Customer Experience Management in a Recession
There are three indicators in mid-2022 that may signify the risk of an upcoming recession—high inflation, negative bond yield, and geopolitical instability. With the potential of an upcoming recession, we’ve been asked by many CX professionals how best to optimize customer experience management in a recession.
How might their customer experience metrics be affected? Can historical data be leveraged to predict any impact of a recession? Should they focus on understanding whether they should change their voice of the customer program? What other actions should they take to minimize any recession’s effects on their customer experience KPIs?
In this infographic, we explore what historical data shows about how previous recessions have impacted voice of the customer program performance and how customer perceptions were affected across multiple industries and clients. We explore what customer actions changed during past recessions and how overall customer satisfaction was impacted.
Drawing upon this information, this infographic recommends four recession-proof steps to maintaining successful customer experience management. Download to understand in more detail the current factors pointing to a potential recession, key learnings about how customer behavior was affected during the Great Recession of 2008-2009, and Concentrix recommendations to reinforce your voice of the customer methodology to not only survive, but to excel during this uncertain time.