Creating value through focused CX

Creating value through focused CX

The inaugural edition of Team Marksmen Network’s CX Transformation Conclave will highlight why great CX is not just a “nice-to-have”, but a business imperative

Digital has been a great democratiser across the world. But for many of the world’s incumbent biggies, this rose has its thorn. Namely, smaller, more nimble competitors and upstarts that are moving quickly as they seek to kickstart their own growth trajectories by offering innovative, intuitive, convenient, and often personalised products and services to the customer base of the entrenched establishment.

Worried they may be about this erosion in the consumer base, but it would be folly for these large players to simply pursue fresh consumers. Rather, it would be more apt to refocus and rejig their offering to offer a heightened Customer Experience (CX), which is a powerful competitive advantage in and of itself.

Peruse these stats.

  • The Temkin Group found that companies that earn $1 billion annually can expect to earn, on average, an additional $700 million within 3 years of investing in CX.
  • For SaaS companies in particular, they can expect to increase revenue by $1 billion.
  • Research from PWC reveals that customers are willing to pay a price premium of up to 13% (and as high as 18%) for luxury and indulgence services, simply for availing great CX.

Navigating the CX maze

While India’s CX landscape is dynamic and evolving, with India ranking third globally and leading the way in the Asia-Pacific region when it comes to CX maturity according to research, its emphasis varies across industries and companies. Even though 79% of Indian firms today agree that CX is a means to drive revenue, only 17% of businesses are able to provide "exceptional" customer service. This leaves a lot of room for growth and innovation in the space, as also for deliberations on how to chart a way forward to greater heights.

The inaugural edition of Team Marksmen Network’s CX Transformation Conclave, to be held on 15th September 2023 in Mumbai, highlights how CX can be holistic, focused, and clearly linked to business outcomes. By convening senior industry leaders and experts to deliberate on all things CX, it will highlight how companies can start building the capabilities, talent, and organisational structure needed to make this transition, lest they be left behind.

The event will also be witness to an exclusive industry recognition, Masters of CX, which celebrates companies that have thoughtfully crafted CX that is rooted in purpose, delivering experiences that are supercharged and impactful while being acutely focused on discovering and delivering on critical customer needs. These doyens of CX have led the way by tapping into a deep well of empathy and leveraging innovation to the fullest to deliver human-centric experiences supported by key enablers, such as technology and analytics.

By getting the basic building blocks of CX right and adding a layer of innovative thinking in line with the demands of the current consumer, these are the brands that have cut out the hyperbole and demonstrated hyper-growth.

This unique initiative has been shaped by insights gleaned from an industry-wide consumer study conducted by LeadCap Ventures, with brands appraised on the following parameters:

  • Customer Journey Mapping
  • Omnichannel Experience
  • Technology Integration
  • Analytics and Insights
  • Consumer Stickiness
  • Employee Engagement

Offering his thoughts ahead of the event, Rajesh Khubchandani, Co-Founder, Team Marksmen Network, said, “Exceptional customer experiences are not just a goal; they are the cornerstone of the modern business strategy. In a world where choices abound, a total commitment to delivering outstanding CX is a true differentiator. It's the emotional connection built with customers that not only drives loyalty, but also fuels growth. Every interaction is an opportunity to reinforce a brand’s values and outperform expectations. Customer experience isn't just a department; it's everyone's responsibility. It's the path to sustained success, and the Masters of CX are proof enough that happy customers are the most influential advocates you can ever have."

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Source: Press Release