We have good news and bad news.As a business, there are a number of challenges you can expect to face in 2020, especially if you don’t have an effective customer experience management (CEM) strategy in place...
- We live in an experience-driven economy.
Businesses have to work hard to deliver great experiences. Succeeding at customer experience takes insight and action. When mastered, it can result in brand recognition, loyalty and advocacy, oh, and profitability. The bad news is that you can easily lose a customer after one negative experience. “32% of customers stop doing business with a brand they love after only one bad experience."
This customer is then likely to share their experience with their network. A study done by the White House Office of Consumer Affairs showed that, “dissatisfied customers typically tell nine to 15 other people about their experience; some tell 20 or more.” Now that’s a lot of detractors. So much for all that brand loyalty you worked so hard to cultivate.
- The power of unsolicited feedback.
Though you may be collecting some form of solicited-feedback today, perhaps in the form of a customer satisfaction survey, net promoter score or mystery shopping program, if you don’t have an online social listening capability, you’re likely missing out on important discussions that pertain to your brand. Key findings from Jay Baer's book, "Hug Your Haters" found that, "not answering a customer complaint [on social media] decreases customer advocacy by 50%."
These blindspots are detrimental to a business. We live in a highly-connected world, and it has never been easier to voice an opinion or find what you are looking for online. And truth be told, customer expectations have never been higher. Unsolicited Voice of Customer (VoC) feedback is just as important as the feedback you are soliciting. If you are not listening to all sources of customer truth then you are not fully aware, and you won’t be able to act effectively. "87% [of customers] want a personalized and consistent experience across all shopping channels," and you better believe that includes social media.
- The market is overly saturated.
Mastery of customer experience is a key differentiator that can and should set you apart from your competitors. According to Walker's report on Accelerating the CX Advantage, “... [by the end of 2020] customer experience will overtake price and product as the key brand differentiator for a company”. The new battlefield for businesses is the CX landscape, and a small investment in CEM will lead to greater ROI and profitability that can help position your business as a market leader, beating out the competition for good. Now is the time to set yourself up for success.
Do we have your attention? Great, because it’s time for the good news.
As technology continues to advance by leaps and bounds, businesses now have access to powerful tools that can help them navigate the immense amount of data they are collecting to draw meaningful and - more importantly - actionable conclusions.
The brands that are delivering the best customer experiences today are taking advantage of software tools that help them truly understand the moments that matter most to their customers in order to better align their operations with customer expectations. The key to making this happen is the Blended Approach to CEM.
The blended approach uses a combination of data capture techniques, collecting both operational data (through mystery shopping programs and operational or compliancy audits) and solicited/unsolicited customer feedback (from surveys, net promoter scores, sentiment analysis and social listening tools).
This data is then used to analyze customer experience and services rendered to measure KPIs and drive action to meet and exceed business objectives. If you are using different tools to collect your data, the next step is to import that data into a software platform that can aggregate and identify patterns from different data points. Having one source of truth is critical to the success of the blended approach.
The ultimate goal of the blended approach is to not only improve on services rendered, but to empower the employee to meet operational and brand standards. This will result in having a complete understanding of the customer journey, from start to finish, and at every stage in the sales cycle. "Companies need to get the must-do’s right. Speed, convenience, helpful employees and friendly service matter most, each hitting over 70% in importance to consumers."
To succeed in CEM you must:
- Make the delivery of exceptional customer experiences habitual;
- Participate in both the solicited and unsolicited discussions taking place around your products or brand;
- And, beat out the competition by providing unparalleled customer experiences that feel good and get people talking.
All you need are the right tools and organizational buy-in. You have the data, now use it to drive action and influence results. Invest in your CEM strategy today, to ensure your profitability tomorrow. Stay one step ahead.
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