The
process to upgrade customer experience is at a high stride in the current
market. Today 89% of companies compete primarily based on the differentiated
customer experience. Many brands believe their customers are happy, but without
quantified customer experience measurements and quality assurance, it’s just a
belief. Thus, analyzing the customer experience is a predominant step in
transforming a brand's journey from stagnant sales to profit maximization.
Focusing
on customer experience management (CXM) is the most critical investment a brand
can make in today's competitive business climate. A higher count of happy
customers has become crucial for the company's growth as they are the ones who
stay consistent and loyal to the brand.
The purpose of customer experience management (CXM) is to facilitate customers with a seamless journey that focuses on all phases of customer-brand interaction, not just one. It deals with the collective feedback of all customer perceptions and experiences. Therefore, CX begins its role even before the purchases, and ensuring an incredible customer experience becomes a responsibility of the whole organization, not just of the single team. Through effective CXM, a significant impact is laid on the overall brand perception in the minds of customers and gradually the market.
So,
market leaders have understood that customer satisfaction is not a one-time
goal or is achievable by offering quality products. Continuous interactions,
pre, and post-sales through multiple channels and delivery of quality to the
consumers are necessary. Consequently, analyzing this CX has become a tricky
and cumbersome task for any businessperson with too many tasks.
Owing to this, brands have begun involving practitioners to incorporate and manage a better understanding of their authentic customer experience. Furthermore, as per a study, 90% of brands now have a CXO appointed. These CX practitioners design human-centered customer journeys and assist in creating an exceptional brand experience. This entire journey leads to an outstanding customer experience for the target customers that automatically boost sales.
Beginning with Brand Understanding
This process aids in the SWOT analysis and PESTLE analysis of the brand, which automatically assists in identifying setbacks and opportunities. Using both approaches together facilitates an accurate understanding of how the CX impacts the business. The processes encourage the business to adopt a strategic thinking mindset that helps create a competitive advantage.
By
figuring out the problem areas, the CX practitioners further proceed to assort
and quantify customer data and help brands realign their functions to work on
the weaker spots. They translate the abilities into the desired values and thus
portray a brand that offers professionalism and emotional trust to the
customers.
Consumer preferences are understood through capturing, interpreting, and analysing interactions wherein practitioners use several touchpoints to seek the data. These are email surveys, webchats, contact centers, social media, applications, etc. In the next step, the interpretation of the customer life cycle is managed with multiple data engine tools. Finally, this information leads to role-based reports clarifying the accurate numbers of detractors and promoters/fans.
Customer Journey: Analysis and Quantification
A
customer's journey with the brand begins way before the actual purchase is
made. He might get connected with the brand through a personal inquiry, social
media campaign, or a referral from an existing customer etc. The experience he
gets at this first step decides his way forward with the brand. Therefore,
every step in this journey is crucial, & can change the mind of a customer.
From the enquiry to the after-sales service, it is essential for brands and the
CX practitioner to adequately study every interaction.
Today,
customer interaction with brands is possible through multiple channels. Due to
this reason, brands are required to update their technology for tracking down
their customer behaviors through different mediums across the web, emails,
social media handles, mobile applications, etc. Otherwise, it becomes
impossible to automate personalized customer experiences on a big scale.
Therefore, the CX has to be systematically quantified with the help of AI and
predictive analytics technologies, and this is where practitioners can ease up
the process.
While
quantifying the brands, practitioners deal with a number of issues. The
priority is to create a single view of all the customers gained through
different mediums over time. The CX service providers face siloed systems as
the customer data is streamed into multiple channels like e-commerce, social
media, third-party logistics, etc. Collecting the data from every system and
then aligning it into a single process becomes complex and challenging. The
departments owning such systems are also siloed because there is no
collaboration or alignment of singular customer experience.
Another
major setback that arises in quantifying CX is the scale of data. Maximum
existing systems are not designed to capture and analyze the granular behavior
data generated by the customers. However, the large amount of data needs an
upgraded version of the CX analytics tool to ingest it and provide valuable
insights.
These are
the several benefits of this quantification:
·
The
entire data is summarized in a way that appears as a single customer view.
·
Suitable
types of CX processes are helpful for the brands to see visible 20% uplift in
sales and marketing.
·
Companies
can raise the bar in the minds of their customers by pulling them away from
their competitors.
·
With
the right CXM (Management), customer lifetime value grows by freeing up the
financial resources used to acquire customers.
Conclusion
A great brand does not require huge costs but requires creativity and research. Customer experience analytics provides valuable insights that enable the brand to make data-driven business decisions. It leads to enhanced shopping and service experiences for customers by quickly resolving their real-time problems. The process eliminates the total guesswork in marketing and leads to company profitability. The brand gains a long-lasting competitive advantage by achieving great relationships and thorough customer insights.
Source: QDegrees, Forbes, ActionIQ
