We hear companies throwing around common phrases like, ‘Customer centricity is at the heart of our organisation’ and ‘We’re very much in tune with the needs of our customers’. Not surprisingly, seeing as how according to a study carried out by Bain and company, 80% of organisations they surveyed believed that they were providing a superior customer experience to their customers. Meanwhile, just 8% of their customers shared this opinion. Only eight percent! This is a huge disconnect and gap in perception, one that is commonly referred to as the customer experience gap.
https://mopinion.com/what-is-the-customer-experience-gap/
Providing a good Customer Experience (CX) is on just about every organisation’s agenda these days. But where exactly is it headed? We can’t say for sure. What we can tell you though, is that this CX’s ecosystem of solutions is tethering between both expansion and consolidation. New niche solutions are sprouting up everywhere you look, from Live Chat tools and Customer Experience Management (CEM) software to Customer Success platforms and User Feedback solutions. Meanwhile, many of these same tools are being acquired by larger enterprises and ‘all-encompassing’ CX suites, such as Verint and Medallia. Movements in the market which are all attributed to trends in CX. So let’s address the question on everyone’s mind…What’s happening in CX and what lies ahead?
https://mopinion.com/state-of-customer-experience-cx/
If you’ve ever worked in the service industry I’m sure the chant “the customer is always right” still rings in your head. Customer service and the customer journey are not new concepts. However, the medium that customer service is carried out through today is new. With the eruption and growth of the internet over the past 20 years – the entire customer journey has been rewritten – no matter how long you’ve been in business or what industry you’re in. As the way we do business evolved, the customer experience evolved with it. But why has it been so difficult for businesses to transition?
https://mopinion.com/why-the-customer-experience-should-be-your-main-focus-this-year/
Customer-centric businesses put customers at the core of the business, then make policy and process design decisions centered on the needs of those customers. That customer focus compels naysayers to label customer centricity as an ill-advised business strategy.
What happens, those naysayers ask, when your heart pushes you to take action that interferes with a long and prosperous future?
For example, let’s say you need to raise fees, but your customers disagree. Or you have policies in place to secure and protect your institution’s assets, but those policies feel unfriendly to your customers. How can making a decision that is best for customers also be a smart strategy for your business?
https://www.peoplemetrics.com/blog/an-introduction-to-building-customer-understanding/
The final discipline of growth banking is all about listening and acting on feedback from your customers. This discipline requires an understanding of measure and metrics. It requires a commitment to closed-loop feedback. And it starts with the decision to either build or buy a Voice of the Customer solution for your own organization.
But it's important to note: having customer data and following up with individual customer and employee feedback is not enough to move your overall Net Promoter or Customer Loyalty scores.
Yes, you will be improving the experience for customers who share their insights and experiences with you.
But moving the overall scores will take a keen eye and a lot of analysis of customer insights. You'll need to pinpoint the one thing to do next to improve your business. Whether it's adapting a solution, adding a feature, or emphasizing a capability, it takes systemic changes to impact the experience of customer segments (or for all of your customers).
https://www.peoplemetrics.com/blog/how-to-define-your-priorities-and-build-a-plan-for-customer-centricity/
It has become all too common for B2B SaaS companies to survey their customers once a year through a moment-in-time customer relationship survey, with at least one section addressing the ultimate question of Net Promoter Score (NPS).
Assuming the results are positive, the company then proudly presents their board with the survey results compared to industry benchmarks and proceeds with the board meeting. “Let’s move on to how many new customers you acquired” is likely the next agenda item.
https://www.peoplemetrics.com/blog/saas-companies-implement-a-product-nps-program-in-5-simple-steps/
Your customer experience management (CEM) system is up and running. You are actively listening to your customers and have an impressive 20% survey response rate. You’re measuring NPS and CSAT, and real-time alerts are coming in. That’s great! All signs point to a successful Voice of Customer (VoC) program.
But wait!
Do your customers know that you’re actually listening to them?
Most CX programs today gather customer feedback data and use it to inform company decisions; but not many are coming back to their customers to let them know that their voice was heard. Every survey response is a chance to either improve on a not-so-great experience, or to reinforce and continue building upon an already stellar experience.
Your survey-taking customers are likely out there in the world wondering what ever happened to the feedback they sent you.
https://www.peoplemetrics.com/blog/are-you-there-company-its-me-your-customer/
Over 150 customer experience professionals completed a PeopleMetrics online assessment about the presence, or absence, of customer-centric practices in their organizations. In our blog, we commented on the slow progress revealed by the trends in this data, with few disciplines improving over time.
However, one exception to this stagnation in activities exists: the practice of customer journey mapping. On average, in 2014, one-third of participants (32%) said that their organization had practiced customer journey mapping as part of their customer experience improvement efforts. So far in 2015, the proportion of practitioners who say they are familiar with journey mapping has increased to nearly half (48%). That's a 50% growth in this activity in just a few short months.
Read full article.
https://www.peoplemetrics.com/blog/the-basics-of-customer-journey-mapping/
Chatbots are becoming an increasingly popular way for companies to interact with potential and current customers. A recent survey showed that 80% of consumers reported a positive experience with chatbots, and another 40% said that they are interested in chatbot experiences with brands. These numbers show just how prevalent chatbots have become, and consumers’ willingness to interact with a bot which simulates human conversation.
So how can chatbots be used to increase marketing efficiency? Here are a few ways marketers can untilize chatbots within their marketing strategies.
https://www.socialmediatoday.com/news/4-reasons-why-every-marketing-team-should-be-considering-chatbots/551874/
There's been a lot of talk lately about customers having the power and being in control. In a world where brands are trying to develop relationships with their customers, what does that really mean? Do customers want to be in relationships with brands? Do they want to be in control? Should brands be in control?
First things first: a refresher. What is the customer experience? I define it as the sum of all the interactions that a customer has with an organization over the life of the relationship with that company. More importantly, it's the feelings, emotions and perceptions the customer has about those interactions.
https://www.forbes.com/sites/forbescoachescouncil/2019/03/05/do-customers-really-want-to-be-in-control/
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