No Budget for Customer Experience? Join the Club
Digital enterprises might see the value in optimizing the "customer journey" but it appears they're not willing to create a budget for such initiatives.
According to the 2017 Planning Report from the Leapfrog Marketing Institute, only 38 percent of executives surveyed indicated they have a budget dedicated specifically for the customer experience.
It's not all bad news, of course, as 60 percent of those who do have dedicated CX budgets have actually managed to increase them year over year, and another 9 percent have a dedicated CX budget for the first time (7 percent however reported a decrease in budget since last year).
“With the growing proliferation of devices and screens, CMOs know the importance of building relevant and personalized customer experiences across all touchpoints,” says Jason Wadler, chair of the Leapfrog Marketing Institute and EVP at Leapfrog.
“The fact that only two out of five executives report having a dedicated customer experience budget means CMOs must work harder to bring their enterprises in line with customer expectations or risk losing to more agile competitors.”