Smooth connectivity and the easy availability of digital tools these days have changed our lives to a great extent-including the ways we connect and interact with brands. Instant gratification has become the new norm in today’s world, which means if you don’t have your finger on the customers’ pulse, then chances are that your consumer will not hesitate a bit in turning his/her back on you as well. Customer-centricity, on the other hand, can get you loyalty, repeat business, profits and most importantly help you get an edge over your competitors.
A McKinsey study concluded that companies that can consistently deliver a high-quality customer experience(CX) can improve their customer satisfaction level by 33 percent while creating cost savings of around 25-30 percent. On the other hand, disruption at any given point in a customer journey could impact the overall customer experience, and could further impact the revenue side of their business.
While, it’s not difficult to assume why CX has become a key focus of businesses today, but providing a seamless, consistent, and personalized experience can be challenging and CX solution providers are looking for new innovative ways to deal with it. There’s no doubt that the adoption of omni-channel services have been able to let customers connect seamlessly with the businesses. But the challenges are not limited to technology, disparate systems, and data only. We often miss the most critical element- the humans- who are entrusted with the task of interacting with the customers. Hence, when businesses look to embrace a customer-centric culture by putting customers front and centre of their business strategy, they need to strategize their CX-related investments carefully and understand how it affects the entire ecosystem.
The good news is that things are now changing faster with exciting new innovations and developments in this realm. Gartner predicts that more than 50pc of organizations will redirect their investments towards CX innovations by 2018, as they see value in using them to improve every customer interaction.
MAKING THE BUSINESS CASE:
Superior customer experience is the holy grail for organizations focused on driving sustainable growth and competitive differentiation. But, it can get a bit tricky if they fail to contextualize and align their CX investments with customer pain points and with growth opportunities. Vivian Gomes, VP & Head of Marketing, CSS Corp said, “In my view, organizations should adopt an agile and an incremental approach towards digitalizing processes involved in customer lifecycle management. This is not a big bang theory. Making the transformation towards digital enabled CX has to start with driving a strong data-driven culture in the organization. One can start with low hanging fruit and ensure the data from customer touch points is efficiently captured and leveraged across the customer journey. Organizations should create a credible mechanism to streamline data and build customer intelligence models to improve customer experience. Appropriate investments towards tools, technology and strong analytics are must to ensure a sustained transition towards the end state. This can result in sustainable growth and enable organizations to confidently increase investments in innovation in CX projects.”
Raghu Polisetty, MD-Global Digital Delivery Lead, Accenture Advanced Technology Centers said, “Challenge in establishing a financial case for customer experience investment may, however, lie in a structured and disciplined approach to implement the overarching service/ customer experience design and selecting the right combination of customer journeys curated for targeted persons, data from real-life behaviour and new technologies to change the negative interaction experience to positive, and while doing all this, not losing the sight of the long-term goal of being a modular and agile firm which can shift constantly to new technology enablers. These choices are best determined by the business strategy driving the investments and in line with the outcomes expected.”