I have to apologize for the lateness of this post. Suffice it to say that the challenges of a new job impacted my free time for January. However, let us pick from where we left off last; reviewing the top customer experience posts of November 2020. I have picked up the top CX posts of December 2020 for you, but it was quite challenging as I came across a compelling and interesting pool of CX posts. After studying all those posts, I realized that the CX experts out there continue to amaze us even as this unpredictable year wraps up.
Like all the previous posts, I will offer a detailed analysis of the gist of the top five posts and share with you the CX journey of companies worldwide. I will not be following a particular theme, so you can expect to be bedazzled by different stories. But one focal point will be the deliverance of impeccable and unprecedented customer experiences online. I will be attaching the link to each post so you can individually check them out. Let us get started!
Can you measure CX in dollars?
Forrester has been our top consistent partner in these blog posts. I don’t remember a single month where we didn’t quote a remarkable post from this site. This month too, Maxie Schmidt, a Principal Analyst, shared her insights on Forrester’s platform. In this post, she defines the dollar value of improving customer experience.
She reckoned the relationship between business growth and improvement in CX. A numeric value was assigned to this association so the significance of improving CX could be known. 14 industries were studied under the Customer Experience Index Survey.
The condensed version of the results is:
- The benefits associated with improving CX are massive. It was deduced for mass-market auto manufacturers, that by improving CX by 1 point, more than $1B can be generated in revenue.
- The advantages of improving CX rise exponentially when happy customers are made happier. So, the focus must be shifted here rather than from making unhappy customers less unhappy.
- The impact of recommendations on the business upside of CX is small and nearly negligible. Gaining new customers through recommendations makes up for less than 7% of the total business benefit gained from the improved customer experience.
Here is how you can calculate and measure the impact of improving CX and relate it to your company:
- Assess the business impact of every individual customer’s loyalty. Study the intentions of customers who stay, who buy more, and those who eventually recommend you.
- Build models that display how CX is stimulating growth. Make sure these models are specific to the market and industry.
Use the model to calculate the benefit of improving CX by 1 point and its consequent impact on business growth.
Is great customer experience your intention?
What’s the secret to a great customer experience? Isn’t that a million-dollar question that we have been looking for the answer to? Anette Franz has made it easier for us to understand how we can nearly perfect the customer experience.
In this post, she talks about the famous quote of Bob Farell, the founder of Farell’s ice cream parlors, “Give em’ a pickle!”. Bob said this after he received a disappointing letter from a customer who complained about his services. Bob makes this golden rule that serving others should be the top priority of businesses.
One must not be opportunistic, rather one should look for delivering a personal and good experience to customers. Business is not all about earning an extra dollar or a few dimes, but it is connecting with customers and fulfilling their needs and wants.
Even in her book, she dedicated a large portion of it to why brands fail to retain customers or keep customers satisfied and happy. One of the major reasons is that shareholders are more focused on filling their pockets rather than nurturing customers and creating customer value. So the magical rule that one shall abide by is: Do what’s right for and by the customer. This is how Anette describes the secret to delivering a memorable customer experience. This is a short and brief post, but it teaches us so much about delivering customer value.
Trends to follow to reshape CX in 2021
We now know that there is no going back to the normal, brands must reshape their vision of how they imagine and execute a strong customer experience. John Aves shares his wisdom in this post and introduces the 6 major trends that will shape the CX redesign in 2021. Let us review them:
- You must not look back – Companies that believe that everything will return to the old normal will not survive in the coming times. They will collapse and will be unable to thrive. Leaders would have to be bold and daring so they can impose changes required to revitalize the customer experience.
- You would have to take a stand – Customers will look to side with businesses that care about prevailing issues and take a stand. They will offer their loyalty to businesses who assess their brand purpose and align it with customer values.
- No more consumerism – Consumers are no longer looking for meaningless connections. After a month of being quarantined, they’ll covet social connection. And businesses should offer meaningful customer experiences.
- Customers want to be in the driving seat – For far too long, customers have been anxious because they are no longer in control. To make sure that they feel secure, CX leaders should make customers feel in control of their experience.
- Digital Balance – This is a tough time for all and as we move on next year, CX leaders have to be more empathetic and kinder towards customers. They must take their hand and together travel on key digital journeys.
- Consistency is the Key – CX consistency is the holy grail. No matter where employees or customers are if the vaccination is introduced or not, a consistent customer experience must be delivered.
How can you improve your companies CX strategies?
The expert panel of Forbes drafted this post and they educate businesses about how they can improve their CX strategies. The top CX leaders at Forbes each shared a piece of advice that will help businesses grow and develop a remarkable customer experience.
- Focus more on customer journey mapping: the most crucial source of data is search, as it can help marketers to map their customers’ decision journey. This results in more touchpoints and hence, increased sales.
- A well-planned execution process: Incorporate feedback and suggestions from your customer and draft a well written CX plan.
- Extend the customer experience and adapt to the changes to reach a wider range of customers.
- Build a client-centric culture: be more focused on what your clients want and what their needs are.
- Make your customer experience informative and delightful.
- Make effective use of key metrics and keep on checking them to assess the growth.
- Leverage the surveys conducted and record the reviews and study them meticulously.
- Make sure that you respond efficiently and take minimum time.
- Make sure you deliver the perfect blend of human expertise and complex technology.
- You cannot and must not define customer success on your terms
- You must deliver a personal experience by being relatable and human.
- Incorporate conversational AI as customers tend to leave the brand after one or two bad customer experiences.
- Focus greatly on digital experience and try to perfect it.
- A personalized experience is the best one.
- Have an effective and strong customer retention program where you can receive customer feedback and reviews.
The year of CX Data
If you enjoy a little bit of wit with tons of resourceful and informative posts, then you are going to love this piece eloquently written by Jim Tincher. In this post, he talks about digital hygiene and how crucial it is for us to clean the bad data.
We can view 2020 as the year of digital transformation. And though for many years, CX leaders were thriving to make customer experiences digital, this year transformed this desire into a need of the time. And we had to amplify our works to make sure that seamless customer experiences are delivered online.
The one limitation that held us back and continues to limit our growth is bad data. It limits the organizations’ abilities to meet customers’ needs and satiate them. The dirty, disconnected, and unmatched data makes it almost impossible for organizations to implement digital transformation and get the operating systems running. Lack of clean and good data results in the wrong and incorrect information being delivered to customers and that can put your whole organization and business in jeopardy.
It is safe to assume that bad data is the underlying cause that triggers bad customer experience. There is no time for organizations to waste. We must make sure that we clean the data often and regularly. So, our predictions for 2020 are, that this year will be the year of empathy, technology, and executive engagement.
This is a wrap for us. As we’ve bid adieu to the year 2020, we hope and pray for positive news in the upcoming year and though the previous year brought a lot of pain, it also showed how resilient and adaptive our companies are.
Let’s hope this global crisis soon ends and we all adjust to the new normal. Comment below and share with us your views and thoughts. If you want to get featured on our blog, share the link of your post in the comment section and we’ll share it with our audience. Will meet you next time with some more new and exciting CX posts!