In today’s marketplace, customer experience (CX) is a pivotal element to a company’s success. In fact, with an overwhelming number of options that customers can choose from, CX has become even more important than product or service offerings. And a growing pool of research supports why CX is a key differentiator:
- 88 percent of customers prefer doing business with a company that offers quality customer service over a company that has the latest and most innovative products. (Cisco)
- By 2020, CX will surpass both price and product as the key brand differentiator. (Walker)
- 89 percent of companies now compete primarily on the basis of CX versus 36 percent in 2010. (Gartner)
- Companies that earn $1 billion a year will see an average gain of $700 million within three years of investing in customer experience. (Forbes)
Most experts agree on a broad definition of CX: “The collection of activities that organizations create and deliver to a customer during an encounter with a brand.” But organizations now realize that CX is more than a collection of activities and must encompass how customers view every aspect of their relationship to a brand and organization. The ultimate goal is to cultivate an emotional connection with customers that transcends any one transaction or experience. The C5 initiatives have established a solid foundation on which to build industry best practices in this critical area.
C5: LEADERSHIP IN CUSTOMER EXPERIENCE
The Cable Center has been at the forefront of the CX movement for more than a decade – through the James M. Cox Endowed Professorship in Customer Experience, the work of the Center’s Senior Fellows, and C5. The vision has been consistent throughout – The Cable Center, through its C5 program, would become the home of CX thought leadership, research, and practice—defining and developing excellence in CX management. The need for this focus is clear: continuously improving the customer experience, cementing the loyalty of current customers, and increasing the appeal of cable for a new generation of consumers is a strong competitive advantage. The C5 initiatives have established a solid foundation on which to build industry best practices in CX.
MISSION AND ACTIVITIES OF C5
Mission. The mission of C5 is to help cable operators deliver the highest level of CX. C5 facilitates CX excellence through an “inside-outside” learning framework. C5 Conference programs focus on learning from each other—sharing best practices, exchanging ideas, and helping each other grow. In recognition of the value that comes from experts in other, related industries, the C5 Conference programs also features “outside” speakers. C5 encourages on-going learning through providing research, seminars, articles and white papers, and discussion forums on CX strategies, operations, and leadership.
The Figure below illustrates how our Conference elements align with the C5 mission and our concept of “inside” and “outside” learning. While most of the Conference content is “inside learning,” C5ers benefit from the insights, perspectives, and solutions brought to us from our Sponsoring Partners, guest speakers, and research conducted by the Senior Fellows.
Research. To advance CX practice, the Cox Chair and SFs undertake research projects on issues identified by C5 members and the SFs. Staying current on CX management is achieved through exclusive access to white papers, articles, reports, studies on CX, as well as participating in CX professional and industry conferences and trade events.
Industry Conferences. Relevant and important discoveries are shared at industry conferences throughout the year. Members and Sponsoring Partners also participate in presentations at industry conferences and events.