-19 Research Study” and the “Nemertes DN7966 Intelligent Customer Engagement 2019-20” research study. These studies provide valuable insights into the key technology categories and budget benchmarks for digital CX initiatives.
The digital CX technology taxonomy can be categorized into five pillars: customer relationship management (CRM), contact center, customer service, customer engagement management, and customer success analytics. Each pillar encompasses various software, cloud-based apps, and AI-enabled tools aimed at improving both customer and employee experiences.
According to the Intelligent Customer Engagement research study, CRM software and contact center technologies are the most widely used, with 71.1% of companies utilizing CRM and 62.5% running a contact center. Customer success analytics, customer service apps, and customer engagement management apps are also gaining traction among businesses.
Analytics and AI play a crucial role in transforming digital CX. Customer success analytics tools provide valuable insights into customer satisfaction and feedback, enabling businesses to make data-driven decisions to enhance their CX strategies. AI technologies are increasingly being integrated into digital CX initiatives, with 60.8% of companies using or planning to use AI in 2019.
Setting the right budget for digital CX initiatives is essential for driving revenue, reducing costs, and improving customer experience. Companies should consider factors such as available funds, resources, existing technologies, and the scope of problems and opportunities to address. Benchmark data from the studies show that annual budgets for digital CX initiatives vary based on company size, ranging from $384,842 for small companies to $3,844,200 for large companies.
In conclusion, evaluating the five key pillars of digital customer experience technologies is crucial for shaping a solid technology ecosystem that supports innovative ideas and drives business growth. By leveraging the insights from Nemertes Research studies and focusing on analytics, AI, and budget planning, businesses can transform their digital CX strategies and stay ahead in today’s competitive market.
