5 Ways to Maximise Customer Experience
What is customer experience management? It’s more than just a buzzword; it’s a strategic business driver and essential to winning new clients. Customer experience management is a team sport, an investment in your business’s future, and a way to keep your current client base while attracting new ones. We’ll start by exploring the basics of customer experience management, and then we’ll explore the benefits of incorporating it into your business.
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Maximise Customer Experience: It’s a Team Sport
While customer experience management is sometimes thought of as a team sport, it is not a one-person show. It involves a multitude of people and touches every part of the company.
To create a seamless customer experience, you must embrace the team mentality and collaborate with each department to ensure that each member has the resources to do their job well.
A recent Accenture study found that ninety per cent of B2B leaders see customer experience as a strategic priority and that its importance is set to grow over the next two years.
Changing behaviour and customer demands have pushed the CMO to the front line fighting customer loyalty.
For B2B organisations to succeed in customer experience, the CEO must embrace a customer experience culture that includes the entire organisation, including the marketing department, the sales team, and the customer service department.
Maximise Customer Experience: Transformation
Today’s organisations recognise the need for a compelling customer experience management strategy to ensure customers have the best possible experience. Creating a seamless experience across channels is critical to achieving this. Happy customers result in less volume in customer support channels, which means lower resolution costs. Companies are connecting business silos, harnessing the power of customer data and pursuing continuous improvement strategies to deliver superior experiences to customers.
Maximise Customer Experience: Seamless Customer Experiences
While customer service is a responsibility that is often assigned to a single department, the entire company must collaborate to provide a positive customer experience across all touchpoints and back-end business processes. To achieve this, companies must focus on the needs of their customers, taking the time to understand their journey. A global digital revolution is transforming every industry, sector and geography, affecting the banking industry.
While banks rely on loyal customers to drive their profits, today’s average customer is younger and more likely to switch banks. Millennials now make up 68 per cent of the total market share for national banks. Creating a differentiated experience is essential to retaining and attracting new customers. Digital technologies enable companies to create a unique customer journey and provide seamless cross-channel support across all channels. The customer experience is crucial to the success of a digital transformation strategy. If your business isn’t focused on the customer, your customers will lose interest.
Maximise Customer Experience: Win New Customers
It’s possible to win new customers without changing your product or service. Customer experience management is a way to keep existing ones while drawing new customers. The most successful companies listen to their customers and act on it to create a better experience for them. Feedback from customers gives your business a unique perspective on the problems and challenges they face, and it also helps you improve your service. Getting feedback from customers requires you to move beyond collecting data and creating an anonymous survey.
A customer feedback system, such as the Voice of the Customer program, ensures your organisation listens to customers and delivers a better experience. Managing the customer experience is easier said than done. While most companies aim to improve their customer’s experience, they often don’t know how to coordinate it across the organisation. A customer experience director is now a common position on the board. Customer experience management requires the proper leadership, brand alignment, and specific skills from staff.
Maximise Customer Experience: Compensation
Many executives debate whether customer experience management should impact their compensation. While some executives prefer the traditional revenue-based compensation model, others choose metrics such as Net Promoter Score, which has received recent media attention. Ultimately, compensation should be driven by the customer experience. Fortunately, there are many ways to measure customer experience, and they don’t require a complicated calculation.
Here’s a closer look at how it can affect your compensation
To tie compensation to customer experience metrics, an organisation must align its business strategies, measurement systems, and compensation models. Compensation and customer experience metrics are often tied together, which requires extensive communication. However, an organisation should be aware that an imbalance in the system can offset the benefits of a successful customer experience management program. The organisation should align compensation and customer experience metrics through a clear strategy to avoid this potential conflict.
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