By Walt Rossi, Vice President Business Development
Last week I attended the Oracle Modern Customer Experience (CX) Conference, in the headquarters of a true representation of customer experience, Las Vegas. This annual event gathers thought leaders for customer experience management focusing on Oracle's CX solutions: Marketing, Sales, and Service Cloud. It was great to see everything there is to offer in Oracle CX all under one roof, because that is how it works in the real world. The several thousand attendees gathered to learn about trends in CX, hear product vision and roadmap details from Oracle product leadership, and most importantly learn from the many company's approaches to engaging customers.
It was great to see the enthusiasm from the attendees as they shared their approaches and asked for feedback on how to solve problems to their challenges. Our strategic partnership with Oracle Service Cloud helps provide a great customer experience, and what better place than Vegas to soak this all in. Aside from meeting with many customers, clients and prospects, a Bastille concert, a Goo Goo Dolls concert, and a couple hours of enjoying the Las Vegas sunshine, I realized there was one valuable takeaway from this Oracle CX conference.
Customer experience is crucial to every business.
Oracle's CEO, Mark Hurd, made a compelling business case, for why a focus on the customer experience is critical to any company today. Mark shared a statistic on the economy over the last eight years: Revenues for the S&P only grew 1%. From a CEO perspective, he explained how CEO's could either build better products, lower prices, or increase customer satisfaction, as a way to raise stock prices. What is a CEO to do?
Mark shared how building new products take a long time to impact stock prices, most likely 4.5 years (by the way, an average tenure for a CEO is only 4.5 years). On the other hand, lowering product prices can have other negative impacts on the business, such as lower margins.
Mark went on to share the stock market performance for companies with superior customer satisfaction. Those companies with superior customer satisfaction had a 500% percent better stock performance than those with unhappy customers. Given these statistics, I can see why a CEO should focus their efforts on customer experience and satisfaction. Coming out of Mark's keynote, it's clear why there is excitement and a sense of urgency with the "modern customer experience" attendees to take the conference learning's back home and implement for their businesses.
Three days in Las Vegas can sometimes feel like three months! It was still a great reminder as to why we enjoy working with our customers and partners to help businesses engage their customers in new and exciting ways to drive business results.