Today’s customers are quick to punish companies for negative experiences. Do you book a holiday online with many negative reviews ?
Investing in customer experience (CX)—a customer’s perception of your brand based on every interaction they have with it—pays off quickly and helps offset bad customer experiences.
Forrester research shows that CX leaders grow revenue five times faster than companies that deliver a poor customer experience.. Companies that made CX a top priority saw gains of up to 20% in customer satisfaction and employee engagement while their customer service costs decreased by 20%, according to McKinsey.
Great CX starts with listening to your customers at key moments in their journey and using their feedback to drive business decisions. Companies that listen at scale are positioned to continually hone and improve their holistic customer experience.
Despite the ever-increasing amount of attention around customer experience, a recent Qualtrics assessment found that about 80% of B2B/B2C organizations are inexperienced at developing customer experience programs. Many of these companies lack a comprehensive listening architecture, a robust CX governance model, strong analytics capabilities, and leadership accountability required to create customer-centric change.
To help those companies at the beginning of their customer journey, you can find here 5 steps to jumpstart customer initiatives that build customer loyalty.
Step 1: Build the business case
Executive buy-in for investment in your customer experience program is necessary, therefore start with the numbers. Tie your existing customer experience data to your financial and operational data to prove that providing a superior customer experience is good for the bottom line.
If you do not yet have voice-of-customer survey data, you can build the initial case for investment by support of our consultants of TriTechnology and TriFinance on the return of investment (ROI) of CX.
Step 2: Select your CX platform
Having a tight business case gives you now the time to assess your organization’s customer listening landscape. There are applications or survey platforms available on the market, and potentially multiple are in use across the company. This can lead to data silos, obscure the end-to-end view of the customer experience, and scuttle cohesive improvements across the customer journey. That’s why it’s crucial to consolidate all survey tools and implement one robust customer experience management platform to house all of your company’s CX data.
TriTechnology can support you in choosing the right CX platform for your needs.
Step 3: Build your roadmap
Having multiple stakeholders is key. Consider and secure the support you will need from internal teams to implement and maintain your platform, including the IT function, the data-engineering team and the analytics organization.
A survey program could be a good way to start collecting your topline experience score. This is the survey that will ask your customers about their overall satisfaction with your brand and will be the guiding customer experience metric for your organization. Most commonly, this is your NPS, due to its proven effectiveness at measuring customer loyalty. High NPS scores correlate strongly with business growth, and the ubiquity of NPS makes it a useful tool to benchmark your CX program against competitors.
Step 4: Design your listening program to drive action
First select at least one high-level CX metric (such as NPS, CSAT, or Customer Effort) that you can use to benchmark against competitors. Competitive benchmarking data can be a powerful tool to rally teams and the entire organization to support CX initiatives.
Second, design your surveys to ensure you collect the accurate data you need to develop action and impact from customer insights.
Once the listening infrastructure is in place, turn the customer voice into targeted insights and action everywhere.
Step 5: Deliver insights effectively to drive maximum adoption
Take full advantage of your insights by building clean, robust, and actionable dashboards relevant to key stakeholders and leaders throughout the organization. TriTechnology & TriFinance can support you in building your dashboards to your needs. Check in with your stakeholders regularly to highlight key customer pain points, recommend clear solutions and improvements, and review progress of key initiatives.
To influence action, you must evangelize your customer data internally. Data by itself isn’t enough—you have to provide a clear, compelling narrative of what your customers are telling you, and the bottom-line risks of not doing enough or doing nothing.
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