3rd October is CX Day, and with 2017 being described as the ‘age of the customer’, the London theme of the day focuses on answering the bold question: what is at the heart of a successful CX strategy? Investor in Customers (IIC) knows the answer... put simply - you need to harness the power of insight.
Do you really know what is going on in your business and how it feels to be a customer? Are you confident that all areas of your business are delivering consistently excellent service in line with your customer charter, and any regulatory requirements?
Our statistics from more than 10 years of IIC assessments are very revealing:
- over 70% of managers and employees rate the CX and service they provide higher than their customers do
- most of the time, senior managers give the highest CX rating of all – highlighting the gap between reality and the assumptions of the leadership team
- customers are five times more likely to buy from a company delivering great CX.
What these statistics demonstrate is the divide between the perceptions of customers, employees and managers. And to be a CX leader in any sector, you need to bridge these gaps. After all, you can’t fix what you don’t know is broken.
Even more revealing is that our data shows businesses generally score better at meeting customer’s needs than creating loyalty. Whilst this on paper may not look like a big problem, the future of any business clearly rests on customer lifetime value, and not just acquiring new ones.
With all this in mind there has never been a more crucial time for businesses to get assessed and accredited by Investor in Customers. We exist to help businesses harness the power of insight to improve their customer experience. With a unique methodology, we add depth of audience segmentation and detail, by speaking to the vital stakeholders inside and outside of the organisation and interpreting the findings to shape enhancements that not only make the good,
remarkable, but importantly, make you more profitable too.
Consistently brilliant CX means customers won’t just stay, they will buy more and recommend you to their online network. Employees will also be happier and retained. Using IIC insights and recommendations, we have seen:
- 73% of our clients improve customer loyalty
- 77% improve employee engagement
- 76% of our clients who do annual, repeat assessments improve their score second time around.
What do we believe is at the heart of successful CX strategy? Insight. Being prepared to be told the truth and being wise enough to listen and take action – that is what leads to better, stronger, more cohesive company ways of working, bringing you ever closer to your customers. This is what being remarkable is all about.