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CX Digest - October

Customer Experience (CX) is fast becoming a key topic of conversation in boardrooms across the UK and is set to take over brand and product as a key differentiator in 2020. Like it or not, we now exist within the ‘age of the customer’. Customers are able to buy through a variety of different channels and 24/7 access to information means they have become better informed, more demanding, have higher expectations and are likely to switch brands after just one disappointing experience. The world is more complicated and this represents a real challenge for businesses. To succeed in this environment, senior management have to start making CX a strategic priority and put their customers at the heart of their business.

A successful CX programme is a process of continuous evolution and advancement for a business. If you need convincing why it is business critical, then here is a very brief overview of how investing in CX will benefit your organisation and set you a world apart from your competitors:

Builds trust and customer loyalty. By gaining an intimate knowledge of your customers through both qualitative and quantitative insights, you can deliver a product and service that not only meets customers needs but delights them! An exceptional CX that consistently delivers will keep your customers coming back for more. Loyal customers will eventually become advocates of your brand and are more likely to recommend to friends and family.

Just take a look at the charts in our "From the IIC assessment archive" below. This particular client started investing in their CX back in 2014. Since then, their customer loyalty (NPS®) score and overall score has increased dramatically. CX is now firmly embedded into their organisational culture. 

Competitive differentiator. It has become increasingly difficult for brands to differentiate themselves, particularly in industries where the product is perceived as similar. Price is no longer a determining factor in the customer decision making process so an impressive CX can be a huge distinguishing factor and intrinsic in increasing brand value. Research shows that 86% of customers are willing to pay more for a better experience. 

Boosts employee morale. Your employees are so important to the CX process as they are the closest ones to your customers.  A customer focused culture must be embedded into the organisation and employee feedback and engagement is vital. Empowering employees by ensuring they feel listened to, that their opinions count and they feel valued, will undoubtedly lead to a motivated workforce that will go above and beyond to meet customer expectations. Also, businesses with a fantastic reputation are far more likely to attract top quality employees who are less likely to leave. 

CX leaders report higher revenues. A business with a seamless CX that builds customer trust, enhances customer loyalty and sees customers coming back time and time again, will undoubtedly see hikes in revenue and profitability. In addition, increased efficiencies internally and lower staff attrition costs should significantly reduce operational costs.  

This is, of course, a very brief outline of the key benefits and advantages of CX. If you’d like to find out more and how we can help you achieve an award winning CX, then contact us by clicking on the button below. 

Congratulations to CML and Bollington Insurance Brokers for excellent results in their recent assessments, both organisations reap the rewards of consistently delivering an exceptional CX. Enjoy the rest of the read and please feel free to pass our details on to any colleagues or industry folk that may be interested in making improvements to their CX. We would be delighted to help.

This client committed to delivering a better CX back in 2014. They now assess with us every two years and as you can see, their overall score (which includes 360° feedback from managers and employees, as well as customers) has increased significantly over time, as well as their customer satisfaction (NPS®) score. Customer loyalty is essential within the competitive industry that they operate in and their CX strategy is now firmly embedded into the organisation. 

You can read more about our assessments here:

www.investorincustomers.com/page/cx-assessments/

We're always on the look out for fresh thinking and new ideas in CX. Here's our hand-picked selection of the best CX articles we have come across recently.

Check Your Priorities - Are You Really Putting The Customer First?
1to1 media
Although customer experience correlates to customer loyalty and financial results, companies still struggle to deliver excellent experiences to their customers.

Expert Opinion: Six steps to deliver an amazing customer experience
Marketing Stockport
Six elements to keep in mind all day, every day, to ensure you deliver a spectacular customer experience.

What customer experience can reveal about employee experience gaps
Qualtrics
A fundamental truth of customer experience (CX) is that it flows from the employee experience of an organisation.

Revealed: The Two Secrets to Customer Loyalty
Beyond Philosophy
Understanding Customer Loyalty and the secrets to creating it is vital to your Customer Experience.

We're benchmarking customer experience perception. See how you think you're doing versus everybody else. Here's how it works:

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.