Digital transformation is certainly taking the world by storm these days. With a myriad of activities and aspects associated with digital transformation, customer experience acts as a key component. In fact, most of the digital initiatives surface from pain points, business/innovation needs and growth imperatives on the customer side of the business.
Elevating customer experience leads to improved loyalty, user satisfaction, consistency in buying and referrals, thus reducing churn rate and increasing revenues. Studies show that 80% of consumers today are ready to pay more for a better experience.
However, businesses will be able to derive the true value of customer experience only when they broaden their focus and take steps to enhance the end-to-end customer journey rather than putting a siloed emphasis on individual touchpoints. Organizations that fail to manage the cross-functional and end-to-end customer experiences can prompt a deluge of negative consequences including customer defection and lost sales.
To attain the organization’s goal of delivering excellent experiences throughout the customer journey, the CX professionals must rethink their strategy. Here are 4 recommendations that might help:
Spend time trying to understand what your customers are trying to accomplish and how does your approach help them in doing things better than their competitors. Journey mapping does play a critical role in discovering the disconnects and overlaps that are preventing you from delivering exceptional customer experiences. Make sure that digital is an integral part of your overall customer experience strategy.
Analytics is a powerful tool that aids in tracking a user’s journey at every single step. You can easily develop a strong analytical framework of what your user does by tracking the sources from where he visits your website, the pages he gets into, duration of stay on a particular page and so on. You can easily know who your customers are, how they behave and what kind of experience they desire. This will help you in making your digital tool contextually intelligent and personalized.
Organization silos is one of the major obstacles to customer-centric success of any business. An omni-chanel approach is a synchronized operating model in which all of the company’s channels are aligned and present a single face to the customer. It enables customers to interact with a brand whenever, wherever and however they want across all channels. Omni-channel engagement allows each customer’s journey to continue where it left off irrespective of the channel, thus delivering seamless, consistent and personalized customer experiences across all touch points.
All channels represent some level of importance to your customers be it social, live chat, email, mobile apps or SMS. Businesses should leverage all the channels to never let go of any customer at any cost. However, if a company for any reason is not in a position to apply the full scope of options, then it must identify the channels that are most critical to their business based on their target audience and the nature of customer relationships.
By putting these tips to use, you can create a digital customer experience that is tailored to your customers and keeps them coming back for more.
The insurance industry is facing enormous pressure as digital transformation is fundamentally changing how insurers’ operate. Customers are now much exposed to the social media than ever before and have plethora of comparison sites to compare policies and premiums before making any purchase.
In today’s hyper-competitive economy, it has become an imperative for companies to focus on delivering data-driven customer experiences. According to Forbes the benefits are wide-ranging, including revenue generation and cost reduction, as well as enabling process efficiencies and quality improvements. Data-driven CX leads to a more targeted and personalized approach for a specific set of customers and enables organizations to keep the interactions consistent across different touchpoints, provided all functions and LOBs are willing to align, first conceptually
In its latest research, Forrester reveals how Customer experience (CX) improvements drive revenue growth by creating loyal customers. The findings highlight that a single point improvement in a retail bank’s CX Index score could result in $124 million in increased revenue. These findings strengthen our conviction that fast, accurate and friendly customer service delivered as part of a unified banking experience across every interaction is a business imperative for banks. In fact