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/
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/
Voice of Customer (VoC) technology presents as a digital loop closer for many of the systems which interact with the customer and produce data for driving better customer experience (CX).
With the rise of CX as an aspiration and a concept, VoC solutions have followed in their wake as a practical way to obtain, analyze and measure customer feedback across multiple channels. Many of these solutions can be automated and integrated across other systems and solutions.
https://www.cdotrends.com/story/14239/pumping-volume-voice-customer/
Some companies think digital transformation is about efficiency—saving time and money, beating competitors to market, and wooing customers with fancy apps and tech bling. They’re wrong. As I’ve said for years now, digital transformation is about one thing: improving customer experience. And many companies are finally starting to realize that customer experience management needs to be on their radar if they want to thrive in 2019. Here’s what good customer experience management looks like.
Knowing CX is everyone’s job. Think back to the last time you had a fulfilling customer experience. Can you even remember? Overall, CX is incredibly fragmented today—a jumbled mix of digital phone trees, somewhat articulate chatbots, disorganized web FAQs, and glitchy apps—that customers are starting to clamor for more and better. What if your company was the one who rose to the top—exceeded expectations—provided a seamless web to mobile experience? You’d instantly rise to the top of your industry.
https://www.forbes.com/sites/danielnewman/2019/02/28/5-digital-transformation-trends-reshaping-customer-experience-for-2019/#30a751553fbc/
The digital customer experience evolves rapidly. With every new smartphone release and operating system update comes room for improvement with how consumers experience your brand. Smart CX strategies focus on not simply implementing new ideas for a quality experience, but also improving upon how customers currently interact with the overall digital presence. Here are 4 tips for improving the digital customer experience in 2019.
https://smartercx.com/4-digital-customer-experience-strategy-tips-for-2019/
I’ve talked with many CX practitioners who agree that we sometimes flip the age-old saying: We don’t see the trees for the forest.
By that I mean how easy it is to become so focused on the big-picture organizational aspects of CX work—changing processes, building new programs, studying company metrics on customer satisfaction—that we overlook or take for granted the one-on-one aspects of CX. The challenge increases the more a CX program grows and the more we involve the entire organization in our work.
Are our employees communicating appropriately with customers? Do they have skills for turning around an unhappy customer? Do they listen—really listen—to what our customers have to say?
https://customerthink.com/one-on-one-cx-5-tips-to-ensure-first-responders-are-great-with-customers/
Quick, how many services or memberships do you subscribe to? One? Two? Twenty? You know your wallet is stuffed with membership cards (roadside assistance, your local gym, and Costco) and your front porch welcomes monthly subscription boxes (Blue Apron, Trunk Club, and Honest Essentials), while your go-to entertainment is no longer cable TV but subscription-based media (Netflix, Hulu, and Amazon Prime.) The scene at work is the same: subscriptions abound for things like Salesforce, teleconferencing services, training programs, Harvard Business Review…
http://customerthink.com/empowering-your-team-to-deliver-kick-ass-customer-experience/
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