Welcome to another CX Digest. It's no surprise businesses have approached 2019 with conservative caution, given the current economic climate. Navigating the unknown is proving hugely difficult for businesses and for some it has created something of an impasse - cutting or withholding investment decisions can only be a short-term strategy, and the need to compete and differentiate is ever-present.
In this type of uncertain economic climate, creating long-term value to existing customers and keeping hold of them makes far more business sense than spending more money to attract new ones. With customer expectations reaching record levels, Customer Experience (CX) needs to remain a crucial element of any business's budget planning in 2019.
Tony Barritt, Managing Director, IIC
Come and meet us in London next week on Tuesday 26th February for our CX Breakfast Seminar, where we'll be discussing:
"How to gain competitive advantage from data-driven CX strategy in 2019"
Our CX breakfast seminars are opportune moments for savvy business leaders and CX professionals to come and absorb the latest in data-backed CX thinking from our experts, in the comfort of the exclusive Eight Club.
1. Follow this link to our CX perception survey. Or scan the QR code with your smartphone.
2. Fill out the short questionnaire (your perception of your organisation).
3. Receive your perception benchmark (based on everyone who has filled out the questionnaire). We will update you as more data becomes available, so you can see how you're doing against an ever-growing data-set.
As you’ll see on the initial assessment for this client, customers felt that the organisation didn’t 'anticipate needs' very well and the score came in well below their assessment average. In addition 'post sales follow up' scored badly as well.
We were able to highlight the top-level priority issues and then hone-in on the qualitative human responses within those areas. Thus we were able to create a highly targeted and effective action plan for improvement. Happily, this led to higher scores the following year. As the chart shows, there is still work to be done (notably with 'customer feedback' and 'willing to recommend').
CX is always an ongoing process, but without the in-depth analysis and level of qualitative detail, our client wouldn't have been able to identify their priority perception gaps and prioritise accordingly.
For more information on our assessment structure and methodology, please click here
CX should be a business-wide culture and approach, but it takes work to get there. If your organisation is on that journey and you're trying to educate your people internally, then the below may help you in putting your point across. Coined by Forrester in 2014, it explains how we have reached the 'Age of the Customer' and what that means for organisations moving forward. Needless to say, it's as pertinent now as it was then - if not more so.
“The only source of competitive advantage is the one that can survive technology-fuelled disruption – an obsession with understanding, delighting, connecting with and serving customers.” – Forrester.
We are now undoubtedly living in the "Age of the Customer". The proliferation of choice, exposure and communication (which began in the "Age of Information") has given rise to constantly increasing and evolving customer expectations. The increased level of transparency and ability to communicate across social media has left companies with fewer areas to compete on as prices are matched and product and service contents are exposed. That leaves customer experience as the one remaining bastion of differentiation. Customers crave personalised and seamless experiences across every touchpoint. But how can that be achieved when a business looks at itself as a set of siloed departments with "secular" KPIs?
Age of Manufacturing
Mass manufacturing makes industrial powerhouses successful.
e.g. Ford, RCA, GE, Boeing, P&G, Sony
Age of Distribution
Global connections and transportation systems make distribution key
e.g. Walmart, Toyota, UPS, CSX
Age of Information
Connected PCs and supply chains mean those who control information flow dominate.
e.g. Amazon.com, Google, Intuit, MBNA
Age of the Customer
Empowered buyers demand a new level of customer obsession.
Contenders: Facebook, IBM, Apple
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If you're currently trying to drive your organisation's CX forward and it feels like the right time to bring in some airtight data-backed insight to underpin your decision-making, then drop us a line on 0800 024 8895 or click the button below to subscribe to our regular updates. We look forward to talking.