The recent Forrester Research report, The Customer Experience Strategy Consulting Services Landscape, Q2 2024, provides an overview of 31 CX consulting firms, including Andrew Reise.
Perfecting customer experiences (CX) sits at the top of many executives’ to-do lists. However, few CX leaders can identify customer needs, design experiences, track ROI, and complete full CX transformations on their own. They often need to work with CX consulting experts in order to achieve their CX goals.
As technology and other changes reshape the market, how can business leaders choose a CX consulting team that’s equipped to stay ahead of the shifting business landscape?
Here’s a look at key findings from our team and recent client work that customers who are considering hiring CX consultants need to know:
It’s no secret that AI adoption has taken off in the last year. According to Market Research, the Generative AI Customer Service market is expected to surpass $460 billion this year. That’s a 23 percent increase from 2023.
Andrew Reise leadership expects AI to change experiences in more ways than simply lending chat support or automating tasks. Instead, it has the potential to empower employees to deliver outstanding service. For instance, AI can free up representatives for more efficient service by automatically summarizing call notes. AI can also analyze open-ended survey responses, gather real-time customer feedback, and equip leaders with a more complete story about what customers are experiencing.
We saw how much AI can supercharge service when we recently helped a large insurance company drive down operational costs and improve their digital experiences. Our team used speech analytics to scan customer service calls and identify moments where customers mentioned our client’s digital channels. That revealed millions of calls about challenges while uploading documents on our client’s mobile app.
Deeper analysis pinpointed specific problems in the uploading process, what issues were causing confusion, and how much call service time these problems were burning. As a result, we helped repair the holes in our client’s digital experiences and saved them an estimated $2.3 million per year.
There is another growing CX strategy consulting service challenge: securing buy-in and resources. Even when C-suites green-light a budget for CX services, it doesn’t mean everyone will agree on the business’s priorities. It is essential for companies to work with their CX consultants not only to identify profitable customer issues but also to create strategies that address these issues effectively and efficiently.
Andrew Reise recently saw the value of meeting this challenge, first-hand. Our team was approached by a large specialty insurance provider. It was achieving higher Net Promoter Scores than its competition, but wasn’t bringing in extra revenue. Our team implemented our strategic CX measurement methodology to focus on the exact moments that were impacting revenue.
Ultimately, our team identified measurements that told a more complete story about which moments and actions were driving meaningful results. Our client is now using those metrics to pinpoint high-ROI moves, get everyone on the same page, and elevate service to a new level.
What happens when AI evolves so quickly that business leaders don’t understand, or can’t imagine, its potential? As AI is integrated more and more into CX technology platforms, it’s paving the way for more complete customer feedback management, a streamlined contact center, and superior experiences.
Our team is seeing this trend impact businesses on a daily basis. One recent client, a nationwide electronic security services organization, was already meeting customer expectations when it came to us. But it wanted to deliver services that set its brand apart.
We launched onboarding surveys, analyzed call center data, and examined digital customer data. From there, we designed a full customer experience strategy, including 39 opportunities to upgrade customer experiences. Ultimately, the full analysis is poised to drive experiences that differentiate the client’s brand—and it’s expected to bring in an extra $100 million.
We’ve designed an infographic to help business leaders determine what type of CX consulting is best for them. Download our Create Crazy Loyal Customers with Andrew Reise infographic to learn what CX consultants do, who benefits from their services most, and how to choose a team that increases customer loyalty.
We’re thrilled to be acknowledged in this overview of the CX strategy consulting market.
This Landscape report is available online to Forrester customers or for purchase here.