Seven Steps to Win in the “Age of the Customer”

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In today’s market, you compete primarily on the basis of Customer Experience (CX). A great CX can lead to increased revenue and decreased operational costs. A poor CX will likely lead to customer churn and eroded margins.

Call it whatever you want – “the Experience Economy”, “the Age of the Customer” – but the world we live in has changed rapidly and continues to do so. The customer is now unquestionably king. There is a ton of data to support this viewpoint, but one of my favorites is some research from Gartner, which found in a 2017 Customer Experience in Marketing Survey, “that two-thirds of marketing leaders surveyed currently compete mostly or completely on the basis of customer experience", and 81% said they would be in two years' time.1

At the risk of stating the obvious, standing out in such an environment is tough. Customer interactions are getting more varied, disparate and complex. And yet their expectations continue to rise.

Against this backdrop, it’s not hard to understand that a consistent, seamless and enriching customer journey is critical to overall customer experience and stronger business outcomes. In a recent survey by Forrester on behalf of our partner Contact Solutions, 85% said that providing a unified customer engagement across channels and 94% said improving customers’ cross-channel experiences was a high or medium priority.2

So how can you meet this considerable challenge head on? Voice of the Customer (VoC) can be a key driver for success, providing your customers with an outlet to tell you what they’re thinking and feeling.

However, what’s most important is the ability to analyze, size and prioritize this information before acting on it in an efficient, timely and effective manner.

Applying this concept effectively across channels is not easy. However, there are seven strategies you can adopt to drive improved customer experience, journeys and better business results:

  • Capture customer feedback across all interactions and touchpoints
  • Capture different types of VoC feedback
  • Harness operational and behavioral context to accurately size CX issues
  • Seek employee input for additional context
  • Automate manual data analysis for more precise action
  • Democratize your customer data for cross-channel action
  • Enrich your experience by closing both the inner and outer loop

Source:

  1. Gartner, Inc., Realizing The Benefits Of Superior Customer Experience: A Gartner Trend Insight Report, May 11, 2018, Ed Thompson.
  2. "Is Your Digital Transformation Strategy Driving Seamless Customer Journeys?"", a commissioned study by Forrester Consulting on behalf of Contact Solutions, April

This blog was originally posted on the Verint Community. Written By: Andrew Smith

Andrew Smith, "Seven Steps to Win in the “Age of the Customer”", Verint Connect (blog), Nov 29, 2018,
https://community.verint.com/b/customer-engagement/posts/seven-steps-to-win-in-the-age-of-the-customer
.

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