8, June 2017
“To meet the challenges of delivering superior customer experiences, organizations are turning to analytics to better understand customer trends and preferences. Nearly three in 10 enterprises, data-driven CX is already delivering a significant shift in elevating customer experiences. A substantial segment of executives, 42%, anticipate that data analytics will soon result in a “significant shift” in their ability to deliver a superior customer experience.” Forbes Insights global survey of 357 executives in large enterprises worldwide.
A recent Gartner survey of Tech CEO’s found Customer Experience improvements to be the biggest factor in driving more wins.
Today, the biggest challenge for Enterprises is delivering superior and consistent Customer Experience across channels. It’s been proven repeatedly that Enterprises that provide superior customer experience lead consistently in revenue growth over laggards in customer experience.
However, there is a huge disconnect between what Enterprises feel about the quality of customer experience they are delivering versus customers’ perception of the same. A recent study found 69% of Enterprises think they offer superior online experience and 81% think they have a holistic view of their customers, but 51% of customers blame their abandoning doing business with a company to bad customer experience – e.g., in Retail industry only 37% of the customers think the retailer understands them.
A major learning in the effort to provide superior customer experience is that context is still king – proactively understanding the context of a customer interaction is critical to providing a delightful experience.
To understand the context, one must realize that touchpoints matter but it is the full journey that counts – measuring CSAT at individual touch points does not tell the whole story. Journeys are 30% more strongly correlated to business outcomes.
Omnichannel interactions further complicate journey – you wish for the days when call center was the only channel. Today, greater than 50% of customer interactions happen during a multi-event, multi-channel journey.
Stitching journeys across multiple channels is a tough technology challenge.
The rise of Big Data tools and Analytics frameworks in the past decade has effectively addressed it, but it’s not a silver bullet.
Further, it’s not enough to do following post facto and diagnostic journey analytics – post facto analysis describes and correlates customer interactions and points out areas of improvements – but it has little or no real-time play – at the moment of interaction with the customer.
Closing the loop/customer 360– having the benefit of analytics at the point of interaction – where an agent is talking/chatting with the customer.
What are the benefits – Improved NPS/CSAT, Revenue growth – churn reduction, improved onboarding and revenue realization, upsell/cross-sell, lower cost to serve, improved customer segmentation, improved business processes, cost takeout.
Companies that provided improved journey experience excel in the marketplace – Strong correlation is shown in McKinsey and other studies.
So, how do you propose to harness the power of managing customer journey experience in your organization?