Predicting the future is tough, so we decided to talk those who are shaping it. Dave Fish, founder of CuriosityCX and Michigan State University visiting lecturer partnered with Brian Keehner of the Michigan State master of science in marketing research program to interview more than a dozen of the sharpest technology minds from global enterprise feedback management firms to get their take on the future.
What are some of the big strategic bets the major players are making in the CX space? There was quite a bit of agreement, but also some noticeable divergence on the vision for the future. That spanned from data collection and ingestion, all the way to how to help clients take action. Here are the six key discussion points from our conversation.
http://customerthink.com/6-big-trends-driving-the-future-of-cx-technology/
Bad or non-existent customer service is proven to cost more than sustainable customer experience management practices. Just look at the statistics:
+After a bad experience with a company, 22% of consumers decreased their spending and 19% completely stopped doing business with a company.
+ Compared to detractors, promoters are 4.2X more likely to buy again and 5.6X more likely to forgive a company after a mistake.
Sound impressive? It does to me. But in spite of this data, only 11% of large companies have strong customer experience programs, and 62% of companies cite inaction on customer experience (CX) metrics as their key problem.
https://blog.hubspot.com/service/customer-feedback-culture/
Data is no longer a level playing field. Companies that leverage AI and machine learning software have a leg up over competitors who are still only using data to look backwards. Research shows that 77% of high-performing customer service teams rate their ability to leverage artificial intelligence as excellent or above average. Companies that get predictive analytics right can greatly improve their customer experiences.
There are seven types of analytics we can pay attention to when it comes to customer experience. Each type helps gain better understanding of customers and improve the overall brand experience.
https://www.forbes.com/sites/blakemorgan/2019/01/16/7-kinds-of-predictive-analytics-for-customer-experience/
To stay relevant today, brands must look beyond the 4Ps of marketing (place, price, promotion and product) and consider how they can better satisfy customers’ needs and expectations.
In addition to generating positive word-of-mouth and improving brand image, customer experience (CX) now plays a vital role in attracting and retaining customers. According to an Accenture report, almost half of Singaporeans (48 percent) are frustrated with companies that fail to deliver relevant, personalised shopping experiences. Among these consumers, 45 percent will choose to switch companies. This highlights an urgency for brands to improve CX. How, then, can brands ensure that they are truly differentiated from their competitors?
https://www.enterpriseinnovation.net/article/7-ways-retailers-could-boost-customer-experience-tech-59147065/
Does EasyJet do well in NPS? According to npsbenchmarks.com EasyJet ranks at a -16. Not good. This is far below the mainline carriers such as British Airways, Lufthansa, or other carriers In Europe. But when your point of comparison is US domestic providers they kick it out of the football arena (or at least through that net thing at the end of the field). Did they have a good day? Maybe. But based on my experience traveling both in the US and Europe, air travel in Europe is a dream compared to the United States.
According to the same site, all US providers are in the positive side of NPS with Southwest at 62, Jet Blue at 59, Delta at 41, United at 10, and American Airlines at 3. Would it be fair to conclude EasyJet has worse service than all the mainstream US providers? Based on NPS alone you might be tempted to say yes.
I would argue it is an unfair and unwise comparison. In fact, this is one of three fundamental reasons why cross-cultural comparisons of many attitudinal metrics (including NPS) are fraught with problems that make their comparison problematic.
http://customerthink.com/a-cx-no-no-cross-culture-nps-comparisons/
First and foremost, your CX Champions need to be trained on the basics: your CX vision and strategy. What is it? What are you doing? Why are you doing it? How are you doing it? What’s in it for me? What is the intended customer experience? How do you deliver it? And more.
Give the team details specific to what’s happening within the organization, how it’s going to happen, what the desired outcomes are, and how success will be defined. And don’t forget to talk about the culture and the employee experience. If you don’t make improvements there first, the CX work will all be for naught.
http://customerthink.com/amplify-your-transformation-with-cx-champions-part-2/
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/
We’re noticing a disturbing trend: industry reports are pointing out that most VOC programs are struggling to prove value. Some reports say that as little as 15% of today’s organizations feel their programs are successful. What’s behind that?
Software seems to be getting the blame for the lack of VOC success, but it’s not always the software that’s the problem.
Many companies have the wrong expectation of what software is meant to do in a VOC program. And to make it worse, companies rarely wrap their software investment in the right CX strategy – one that guides action and cultural adoption.
http://customerthink.com/are-you-expecting-too-much-from-your-voc-software/
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 the past few months I’ve chatted with people from a lot of companies who say their 2019 goal is to become more customer-centric.
In each of those conversations, I emphasize that the most impactful change is creating an environment where all employees, regardless of title, see the customer as their North Star. To catalyze this transformation, customer experience (CX) champions should analyze feedback with empathy, operationalize insights throughout their organizations and foster constant communication about their most important stakeholder: the customer.
https://www.cmswire.com/customer-experience/become-a-customer-experience-champion-and-create-a-team-of-champions-too/
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