Posted by Mandeep Singh Kwatra, VP of Solutions and Capabilities and CX Strategy Services Leader
Today’s customers evaluate a company on the experience that they receive. The entire sales cycle (pre-sales, purchase, and post-purchase) experience is as important to them as the actual product or service. Today’s multi-tasking customers are juggling multiple channels at one time, often on multiple devices. Servicing these customers requires companies to be always alert, frequent the same channels as customers, and be consistent is their customer service across channels.
Due to this influence of digital channels and shifting customer loyalties, more and more companies are becoming “customer obsessed.” There is a continuous strategizing about how to woo the customer, how to deliver a wow experience every time, and how to win trust to gain a larger wallet share.
So, what are the typical traits “customer obsessed” companies possess?
Many companies are bringing a customer experience leadership executive into their C-suite: either a chief customer officer (CCO) or customer experience officer (CXO). These team members will have the requisite knowledge and expertise to make use of customer data and lead transformational CX strategy. Many companies talk about how important customer service is to them and are diligent about collecting data, however, the data is often meaningless without a sound strategy for interpretation and reporting.
According to Bain & Company research, increasing customer retention rates by 5% increases profits by 25% to 95%. Most companies are single-mindedly focused on acquiring more customers and draw up their marketing plans specifically to attract more new customers. What’s the cost of customer acquisition compared to retention? There’s no definitive answer; however, most sources cite acquisition costs as between 4 and 10 times more than retention. It’s often less expensive to market to existing customers, and that means providing Unified Customer Engagement®, with a consistent, unified customer experience, across channels.
In today’s digital, customer-centric world, companies often forget to reach out to the customer after a successful sale is complete. It is very important for a customer-centric organization to engage with their customers even after they make a purchase and continue to communicate over the longer term. Ongoing communication helps companies to continuously gather customer feedback and learn about changing customer preferences.
Often companies try to solve problems of the past. In fact, the focus should be on how the future will shape tomorrow’s optimized CX: how will customers communicate, engage, buy, and live. Customer-obsessed companies keep a futuristic outlook to managing their customers not just today but with a view to maintaining the same standard or higher service in the future too. They are always flexible in accommodating customer needs in their marketing and customer service plans. These companies understand that customer needs do not always align with their own goals. So they factor in room for customer needs when formulating their customer service plans. This may mean bringing in CX experts, such as business process management (BPM) companies, to provide digital roadmaps and customer journey maps, supported by technology implementation expertise.
Ultimately, delighted customers are your greatest marketing, with the best ROI. Refine your CX approach, for a customer obsession that delivers.
Publish Date: July 13, 2016 5:00 AM
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