Keeping customers onside is not easy and the likelihood of defections is high when two businesses combine. Research by JD Power found that the probability of customers changing banks increases by up to 3X following a merger. The challenge is to unify the experience of two groups with often different demands, expectations, values and behaviours. Different emotional connections even. Take the CYBG / Virgin Money tie-in. Yorkshire and Clydesdale customers have a strong regional bond with their bank. It’s more than just a brand to some: “Not happy about you being rebranded to Virgin Money, been a customer for 40yrs. Clydesdale name iconic”. Research from the Deloitte Center for Banking Solutions found that ‘emotional‘ reasons were the number one factor why customers switched accounts after a merger. It was cited by 37% of respondents. The second biggest reason was ‘competitive offer’ at 17%.
http://customerthink.com/how-to-make-customer-experience-the-cornerstone-of-a-merger/
Customer experience, undeniably, is important in any business today. However, in a healthcare business, its importance is accentuated manifold. It would not be incorrect to say that no other industry sees a closer bond between the customer and the service provider than the healthcare industry. Further, because this industry associates with its customers in their most vulnerable times, it is critical to provide an experience beyond the medical care that will alleviate the concerns of the patient.
In terms of financial gains, a report by The Deloitte Center for Health Solutions has demonstrated that hospitals with high patient-reported experience scores have higher profitability. It has also shown that hospitals with better experience levels earn disproportionately more than they spend compared to those with lower ratings. All this reiterates that improving the patient experience is vital to a healthcare organization.
The Net Promoter Score is a world-renowned metric to measure customer experience. Quite a few healthcare providers today use NPS to measure and improve the patient experience. However, because NPS isn’t as widely used in healthcare, there aren’t many guidebooks or best practices available for use of NPS in this sector. Here are a few pointers to use NPS more effectively in healthcare.
http://customerthink.com/10-simple-tips-to-use-nps-more-effectively-in-healthcare/
Over time, customer journey mapping has become a wildly accepted tool, and leaders are far more willing to leverage their power; particularly, when given guidance on how to construct a map that will offer visibility to improvements across people, process, and technology.
While customer journey mapping is popular today, I’ve often seen companies benefit from four strategies to garner more value from mapping efforts. I’ll list these four approaches below and discuss two of them this week and the other two in next week’s blog.
http://customerthink.com/customer-journey-mapping-and-the-road-beyond/
As customer experience grows as the key differentiator between businesses offering the same services or products, brands need to be listening to their customers.
According to a study by Walker, by the year 2020, customer experience will be more important than even the price of a product. Meaning that customers won’t care that they have to pay more if they know they will receive exceptional treatment.
http://www.bizcommunity.com/Article/196/33/179007.html/
Most companies take an internally oriented approach to organizing, centered on products, processes and functions such as risk management and marketing. But a few pioneering companies have begun to organize around how customers experience their products and services. The key unit of experience management has shifted to the customer “episode.” And the core management method is now Agile.
https://www.forbes.com/sites/baininsights/2018/06/25/if-experience-is-the-new-product-how-do-you-manage-it/#5a6646973e8d/
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/
In today’s Internet-driven world, customers have more power than ever.
If customers have a positive customer experience, they will share this experience with friends, family and connections, which in turn can lead to new business. All at zero cost.
But what happens if you fail to provide a positive customer experience?
https://www.superoffice.com/blog/customer-complaints-good-for-business/
When you use the phrase “capturing the voice of the customer”, many immediately think you’re referencing a survey designed for direct feedback. But today there are more channels than ever for the customer to engage with brands. Although survey feedback can be nicely packaged and easy to digest, it’s important to make sure you’re listening to customers in all of the many ways they give feedback.
http://customerthink.com/heres-what-you-can-learn-from-even-the-craziest-customer-feedback/
Customer feedback is a vital part of customer journey mapping and improving the customer experience.
Negative feedback highlights where you need to improve and positive feedback helps to understand which elements to amplify.
We teamed up with Dan Moross, the Director of Customer Experience at MOO, to put together a guide on how you can improve the quantity and quality of feedback from your customers and how you can use it to enhance their experience with your brand.
https://www.callcentrehelper.com/use-customer-feedback-improve-journey-maps-128850.htm/
Customer engagement has evolved to encompass much more than enticing shoppers into your store with flashy signs and gimmicks to encourage them to spend more. In an increasingly omnichannel and mobile retail world, the potential for customer engagement has expanded to channels outside the four walls of your brick-and-mortar store. Pointofsale customer at checkout customer engagement
Digital channels like social media, your website and email marketing are ways you can connect with your customers even when they’re not right in front of you. In fact, 15 years ago consumers averaged just two touchpoints when buying an item. Today, the average is six. Although technology has helped increase the reach of your brand, it’s still up to you to deliver valuable content and a positive customer experience at every one of those touchpoints.
https://pointofsale.com/Loyalty-and-Rewards/Boost-Customer-Engagement-with-These-5-Tips.html/
