New Consumer Behaviors Accelerate Need for Companies to Focus on Experience for Long-Term Growth, According to Research from Accenture Interactive

A large majority (77%) of CEOs said they will fundamentally change how their companies interact with customers as a priority to drive business growth, according to a new report released by Accenture (NYSE: ACN).

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On average, BX leaders outperform CX-oriented companies in year-on-year profitability growth (Graphic: Business Wire)

The report, titled “The Business of Experience (BX)” and led by Accenture Interactive, is based on survey research with over 1,550 executives across 21 countries and 22 industries to understand the role that the customer experience plays in driving long-term business growth, durability and relevance.

According to the research, companies that focus their entire organization around delivering exceptional experiences for their customers, employees and society grow their profitability year-on-year at rates which are at least six times that of their industry peers.

“COVID has pushed experience further into the spotlight, accelerating its significance through every function and employee,” said Brian Whipple, group chief executive of Accenture Interactive. “Simply put, when you improve the experience, you improve lives and in turn, you improve business.”

Rapidly Evolving Customer Demands Driving Urgency for New Approach
While a focus on customer experience (CX) has traditionally been based on transactions with customers, being experience-led is a new way of working that is increasingly being backed by the C-suite, according to the research. Accenture Interactive calls this new holistic approach – which is becoming an urgent business imperative – the Business of Experience (BX).

The report notes that while CX has historically been part of the domain of the chief marketing officer (CMO), BX has become a CEO priority as it ties back to every aspect of a company’s operations. And it’s not just the CEO: more than half of chief operating officers (COO) (56%), chief strategy officers (CSO) (53%) and chief financial officers (CFO) (51%) said their company will fundamentally change the way it engages and interacts with its customers.

“To grow in the coming year, every company and leader will need to think about experience differently – especially as nearly everything we do, from how we shop, to how and where we work, to how we interact with others — has been structurally upended,” said Baiju Shah, chief strategy officer of Accenture Interactive. “An experience renaissance is afoot, and the companies that put experience at the heart of their organization will ignite growth and be our new category of leaders into the year and decade ahead.”