Smart Money 2017 | Invest in CX
The ability to deliver more human and intuitive experiences, at every touchpoint, for every customer, is the single most strategic investment for the modern enterprise. That is your smart money tip for 2017 - invest in modernizing your approach to customer experience.
Think about that for one moment. In an impersonal world where the consumer buying journey has shifted almost anonymously and completely online - your customers and your equally important potential customers crave a customized, human approach. They want a customer-centric experience that is tailored just for them.
How can you possibly deliver that at scale?
With the rise of social media, customers are connected and empowered like never before. Brands that understand that have the distinct advantage of being able to deliver subtle "human" interaction and "intuitive" experience at each of the key touch points of the consumer buying journey. Smart companies can engage before the initial purchase and influence at each and every step along the way.
How prepared is your company to deliver an intuitive, human touch at each stage of your customer's experience with your brand - from discovery to renewal and every single step along the way? Ask yourself that question. Grade your company honestly.
A second question to ask AND it is the one that should really keep you up at night is:
How prepared are your competitors?
In commerce, customer experience (CX) is defined as the product of an interaction between an organization and a customer over the duration of their relationship. This interaction includes a customer's attraction, awareness, discovery, cultivation, advocacy and purchase and use of a service.
In modern enterprise that is happening 24-7, 365 with or without your brand's help. People are seeking information and getting it in real time. They are raising their hands and someone is responding. They are sharing and taking in information through multiple channels.
Your customer experience is a living, breathing thing. Your customer's bad experience will be amplified and shared. That bad experience will be found in search and become the word-of-mouth that defines your brand. Your smart competitors will seek them out and serve them alternative solutions and the nimble ones will do it in real time on the channels your customers are conversing in. Your company doesn't do Twitter, well your competition just tweeted one of your unhappy customers.
Brand apocalypse or brand opportunity?
These are exciting times for smart, forward thinking companies to chart their future course. For those unwilling to change or adapt consider this - 70% of the Global Fortune 500 has turned over in the 21st century. It is widely held that by the year 2020, customer experience will overtake price and product as the biggest brand differentiator. Consider this handful of factoids (there are more):
- 54% of consumers shared bad experiences with more than 5 people, and 33% shared good experiences with more than 5 people.
- 90% of respondents who recalled reading online reviews claimed that positive online reviews influenced buying decisions, while 86% said buying decisions were influenced by negative online reviews.
- 45% share bad customer service experiences and 30% share good customer service experiences via social media.
- 95% share bad experiences and 87% share good experiences with others.
The data points are many, but the fact is that your brand's war will be waged on the battlefield of customer experience. Your premium value will come from how well you deliver it.
If you are inspired or intimidated or just remotely interested in learning more about some of the simple ways you can adjust your CX game plan, lets talk. Reach out to me directly at the contact information below. We are providing so many companies with the simple tools they need to compete in the new and evolving frontier of digital customer experience.
Sprinklr is the most complete social media management platform for the enterprise. We are helping some of the world's biggest brands do marketing, advertising, care, sales, research and commerce on Facebook, Twitter, Linked In and 21 other social channels globally - all on one integrated platform.
About the interviewer:
Mark Keaney is a Husband, Dad, Coach, Mentor and Leader. With almost 25 years in traditional media and wild ride in the world of tech start-up/social - Mark is helping brands deliver world class CX and strategy through his consultancy OTL Local Marketing. Brand Globally. Market Locally.
e: firstname.lastname@example.org or m: (617) 513-2668 or t: @markkeaney2pt0